What’s Your MPG?
Fuel economy is easy to overlook when shopping for a car, but it adds up every day you drive. Compare what you spend on gas now with what a more efficient car could cost to run, and see how those savings stack up against the interest on a car loan.
About these numbers
Fuel cost is miles per day divided by MPG times the gas price, for 365 days a year, with the price and driving held steady. The loan is figured with equal monthly payments at a fixed rate. Insurance, maintenance, registration, and resale value are not included, and real-world MPG varies with driving habits and conditions.
This calculator is a hypothetical illustration for educational purposes only. Results are based on the assumptions you enter and the method described above, may vary with each use and over time, do not reflect any specific investment or the deduction of fees or taxes unless stated, and are not a guarantee of future results. The tool does not consider every investment, account type, or strategy that may be available to you. It is not investment, tax, or legal advice. Investing involves risk, including possible loss of principal. 4:8 Financial does not provide tax or legal advice; please consult your CPA or attorney regarding your specific situation.
Have a question about this?
A calculator can only go so far. We are happy to walk through your real numbers with you, at no cost.