My Money Drives Away
FOR IMMEDIATE RELEASE
June 25, 2013
Many years ago we were a family of five with one old car.
Our sons were babies, my husband walked or bussed to work, and our car costs
were low. This summer we have four cars parked in our driveway! With gas prices
high (and cars pulling in and out of driveway at all hours), I've been thinking
about how to keep down our costs.
Everyone has their "tricks" for saving fuel and some are
more effective than others. According to Consumer Reports' studies, here are two
ideas that while they sound good, don't actually save you money on fuel. First,
filling up in the morning when the temperatures are cool does not get you more
gas for your money. The temperature of the gas coming out of the fuel nozzle
doesn't change significantly. Has anyone ever told you that opening your
windows while driving on a freeway reduces your gas mileage? Well, not true. However,
using your air conditioner (at 65 mph) reduces your gas mileage by over three
miles per gallon.
You can reduce the amount you spend on gas by driving more
efficiently. For example, avoid speeding, rapid acceleration, and unnecessary
braking. Also avoid idling: it uses up gas unnecessarily and creates pollution.
Use cruise control on the highway.
When was the last time you really cleaned out the back of
your car? Extra weight in your car will
reduce your gas mileage. Maintaining your car also helps improve gas mileage.
Get regular tune-ups and keep your tires properly inflated.
Of course, one of the best ways to save money is to drive
less. Plan your errands so that you can do several in one trip. Use your car
less by carpooling, using a bus, biking or walking. Biking or walking is a
win-win situation: fewer dollars spent, better for the environment and healthy
exercise for you!
Managing how you drive can make a significant difference in
your gasoline costs. However, the decision to own a vehicle, and which vehicle
you choose, makes an even bigger difference in your spending. It doesn't take
any fancy calculations to know that it costs more to maintain and run four cars
than one! But just how much does it cost? One way to know is to look back on
bills and estimate maintenance and repair, insurance, and fuel costs for the
Another way to estimate costs is to visit www.fueleconomy.gov. This very
informative website allows you to compare the cost of gasoline (based on fuel
economy) for different vehicles. For example, it seemed like a good deal to my
husband and me to purchase a used 1996 Toyota 4Runner 4WD. And, while we did get it cheap, according to fueleconomy.gov it
will cost us $5,250 more in fuel costs over five years compared to the
average new vehicle. In contrast, if we had purchased a Toyota Prius c, it
would have saved us $6,500 in fuel costs over five years compared to the
average new vehicle. That's almost $12,000 in difference in five years –
something to think about.
When purchasing a vehicle, remember that the cost of that
vehicle is more than the purchase price and the cost of gas; ownership costs
also include depreciation, insurance, maintenance and repair. A 2012 report
from Consumer Reports found that over the first five years of ownership, the
median car costs more than $9,100 a year to own. This amount does vary quite a
bit depending on the vehicle. Much of this cost is due to depreciation.
According to Consumer Reports, the average model depreciates about 65% over
five years. Keep your car for eight years instead of five years, and the median
ownership costs drop to $7,800 a year (due to both lower depreciation costs and
keeping the car after the loan is paid off). To compare the cost of owning
different vehicles, visit a website like Edmunds.com, http://www.edmunds.com/tco.html.
The cost of owing, maintaining, and driving a car is high.
Before you add a vehicle to your household, do your research and estimate your
costs. Remember, owning a car costs much more than just the purchase price.
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