Last weekend as my DH and I drove around town, we noticed a ton of newish Priuses, Mini Coopers, SmartCars and others. It looks like folks in our environmentally conscious town (Portland, Oregon) are fighting the gas-price wars by buying new “gas sippers,” as they’re often called. Even my SIL has made some comments about regretting the purchase of her cool-looking-but-expensive-to-gas-up Honda Pilot. (But I know there’s no way she’s selling it! Good thing, too, because I’d be tempted to buy it, even though I know I shouldn’t.)
But is it really a smart financial move to buy a new car just to pay less at the gas pump? Will that move really pencil out in your favor? In most cases, no, according to Smart Money magazine. Read more and use their interactive calculator here to find out whether a new car is the right move for you.
Also, here are some thoughts on buying a new hybrid car from radio talk-show host and financial counselor Dave Ramsey.