As February begins, Americans are reviewing their New Year’s resolutions and lamenting the ones that were forgotten or broken in January. For many people, a common resolution was improving personal finances. They want to pay off a credit card, get out of debt, or start putting more money away in savings. The tough part about these resolutions is finding where to cut corners, especially for families, but a new statistic from the US Energy Information Administration (EIA) points to one expense that Americans could cut: gas.
According to the EIA, the average US household spent $2,912 on gasoline last year. That is nearly $3,000 is going towards only gas, not to mention vehicle service and maintenance costs. Unfortunately, gas prices have gone up substantially in the past few years. Prices rose 26.1 percent in 2011 and an additional 3.3 percent in 2012 while household income only increased 2.9 percent, and gas prices aren’t likely to drop anytime soon.
What can Americans do to cut back on their gasoline costs, especially with the price of gas rising? Quite simply, the best way to cut back on gasoline costs is by trading in for a more fuel-efficient vehicle. Even used cars from the past few years have much better fuel efficiency than older models, and while it will be a bigger purchase up front, the savings at the pump will pay off in the long run.
Are you looking to trade in and want the best possible deal on your new car? Approved Loan Store wants to help you! Good credit, bad credit, no credit, we will work with you to get you a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and get more auto news and buying tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!
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