Estimate your potential fuel savings by comparing fuel-efficient vehicles.
Calculating fuel savings involves comparing the fuel efficiency (measured in miles per gallon or MPG) of two vehicles to estimate how much you could save annually. Here's how the formula works:
Fuel Cost Per Year = (Miles Driven Per Year ÷ Vehicle MPG) × Fuel Price Per Gallon
The difference between the fuel costs of the current vehicle and the new, more fuel-efficient vehicle will give you your estimated annual fuel savings.
Let's compare two real-world vehicles: a 2022 Ford Explorer (which averages around 20 MPG in city driving) and a 2022 Toyota Prius (which averages around 55 MPG in city driving).
Assume you drive 15,000 miles per year and the current fuel price is $3.50 per gallon.
(15,000 miles ÷ 20 MPG) × $3.50 = $2,625 annual fuel cost
(15,000 miles ÷ 55 MPG) × $3.50 = $954.55 annual fuel cost
Fuel Savings = $2,625 - $954.55 = $1,670.45 saved per year.
By switching from a less fuel-efficient vehicle like the Ford Explorer to a highly efficient Toyota Prius, you could potentially save around $1,670 per year on fuel costs, assuming 15,000 miles driven annually.
This example demonstrates how more fuel-efficient vehicles can significantly reduce fuel expenses over time, especially for frequent drivers.
Fuel-efficient vehicles can save you money in the long run. As fuel prices fluctuate, driving a vehicle with higher miles per gallon (MPG) will help reduce the amount you spend on fuel annually. Over time, these savings can add up, especially for long-distance drivers.
A fuel savings calculator helps you make informed decisions when purchasing a new vehicle. By comparing the fuel efficiency of different vehicles, you can determine which option offers the most significant savings based on your driving habits and current fuel costs.