Don’t make this costly mistake just to save on gas

Don't make this costly mistake just to save on gas

This article is reprinted by permission from NerdWallet

With the cost of gas soaring, it’s not uncommon to hear people say, “I’ve really got to buy a hybrid.”

If your goal is to save money, this could be a disastrous move unless you needed a new car anyway. While you might save money at the pump, the cost of prematurely switching from a gas hog to a fuel-sipper would take years to pay off.

Why? You’re probably paying about $1 a gallon more for gasoline than you did a year ago. In a 25-mpg vehicle driving the average yearly mileage of 14,000, that would be $560 out of your pocket — enough to hurt.

But the average price paid for new cars has risen by 10 times that amount in the past year alone, topping $46,000 in October, according to Kelley Blue Book. Proportionately, used car…

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