Gas-Guzzler Trade-In Calculator Introduced by Edmunds.com
Calculate How Long it Takes to Start Saving From a More Fuel-Efficient Vehicle
SANTA MONICA, Calif.--(BUSINESS WIRE)--Should you dump the SUV for a gas-sipper? That’s the question everyone is asking these days.
“However, it’s important to calm down and look closely at the dollars and cents. If people make a panicked car-buying decision they could lose thousands of dollars just to save hundreds of bucks at the pump.”
Edmunds.com, the premier online resource for automotive information, helps consumers answer that question with today’s release of its Gas-Guzzler Trade-In Calculator. The tool helps consumers determine the pay-back period and fuel savings associated with trading-in a fuel-thirsty vehicle for a more fuel-efficient one.
“Car buyers think they can save money by dumping their gas-guzzler and purchasing a gas-sipper,” said Philip Reed, Senior Consumer Advice Editor for Edmunds.com. ”But when you look at the big picture--total cash out of pocket--a very different situation is often revealed.”
A common example demonstrates the potential pitfalls of ditching that SUV: A consumer trades in a four-year old GMC Yukon, worth $13,483, for a new $21,647 Toyota Prius. The difference is $8,164. If the consumer drives 1,200 miles per month and gas costs $4.07 per gallon (national average), the monthly fuel savings will be $201.34. While this may seem attractive, it will take 41 months to pay back the additional cost of the Prius over the trade-in value of the Yukon.
The Gas-Guzzler Trade-In Calculator prompts users to select the vehicle they are considering and the vehicle they would sell or trade-in. The calculator automatically provides the Edmunds.com True Market Value® prices (the average price that people are currently paying for each vehicle), as well as the anticipated fuel mileage of the two vehicles. Consumers then input their monthly mileage and local gas price, and the calculator displays the monthly fuel savings, as well as the number of months to “break even.”
“Americans hate high gas prices,” said Reed. “However, it’s important to calm down and look closely at the dollars and cents. If people make a panicked car-buying decision they could lose thousands of dollars just to save hundreds of bucks at the pump.”
The Edmunds.com Gas-Guzzler Trade-In Calculator is available at http://www.edmunds.com/calculators/gas-guzzler.html. For more articles and tips on how to improve fuel economy, please visit Edmunds’ Green Car Guide at http://www.edmunds.com/fueleconomy/index.html.
About Edmunds Inc. (http://www.edmunds.com/help/about/)
Edmunds Inc. publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive consumer information, launched in 1995 as the first automotive information Web site. Its most popular feature, the Edmunds.com True Market Value®, is relied upon by millions of people seeking current transaction prices for new and used vehicles. Edmunds.com was named "Best Car Research Site" by Forbes ASAP, has been selected by consumers as the "Most Useful Web Site" according to every J.D. Power and Associates New Autoshopper.com Study(SM), was ranked first in the Survey of Car-Shopping Web Sites by The Wall Street Journal and was rated "#1" in Keynote's study of third-party automotive Web sites. Inside Line launched in 2005 and is the most-read automotive enthusiast Web site. CarSpace launched in 2006 and is an automotive social networking Web site and home to the oldest and most established automotive community. AutoObserver.com launched in 2007 and provides insightful automotive industry commentary and analysis. Edmunds Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit.