If you’ve had to fill up your car recently, chances are you’ve experienced sticker shock from the sky-rocketing gas prices. Amid the rise of gasoline prices, millions of Americans are experiencing extreme financial pain, fueling pessimism about the future of the economy and signaling questions about why gas is so expensive- and who’s to blame.
How Did We Get Here?
Today’s monumental gas prices are rooted in a few large causes such as the COVID-19 pandemic as well as Russia’s war on Ukraine. As a general statement, one might say that supply and demand have changed. So what can you do about it? Use our gas price calculator to find out how this will impact you.
What will new gas prices cost you?
Short-Term Things You Can Do to Potentially Save On Gas:
Use an App to Find Savings
In this digital age, you can bet your bottom dollar that there are mobile apps that you can use to find cheaper gas or earn cash back on your purchases. Buying the cheapest gas in town means that drivers could save up to twenty-five cents a gallon.
GasBuddy is a gas app that could help you find more immediate savings. You don’t have to upload your receipt to receive the savings, and you don’t have to wait until you have enough built up to cash out. With GasBuddy, you get a card from them and you attach your bank account to it for that instant savings at the pump. And users like you can update the prices within the app for the most up-to-date information.
Upside is a cash back app that anyone with a smartphone can use to save money at the gas pump by earning cash back. Upside is a US based company that partners with some of the biggest gas, grocery, and restaurant brands in the nation, making it easy to earn cash back. Download the Upside App and earn cash back on your gas purchases.
• Gas Guru
Have you ever filled up at a gas station to see a lower price at a station around the corner? Gas Guru can help. It shows gas prices with easy to read maps so you can zero right in on savings.
Gas Rewards Credit Cards
A more common way to save money on gas is to use a Gas Rewards Credit Card. Some of the best gas rewards cards offer great rewards to the card holders. It is important to not carry a large balance as you may end up paying more in interest fees than the rewards you earn from the purchases.
CashBack Credit Cards
Why not save on gas while you spend? You can pad your gas budget with cashback credit cards. Some cashback cards even allow bonus categories where you can highlight gas savings. If you use a cashback card in conjunction with an app like Upside, you can earn twice the rewards.
Pay with Cash Instead of a Card
Gas stations often charge more for card purchases because they are charged fees by banks and credit card providers for each transaction. When you pay cash, gas stations avoid these fees, and pass along some of the savings to you with a discount.
Fill Your Tank on the Cheapest Days of the Week
Gas prices fluctuate day to day, but trends dictate that there are a few days that tend to be cheaper than others.
According to GasBuddy, a tech company that tracks real-time gas prices, Mondays and Fridays are proving to be the two cheapest days to fill up.
Change Your Driving Habits
According to FuelEconomy.gov, safer driving methods could boost your fuel efficiency by up to 40%. Abiding by the speed limit, accelerating slowly, and coasting more often could add up and make a significant difference in how often you spend money on gas.
Long-Term Things You Can Do To Potentially Save On Gas:
Electric Vehicles (EVs) vs. Hybrid Vehicles (HEVs)
Ditch filling up on gas altogether. Electric vehicles have a battery instead of a gasoline tank and an electric motor instead of an internal combustion engine. To put this into perspective the all electric Hyundai Kona Electric gets about 120 MPGe.
Conventional hybrids use their gasoline engines to keep their modestly sized batteries charged as you drive, with no need to plug them in, and virtually every major maker offers HEV cars, SUVs, and trucks. These HEVs deliver a considerably better fuel economy than their nonhybrid counterparts in stop-and-go city driving because they can recapture energy while braking. For example, the Toyota Prius Hybrid gets on average 56 MPG.
Consider selling your car
Believe it or not, your used car could be worth more now than when you bought it a couple years ago, even though you’ve been driving it in the meantime. Experts predict that the average used vehicle price will surpass $30,000 this year. [Read more here]