Gas prices--time to downsize vehicle??
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| Wed, 05-28-2008 - 6:06pm |
Hello everyone!! I joined this board back in January, but fell off the "gazelle intense" wagon a couple of months later. Since we had more money coming in, I wasn't as careful with it as I should have been, so the debt pay off process has been creeping along way too slowly. I need to be back here and kick up the intensity again!
So, here's my question--with gas prices being disgustingly outrageous (over $4 a gallon here) my DH and I are wondering if we should downsize our family vehicle. We currently drive a 2000 Toyota Sienna that gets about 18 miles per gallon city on a good day (96,000 miles). I drive 5 miles back and forth to my kids' school 2-4 times per day. The van is not paid for, and the balance due is probably very close to what it is worth. Trading it in for a new vehicle would mean starting over with new (likely higher) monthly payments. Is it worth it for better gas mileage? We're concerned about the cost but also about the environment and don't want to waste gas.
We've been looking at older cars like Honda Accord or Toyota Camry that have reliable ratings, but they have lots and lots of miles on them. We're getting frustrated and confused. Buying vehicles has always been a trip down stupid lane for us.
Thanks for any wisdom you can offer!
Anne

Welcome back, Anne.
How much longer do you have left on the loan for the Sienna?
It sounds to me like you're looking to spend thousands of dollars in vehicle in order to save hundreds of dollars in gas.
I wouldn't change anything. When your cars are old and in need of trade-in, make a more gas conscious choice - and there will be plenty of options when that time comes. In the meantime, most of us are simply reacting to the $4 number.
Danni
cl-phocid, Debt Support Group
All my best,
Danni
I agree with the pps.
Thank you all for your responses. I hadn't really looked at it as "spending thousands of dollars in car payments to save hundreds of dollars on gas." AND I did not know that 96,000 miles on an 8 year old car was good, either! Thanks for the reassurance that we are doing just fine. Next time we buy a car, whenever that time comes, we will make a better decision.
THANKS!!
96,000 miles averages to 12,000/year.
Hi Anne,
I thought I'd pop in because I did somethign like this. I needed to save money and get rid of my car payment. So, I drew up a spreadsheet that figured, average miles per gallon, how big the tank is, how many miles would I get in a tank, how often I'd fill up, and how much it'd cost.
Right now, I have a 2007 Scion. I get about 25mpg. I just bought a 2000 Xterra. Most people I know are freaking out, like WHY would I do that?
Cheryl,
Thanks for the reply! I am so impressed that you were able to crunch all those numbers! Where did you get the info on gas tank size, etc? Is that easily found along with gas mileage? My DH has no interest in cars and doesn't know much about them, so we both kind of flounder around when it comes to car buying. You made some very good points in your post. I have only recently come to accept that we don't NEED a minivan. We have two kids. We are only having two kids. We don't haul around any extra gear. I WANTED a minivan because everyone else with kids had one. I'm really working on clarifying wants vs. needs after spending years living beyond my means. That's what got me in the debt mess!
I really appreciate the wisdom of everyone on this board!
Anne