by RBChallenger

Created on: November 02, 2008

The volatility of the fuel market, particularly the stark rise in prices in recent times, have lead many of us to try and figure out ways to save money at the pump. Everywhere you turn today there are advertisements and individuals unequivocally convincing you to dump your gas guzzler and purchase a fuel efficient car. In many cases, this is a great suggestion. In many other cases this a poor panic stricken solution. Simple math should be considered before dumping your current vehicle. As an example, let us assume you have a 2007 GMC Sierra that is averaging 15MPG, a far cry from the 45 MPG vehicles like the Toyota Prius offer. Now, let us assume that you purchased a top of the line Sierra for $35,000 and financed $30,000 on the vehicle. A new Prius will run you in the range of $22,000 to $25,000. The problem here is that with gas prices sky rocketing in the recent past SUV and truck values have plummeted. The harsh reality is that your coveted truck may only be worth $15,000-$18000. That means you have to come up $12,000 to $15,000 out of pocket to offset the equity loss. The average SUV/truck owner will spend between $3500 to $5000 a year on gasoline. Simple math says the Prius owner would pay 1/3 of that or $1100 to $1600 a year on gas, a potential yearly savings of $2300 to $3400 on gasoline. Lets just call it $3000 for simplicity, that means you will offset your equity losses on the truck in gasoline in roughly four to five years. So basically, you saved nothing for five years and dug yourself even deeper into debt.

If you happen to fall into the category in which trading in your vehicle for a more fuel efficient vehicle is not an option, why not change your habits to increase the mileage and squeeze every last penny out of your current vehicle? Ensure the tires are properly inflated. Consider switching to a synthetic motor oil. Get a tune up that includes a fresh air filter, new spark plugs and new wires if needed. Not only do all of these options save you money at the pump but they provide preventative maintenance. The synthetic oil will provide you with better mileage, better power and better internal engine protection. As an added bonus, the maintenance period for synthetic oil is often twice that of conventional oil which more than offsets the increased cost of the oil itself.

Most importantly, adjust your travel habits. Carpool whenever possible, consolidate trips and even better take a stroll to your destination if possible. Coast into stop lights as best you can and work on more gradual acceleration peaking at 3-5 MPH under the speed limit. All of these practices will increase mileage while decreasing wear and tear on your drive-train and increasing safety. Decreased wear and tear may not save you at the pump but it does save you trips to the shop and increase the life span of your vehicle. At all costs, avoid the gimmicks you see out there that promote insane mileage and power increases, such as the tornado intake system. Such systems are not only expensive but do nothing for you. In the case of the Tornado it actually provides an intake tract impedance which actually costs you fuel economy and power... talk about a raw deal. Most importantly, do not jump to conclusions and blindly follow the crowd. Instead take into account your individual situation and go from there.

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