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Are you wondering how much money you could save by switching to a more fuel-efficient vehicle? Look no further! Our fuel savings calculator can help you estimate the potential savings based on your current vehicle’s fuel economy and the fuel economy of the vehicle you are considering getting.
Simply enter the cost of fuel, your current and future miles per gallon (MPG), and the number of miles you drive per year, and the calculator will do the rest. Whether you’re in the market for a new car or just curious about the potential cost savings, our fuel savings calculator can give you an idea of the benefits of a more fuel-efficient vehicle.
Try it out now!
Fuel Savings Calculator
Enter your information below to calculate how much you could save with a more fuel-efficient vehicle.
Is It Worth Buying A New Vehicle To Save On Fuel?
There are a few factors to consider when determining whether it is worthwhile to purchase a new vehicle for the purpose of saving on fuel costs:
- The fuel efficiency of the new vehicle: In order to justify the purchase of a new vehicle based on fuel savings, the new vehicle should have significantly better fuel efficiency than the current vehicle.
- The cost of the new vehicle: The cost of the new vehicle should be less than the expected fuel savings over the lifetime of the vehicle.
- The age and condition of the current vehicle: If the current vehicle is very old or in poor condition, it may not be cost-effective to continue making repairs and it may be more cost-effective to purchase a new vehicle even if the fuel savings are not significant.
- Personal driving habits: The amount of fuel that a vehicle uses can vary significantly depending on how it is driven. If you have a heavy foot and tend to drive aggressively, you may see greater fuel savings from a more efficient vehicle.
In general, it is usually not worthwhile to purchase a new vehicle solely for the purpose of saving on fuel costs unless the new vehicle has significantly better fuel efficiency and the expected fuel savings over the lifetime of the vehicle justify the cost of the new vehicle.
Let’s say for example that you are looking at a used vehicle that has a fuel economy of 22 MPG average and a brand new model that has a fuel economy of 28MPG. Is it worth spending the extra money to buy the new vehicle?
Well, using the fuel economy calculator above you can see that you will save approximately $390 per 10,000 miles driven if the average cost of fuel you are paying is $4 a gallon. So if you keep the vehicle for 200,000 miles you will save $7,792.21 over the life of the car. So for the purchase of the new vehicle to make sense you will need to be paying less than $7,792.21 more for it than you are for the vehicle with the lower fuel economy.
Of course, that is assuming that the average cost of fuel is $4 a gallon. If however fuel prices drop to an average of $3 a gallon then the new vehicle with the better fuel economy would need to be no more than $5,844.16 more for it to be a worthwhile purchase.
You can use the fuel economy calculator above to play around with the fuel price, the MPG differences and even the average mileage that you drive to see if buying a car because of an increase in fuel mileage is worth it in your situation.