Yeah, that would be the common sense thing to do right now. I don't think gas prices are gonna go down any time soon.
Ive switched from driving the F150 to driving the Ranger.
They'll have to pry my Suburban "form my cold dead hands".
Buy high, sell low.
Before you do that, you need to calculate the additional costs of new purchase, the change in monthly car payment, a potentially higher interest rate on your current car loan, etc.
You might be ahead keeping the bigger vehicle.
The market at work...
You can buy a LOT of gas for your SUV for the price of a new car (assuming that your current car is paid off).
What are gas prices looking like today in Denver? I haven't had a chance to get into town yet.
We just bought an Eddie Bauer Expedition at the employee pricing. The size and luxury of the ride is worth every penny, not to mention the safety to my wife and 2 kids who drive in it everyday to school and work and back. Some things are worth paying for. And for me and my family, this is one of them. If I had no kids and/or were single and had no need for such a large ride, I would definately have something smaller and more gas efficient. It's called freedom of choice.
My wife just sold (yesterday) our Suburban and got taken to the cleaners. She is shopping now.
I have 3 motorcycles getting 40 to 50 mpg...and one Windstar van at 20 mpg. I ride the bikes about 25k per year, and the Windstar about 5 k per year, barely enough to keep the battery charged.
I LUV my SUV......
In the 70's and again in the early 80's this happened. Folks were "giving away" vehicles to get in line for a Honda.
I am waiting on a cheap Hummer.
Kansas City Kansas report on August 31 - $2.86 this morning and rumors it will go over $3.00 this weekend.
Regardless - The SUV remains in safe hands in my family
It's the only thing that will hold my large family. Guess we're up the creek!
I always wanted the Volvo or Lexus SUV! This could be my big chance!
This may sound strange, but the high gasoline prices may actually drive me to buy a new full-size truck or SUV. I sat down and figured out the differences in fuel costs over a long term, and compared them to the great discounts that are now being offered on these trucks and SUVs.
If you drive 15,000 miles per year and the price of gasoline rises from $1.50 to $3.00 per gallon, a vehicle that gets 16 miles per gallon will cost you about $1,400 in "extra" fuel costs each year.
I've just priced a new well-equipped truck that is marked down about $9,000 from its sticker price, and is now being sold for less than $26,000 -- that's a full-sized, fully-loaded truck. At $1,400 per year, it would take almost 6.5 years to make up the $9,000 cost savings in buying the truck. And anyone who thinks they have a clue about what gasoline prices will be in 6.5 years should think about this: I bought my last new vehicle in 1994, and gasoline prices were lower at almost every point one year, two years, three years, etc. after I bought it. In fact, it wasn't until 2002 -- eight years later -- that gasoline prices came back UP to the point they had been on the day I drove the vehicle off the dealership lot.
I also think anyone who is willing to wait 12 months or more for a hybrid is a damned fool.
Well, yeah, because people bought a lot more SUVs in recent years. Before makign a blanket statement that folks are trading in SUVs primarily for fuel efficiency, why not actually look at some statistics showing which vehicles have the best retention among their owners?
Is there a stastically meaningful fact in this article, or did the reporter decide the story, and find some car dealers who wanted to get their names in the paper who would confirm without data what the reporter assumed?
16 mpg, $2.00 gas, 12,000 miles per year = $750 fuel cost
At $3, the yearly fuel cost is $1125
At $4, the yearly fuel cost is $1500
Only you can decide if an additional $750 per year for fuel is too much. What do you give up in safety? How much of a hit do you take in a discounted sale of the vehicle? How much will a new vehicle cost? In California, you would pay about $2,000 sales tax on a $25,000 vehicle.
Yeah. Um, if you touch a hot stove over and over, ad it gets hotter each time(like gas prices rising) eventually you do need to rethink your plan.