?How to Save Money by Paying MORE at the Pump for Diesel
With the economy taking an apparent turn for the worst, Americans are looking even closer at the price of fuel (as if they don’t each year anyway). You might one of many who are thinking of ditching your diesel truck for a gas-powered rig.
That aint such a bad idea, considering the price per gallon for diesel is averaging from $0.64 to $0.66 more than gasoline. However, before you go out and look for a gas-powered truck, be sure to consider all aspects of the purchase.
It’s important to consider, above all, what you will be doing with your truck. Do you really need more towing power? Do you commute? How often do you tow? Do you care if your vehicle idles loudly? How long do you expect to own your truck?
All things considered, if you still think you want a diesel truck then it’s worth a last look at the cost – including the purchase price and the fuel economy. You’re going to pay a premium for a diesel model because, for one, they can tow more. Let’s take a Ford pickup for instance. A used model (you ARE trying to save money, right?) like a ’96 f350 Diesel costs somewhere around $6,000 and averages about 15 mpg. It’s gasoline powered counterpart will save you about $2,000 upfront cost, but only averages about 8 mpg.
But, but, but… the price of diesel is so ridiculously high!
Well, let’s take a look at your annual cost with the diesel truck. Assuming you drive the standard 15,000 miles per year and paying $4.45 per gallon, you’re looking at a yearly total of $4,450.
Now, driving the gas f350 you will enjoy a whopping 8 mpg average. Driving the same 15,000 in the first year, while paying just $3.79 per gallon for regular unleaded, you will have paid $7,106.
Comparing the two fuel bills for one year, having a diesel powered truck is saving you $2,656. Remember that you’ll be paying a couple thousand more for the diesel upfront, so that’s basically a wash.
But you’re probably going to keep your truck for more than a year, so let’s look at the long term. You’ll be saving an average of $2,656 each and every year, assuming fuel costs remain the same in comparison to each other. In the long run, you’re saving more with your diesel truck AND you have more towing power and oftentimes a better made, longer-lasting engine (i.e. the Cummins as with Chevy). All things considered, you’re probably better off getting a diesel powered truck that will haul your large loads, get better fuel economy, and make the chicks go wild with that loud engine.