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 a 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 fuel efficient tax credit table ($)
 
   

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

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