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Why You Should Keep Your Gas Guzzler
By Archana Sabesan on April 9, 2012

old-truck-(1).jpgWith gas prices rising, more and more people are making the decision to trade in their "gas guzzlers" in an attempt to save gas. While this decision may appear like a good move, it may actually end up costing you more money than you will save. Seeing the price at the gas pump can be painful, but it is important to take things like your driving habits, the trade-in value of your existing car, and other factors into consideration.
The amount you drive is a major deciding factor as to whether or not it makes sense, financially, to trade in your gas guzzler for a fuel-efficient car. The less you drive, the less sense it makes to trade in your SUV. Another question you should ask yourself is, "How much can you get for your SUV?" There are probably a good amount of other people who are trying to get rid of their SUV, and there are probably not many people who are in the market for buying a big car. You may have to sell it at a steep discount, meaning that many SUVs are worth less than what is owed on them.

Another factor to keep in mind is the cost of fuel-efficient cars. While SUVs have fallen in value, fuel-efficient car prices have risen. The combination of getting less than what you owe for your SUV and having to pay more for a fuel-efficient car makes it less likely that selling your gas guzzler will produce a big savings.

The best way to beat high gas prices is not to trade your car, but rather drive less. There are changes that can be made in your driving habits, as well as make use of other ways to commute which can significantly decrease the miles you drive now. By car-pooling and making use of public transportation, you are more likely to save more money than you would by trading in your SUV for a fuel-efficient car.

Unless something has drastically changed in your life, like the miles you drive daily, you might be better off just sticking with your "gas guzzler" than trading it in. By using basic gas saving strategies, you can improve gas mileage and save money. If you want to make the best financial decision, you have to look at all the factors and not just the gas price. However, if you can't take the steps to reducing the amount you drive and increasing your gas mileage, then it might just be time to buy a new vehicle.
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