High Gas Prices: Should I Buy a New Car or Drive Less?

With the recent fluctuation of gas prices finally reaching well over five dollars per gallon, it’s time for families and individuals to reevaluate their current automobile needs in their homes. When gas prices reached $5.19/gallon in my town, I started seriously considering if it was time to get a different car that gets better gas mileage. We love our 2019 Jeep Wrangle Unlimited, but with gas prices so high, we don’t love the miles per gallon.

Right now our jeep is averaging 18.5 miles per gallon on mostly city driving or short trips. We will see around 21 miles per gallon on longer trips where we stay mostly on the highway. Our family’s gas consumption is above average because our three active children are chauffeured by my wife and I to their extracurricular activities. I’ve been playing around with mileage per gallon calculators on the internet, trying to figure out how to maximize my dollar and limit the amount of my monthly budget that goes in my tank.

We’ve even checked out some of the mobile apps that reward you for buying gas and help you pinch pennies at the pump. Every savvy consumer should look for ways to save money during this elongated surge in gas prices. I’ve been doing just that, but the longer the gas prices remain high, the more I have looked at other changes in my budget, mainly trading my car in for a better gas mileage vehicle.

The federal government has created a handy PDF that compares all major car models and their miles per gallon (MPG) ratings. For a non-government report, you check out a car’s MPG on the internet but beware some MPG ratings can be overstated. Do your homework.

Buying a new car might be the best option for you. Trade-in values are higher than ever and many people are getting more for a trade than their car is actually worth. But you have to see if getting a new car makes sense for you. I ran some numbers on a car loan payment calculator to see about trading my Jeep in for a different more MPG-friendly car. The change in payments wouldn’t offset the increase in my gas expenses enough to work for us, but it may work for you. If nothing else, you can save money using some of the gas savings apps listed in this blog.

If nothing else, you can at least dream about getting a new car a little bit. I find that enjoyable myself. I even found a fun little arcade game you can play while you dream.

Best luck with your gas savings, and I hope you have better luck than I with finding a better MPG car at an affordable price.