With gas prices on the rise again, it is tempting to consider trading in a gas guzzling car for something more fuel efficient. An article in Consumer Reports Magazine gives some points to consider before making the switch.
First, calculate if the savings in gas costs will offset the depreciation of a new car. Depreciation accounts for almost half the cost of owning a car in the first five years. You have already paid the depreciation on the car you own and will have to pay it again on a new car. These costs usually are larger than the gas savings you could achieve.
Second, consider the size of your car and your needs. Fuel efficient cars are usually smaller than gas hogs. If the smaller car can’t fit all of the people or things you need to carry, it may not be a worthwhile trade.
Third, keep in mind that real-world miles per gallon (mpg) may differ from advertised EPA highway mileage. You may not actually save as much gas as you hope.
If you decide to switch to a higher mpg car, think about purchasing a used one. You will not have to pay the depreciation costs of a new car, you will save money on the purchase price and you will have a larger variety of vehicles to choose from at your price point.
Of course, when buying any car, it is important to evaluate the car carefully to check for defects or problems before you purchase it. Even when consumers are diligent, they can end up with a lemon vehicle. If the use, value or safety of your car has been affected by a flaw that cannot be fixed, contact California lemon law attorney, Howard D. Silver. To learn how Mr. Silver can help you, call (855) 341-2611.