As the price of gasoline continues to rise, the question often comes up as to whether it makes financial sense to trade-in a 'gas guzzler' for a more fuel-efficient vehicle.

Several factors will impact that decision, including the cost of the new vehicle, the number of miles you drive, how much your current vehicle is worth.

You can calculate your monthly fuel savings based on your current miles per gallon, miles driven per month, and cost of fuel. Then you can estimate how much you will save by purchasing a more fuel-efficient vehicle, and when you will break-even on the fuel-efficient vehicle purchase.

Don’t be discouraged if the breakeven seems like a long time. That value merely reflects how long it will take to basically pay for the vehicle solely with the amount of money you saved in fuel purchase. Even if you do not plan to keep the new high-MPG vehicle that long, if you set aside the difference in fuel cost while you owned the vehicle, you would most likely have a significant amount of money saved in a few years!

New/Used Auto Lowest APR Rates 

Table comparing different rates
Effective date: March 15, 2024 Lowest APR
New Auto 6.49%
Used Auto 6.74%

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