When gas prices skyrocketed years ago everyone considered it a factor when purchasing a vehicle. Gas prices went back down and people think about it less. It is a really easy equation if you want to consider the cost of gas.
Figure out how many miles you will drive in a year and divide that number by the average fuel economy of the vehicle. That gives you how many gallons of gas you will buy in a year. Take that number and multiply by the cost of gas per gallon, then divide that number by 12.
Let me show you how that looks.
Here’s the scenario. You drive 10,000 miles a year in a car with 20 mi per gallon and gas costs about $2 dollars per gallon.
10,000 miles per year / 20 mpg = 500 gallons of gas per year
500 gallons of gas x $2 dollars per gallon = $1,000 in fuel
$1000 in fuel / 12 months= $83.33 per month in fuel
To compare, if you got a vehicle that got 30 mpg you would save $27.78 per month. Factor in the cost of fuel to get your total cost of ownership. If doing these calculations and reviewing these scenarios overwhelms you, just message me I’m happy to work the numbers through for you and answer your questions.