Gas Prices Are on the Rise Again: 9 Cost Saving Strategies
Due to continuing inflation and the effects of the Russia-Ukraine war, it appears that gas prices are not only high again, but those painful prices may be here to stay.
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According to Lauren Fix, founder of the global automotive news outlet, Car Coach Reports, “The last time prices were this high was just prior to the Great Recession in 2008. For every $1 per gallon in fuel cost increases, it costs the average consumer $500 per year. So, with gas being up almost $2 per gallon, the typical American is spending around $1,000 more this year just on gas.”
For people who don’t have a hybrid or electric vehicle, cutting costs on gas will be top of mind. Fix and other experts explain some cost-cutting strategies to reduce how much you spend on gas.
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Chill Out Behind the Wheel
If you like to speed or play it fast and loose on the road, you’ll pay for it at the gas pump. “Aggressive driving burns through gas more quickly,” Fix said. “Lay off the gas, ease up on the brakes and aim for a smoother ride whenever you’re behind the wheel.”
If you’ve got cruise control, even better, use it as often as you can, she urged.
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Maintenance Is Critical
Small problems affect a car’s fuel efficiency, Fix warned, so make sure you’re taking care of any small problems that arise and sticking to a regular maintenance schedule.
“An incredibly easy thing drivers can do is to check their tire pressure, which can lead to better fuel efficiency,” she said. “Use the correct tire pressure listed on the sticker inside your driver’s side door. That number is the correct tire pressure for your car’s year, make and model. Get a pressure gauge, and check it when the car is cold. Properly inflated tires can save you one to two miles per gallon.”
Junk Out of the Trunk
If you tend to keep a bunch of stuff in your trunk, you might want to rethink that, Fix said.
“Your car faces wind resistance as it moves down the road, and drivers can burn less fuel by making it as light and aerodynamic as possible. That can involve getting rid of bike racks, golf clubs, kids’ sports gear, or storage containers left in your vehicle.”
Stop Idling
Idling your car, that is leaving it running while not driving is not only bad for the environment, Fix said that it’s the equivalent of “getting zero miles per gallon.”
She added, “Don’t let your car get zero miles to the gallon. You shouldn’t let your car idle. Forget the drive-through. Instead, park your car, go inside, and get what you want.”
The same goes for warming up your car before leaving or even waiting to pick up your kids from school. “If it sits more than 30 seconds, shut the vehicle off,” she said.
While these tips may make only a marginal difference in fuel costs, they can develop into habits that can pay off over time — for you, and your budget, she said.
Compare Gas Prices
Don’t assume that the high price at your usual station is the only option in town. According to David Straughan, senior automotive journalist with MarketWatch Guides, using a gas price app can save you money by providing real-time information on fuel prices at nearby stations.
“With the ability to compare prices easily, you can quickly identify the cheapest options without wasting time and fuel driving around. Even small price differences can add up over time, making it worthwhile to consistently choose the most affordable option available,” he said.
Time Your Gas Purchase
Straughan said that if you can be strategic about when you buy your gas, you can get better prices.
While you can’t control the kinds of economic, geopolitical and seasonal changes that affect gas prices, you can avoid buying gas at times when prices are likely to be inflated.
“One common scenario where this strategy can be particularly beneficial is before holidays or weekends when gas prices tend to rise due to increased travel demand.”
You can, however, monitor trends in gas prices and stay informed about upcoming events or developments that could affect prices, Straughan said. “For example, if you notice that gas prices typically rise in response to certain economic indicators or geopolitical tensions, you can plan ahead and fill up before these events occur.”
Buy the Right Fuel For Your Car
Choosing the right fuel for your car can significantly impact your gas expenses and overall fuel efficiency, Straughan said.
“Many modern vehicles are designed to run optimally on specific types of fuel, such as regular unleaded, premium unleaded, or diesel,” he said. Thus, using the recommended fuel type for your car can improve its performance and fuel economy, ultimately saving you money at the pump.
Take Advantage of Rewards Programs
Lastly, some gas stations reward your loyalty. “Taking advantage of rewards programs offered by gas stations can be an excellent way to save money on fuel purchases,” Straughan said. “These programs often provide various incentives, such as discounts, cash back, or points accumulation, which can ultimately translate into savings at the pump.”
Additionally, some credit cards offer rewards or cash back on gas purchases, which can also lead to additional savings.
Limit Your Driving
By far the biggest cost-saving measure you can take is to simply use less fuel, Straughan said.
Planning can help tremendously with this, he said. “For example, planning out your meals a week in advance can reduce the number of trips you take to the store or to restaurants. Mapping out all the errands you need to do in the next few days and making one trip with multiple stops can also cut down on mileage. This type of planning can also help you spend less in other areas of your life, too.”
With a few smart habit changes, you can reduce the pain of the gas pump.
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