Should I trade in my gas guzzler?

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Sponsored - The following content is created on behalf of Voyage Federal Credit Union and does not reflect the opinions of Gray Media or its editorial staff. To learn more about Voyage Federal Credit Union, visit https://voyagefcu.org/

As the price of gasoline continues to be high, the question often arises as to whether it makes financial sense to trade in a ‘gas guzzler’ for a more fuel-efficient vehicle?

Several factors will impact that decision, including the cost of the new vehicle, the number of miles you drive and the cost of fuel. To help you evaluate your decision, Voyage Federal Credit Union had developed the Gas Mileage Calculator. You can calculate your monthly fuel savings based on your current miles per gallon, miles driven per month and cost of fuel.

Then, you can estimate how much you will save by purchasing a more fuel-efficient vehicle and when you will break even on the fuel-efficient vehicle purchase.

Savings add up quickly over time, so if you’re running up the miles on your daily commute, the school run or road trips, a car with a higher MPG may play into your car-buying decision.

If you’re ready to purchase a new vehicle, you can apply for auto financing online with Voyage FCU. Click here to start your journey.