Should I even sell my Mitsubishi Montero Sport XLS?

Question

I love this car to death but I cannot afford the gas, do you really think the econmy will get better so gas prices will go down??

Answer 1

No, you will not be able to recoup the cost of the vehicle change! Look below at the /comparison I've drawn up for a previous answer regarding the value of a hybrid, this shows it would take over 8 years to save the $5,310. difference between 2 cars. The higher the cost difference, the longer it would take, worse if the replacement vehicle is financed. Take some time to calculate out how many miles a year you must drive, divide by your mpg then multiply by cost per gallon; do this again with the average mpg of any vehicle being considered to replace the Montero, the results will be disappointing, but save you in the long run. Besides, we are just seeing the beginning of high efficiency technology.

Prius $21,500. msrp [dlr. Price probably higher]

Matrix $16,190. msrp [can probably be bought for less]

Extra cost of hybrid [min.]: $5,310.

Prius mpg [per owners] 42.

10,000[avg. annual mileage]/42mpg=238gal. per year

238X $4. per gal. = $952. annual fuel cost

Matrix advertised mpg 21city, 29 hwy. (21+29)/2=25mpg average

10,000[avg. annual mileage]/25mpg= 400 gal. per year

400gal. X $4. per gal. = $1,600. annual fuel cost

$1,600. - $952. = $648. annual fuel savings w/Hybrid

$5,310. {extra cost}/ $648. {annual savings}= 8.2 years to break even

By which time, with changing technology, it will be too costly to maintain & have no resale value. . Hybrid & other fuel saving technologies will do like cel-phones did, get better & cheaper, very quickly; each obsoleting it's predessor. Besides, right now you will get hosed on that trade-in, if you calculate the costs it will probably work out cheaper to keep the truck or just buy an older sub-compact for commuting.

Honda is dropping their hybrid for a diesel    [http://www.autobloggreen.com/2007/06/07/... 2009, that should you tell you something.