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Should I Upgrade To A More Fuel Efficient Vehicle?

It may make financial sense for you to sell your current vehicle and purchase one with better gas mileage. Taking into account the monthly savings at the pump, the financial question is how many months will it take you to recover the out-of-pocket costs you incur with the purchase of new vehicle. Use this calculator to help determine your breakeven period.

Gasoline Assumptions
Gasoline cost per gallon
Miles you drive each day
MPG (old vehicle)
MPG (new vehicle)
Cost Assumptions - Old Vehicle
Current monthly payments (old vehicle)
Number of payments remaining
Anticipated sales price
Cost Assumptions - New Vehicle
Estimated monthly payments (new vehicle)
Number of months
Down payment or sales price (if paying with cash)
One-time taxes/registration/fees
State/Federal income tax credit (if applicable) Click here for IRS hybrid tax credit table

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FiLife Contributor

Russell Wayne, CFP said about a month ago

I'd also want to factor in the possibility of higher resale price for the more efficient vehicle. That's something that seems to be overlooked.

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Should I Upgrade To A More Fuel Efficient Vehicle?