Looking at the earlier post about getting rid of your five year old gas guzzler you might conclude that you are stuck, and chained to the $183 per month in gas costs cited in the example. Maybe you are just now gettng fed up with the mid-east oil barrons, or had a bad dream that Al Gore was giving the benediction at your funeral, either way, lets say you want to get rid of the gas guzzler without going into debt? Can it be done? Yes, you can ditch the guzzler! Looking on cars.com at several guzzler prices I see, for example, that a 2004 Ford Explorer is worth between $7,000 and $9,000 on the open market. Lets say you can get $8,000 for yours. Looking further I see that a 2005 Prius is worth between $8,000 and $10,000. Hmmm, if your good at negotiating you could probably sell your guzzler and then turnaround and buy the used car you want for about even. After taxes you and fees you could be out $1000. Assuming the 2005 Prius hybrid gets 45 mpg, you will reduce your monthly gas bill from $183 to $61. Worst case you will be ahead of the game financially in eight months. Consider that the Explorer will depreciate much faster than the Prius and I would say you’ve made a smart move.
Photo Credit: Lars Plougmann