As the price of gasoline continues to rise the question often arises as to whether it makes financial sense to trade-in a 'gas guzzler' for a more fuel-efficient vehicle. There are many factors that go into that decision, including the cost of the new vehicle, the amount of miles you drive and the cost of fuel. You can calculate your monthly fuel savings based on your current miles per gallon, miles driven per month and cost of fuel and estimate how much you'll save by purchasing a more fuel efficient vehicle and when you'll breakeven on the fuel efficient vehicle purchase.
Please Note: Information and interactive calculators are made available only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.