Comparing The Gas Savings: Fuel Efficient Vs. Standard Cars
Are you are in the market for a car and considering a fuel-efficient hybrid, which uses both gas and electric power, or a diesel, which use diesel fuel?
If saving money on gas is why you're considering a hybrid, which on average sells for about $6,500 more than a gas-powered car (according to J.D. Power & Associates), you need to first compare the extra cost of the vehicle to what you'll reap in gas savings over time.
According to Omotoso, a Ford Fusion hybrid -- which costs $4,600 more than a standard Fusion with a four-cylinder engine -- is rated at 36 miles per gallon compared to 25 miles per gallon for the non-hybrid.
Driving 12,000 miles per year (the average mileage of a typical driver in the U.S.) with the Ford hybrid, assuming that gas is $3.50 per gallon, would cost you about $1,167 in annual fuel costs.
With the regular Fusion, you'll spend about $1,680 for a year's worth of gas--$513 more than the hybrid.
But will your gas savings cover the $4,600 more you've paid for the hybrid over five years -- the average length of time drivers own a car? With the Ford Hybrid, you'll save about $2,565 at the pump over five years, but the cost of the hybrid still exceeds your gas savings over that period by $2,000, Omotoso says.
It's up to you to decide "if paying the hybrid price premium is worth it to you in terms of image and the feel-good factor" of owning a fuel-efficient car, he says.
Diesel cars are not as common in the U.S. and tend to be less expensive than hybrids, although they cost between $1,000 to $4,000 more than gas-powered cars, Otomoso says.
A Diesel Jetta is rated at 34 miles per gallon, compared to 25 miles per gallon for a standard Jetta. You'll save $410 a year with the Diesel Jetta, assuming that diesel fuel is $3.50 per gallon. "Over five years, that's a $2,050 in fuel savings," Omotoso says.
So let's say you buy a diesel car that costs $1,600 more than a gas-powered car, you'll save $450 over five years -- but that's assuming that you're buying one of the least expensive diesel cars.
If you have your heart set on a new fuel-efficient car, consult The U.S. Department of Energy's Find and Compare Cars section to help you find one that meets your needs and your budget.
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