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 hybrid tax credit table ($)
 
The information provided here is to assist you in planning for your future. Any analysis is a result of the information you have provided. Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice.

Any rate of return entered into the interactive calculator to project future values should be a reasonable average return for the period. Rates of return will vary over time, and generally the higher the rate of return the higher the degree of risk.

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