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The most expensive thing most Americans own, after their house, is their car. On average, Americans spend 5% of their income on purchasing a car. Another 5% goes towards on-going maintenance and insurance costs.
Fuel prices might be at a low point, but fuel economy remains one of the main drivers for new car buyers when they’re shopping around. The most economical cars on sale today are far ahead of the market’s fuel efficiency champions of 5 years ago with a combined cycle mpg figure of 85mpg required to get a car into the top 10.
From the US Department of Energy the 2017 Hyundai Ioniq (electric) can travel 124 miles on electricity. You Save $3,750 in fuel costs over 5 years compared to the average new vehicle. Annual fuel cost is $500. The Hyundai gets a whopping 136 combined city/highway.
Do you know how FUEL EFFICIENT your vehicle is?
USE THIS CALCULATOR …
Do be aware, however, that the most fuel-efficient versions are not always the most cost-effective overall. If you don’t do many miles a cheaper, thirstier rival may still cost less to own, and diesel repair bills can be higher as the engines are typically more complex. So economy is just one factor to consider, but it can be a big one.
Repair costs and fuel costs mean that budget-conscious consumers need to look well beyond the sticker price when buying a new car. “If I could tell consumers one thing when evaluating a car to purchase, it’s that a car that might have a higher initial purchase price could end up being a better deal for your pocketbook over the next five years,” says Dan Ingle, vice president of vehicle valuations for Kelley Blue Book. That’s because depreciation, fuel costs, insurance and other variables can make the costs to own even very similar cars very different.
But, of course, people usually buy a car based not just on cost, but also on their car preferences.
At LT~CRS we understand how to best help Clients save money, while ensuring you stay highly effective and efficient with your services. We strive daily to help you become more financially sound, putting more money back in your wallet.
We have saved companies tens of thousands on their telecom and utility expenses with our proven cost reduction process. The results from the LT~CRS Process allow our Clients to reinvest the “savings” into growth initiatives or apply these “found profits” to their bottom line.
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