With gas prices soaring and the possibility of hitting $4.00 per gallon before next year, many people are starting to jump on the concept of saving money by cramming into a smaller, economical vehicle. For those who do the math, it might not be the right move.
While the days of putting 15,000 miles a year on a suburban past for all but the wealthy, the rising gas prices do not mean it's time to push the panic button and spend the money for a hybrid. Before you make any decisions, do the math.
Determine how many miles you will be averaging in a year. Visit http://www.fueleconomy.gov and find some vehicles that you are considering, including your current vehicle. It will tell you what the average miles per gallon are, assuming that the average driver uses 55% of their miles on the highway. Make adjustment estimates based upon your driving habits.
Divide your estimated miles by the average miles per gallon that you think you will be driving. Multiply this by the average cost of gas in your area. Add $.30 to include probable increases in gas prices.
This will give you some numbers to compare. It will be the likely amount of money that you'll spend on gas over the next year for the different vehicles you are considering. The numbers may surprise you, as the average person moving from a regular family sedan to an economy vehicle will save less than $100 per month.