GAS GUZZLER CONUNDRUM
ORIGINALLY AIRED ON WSB-TV ON MARCH 24, 2008
The pain at the pump just keeps getting worse…but people still have to drive.
Michael Cardwell used to drive a truck. Now he drives a Honda. He cut his gas costs almost in half.
“I put about $25 to $30 in here, and I put about $50 in the truck.”
Melissa says it hurts to fill up her Jeep.
“It’s $50 per week and that’s just driving from Midtown to Buckhead.”
Melissa and her husband may decide to sell the jeep.
“We’re trying to think of other cars where you can save more money, because this is just crazy!”
When it comes to a gas guzzler, do you trade it in, or stick it out? Personal finance expert Greg Karp says you usually wouldn’t trade, but sometimes it CAN make sense.
“Now, if you have a high car payment on the one you have already, a big SUV for instance, and you can get a less expensive car that is less gas mileage, then that’s worthwhile, but you really gotta do the math.”
Doing the math isn’t as hard as you might think.
I found a website that will do the math for you. Just plug in the information, like your car payment, insurance payment and mileage, and it’ll tell you “yes” or “no” on the new car.
Now, it’s not perfect because it doesn’t figure the entire cost of your car, just the monthly payment, but it’s a start.