Thursday, July 21, 2022

How increasing fuel prices affect our considerations when buying a car?

The ongoing health crisis from the pandemic has negatively impacted the way people are living all over the world. For nearly three years, many are financially challenged and with the ongoing invasion of Russia on Ukraine, petrol prices are uncontrollably increasing with looming recession that could happen sooner than expected.

With the rising fuel prices, people are starting to tighten their belts and start considering living frugally in order to be resilient. If you are planning to purchase a car soon with this present crisis in fuel then you need to consider the following:

1. Maintain your car or buy a new one for fuel efficiency? If you are toying on the idea of buying a new vehicle perhaps a smaller car then better think twice. In today’s vehicle retail market, smaller cars or compact vehicles are on high demand which make them a little more expensive. 

There is this notion that small vehicles are fuel efficient than standard SUV but this is not the usual case. When comparing fuel consumption for vehicles, you must consider how you are going to use the vehicle, your comfort and your long-term demand for a good transportation mode.

2. To Hybrid or not? With the current fuel crisis, many are considering buying hybrid electric cars. These types of vehicles have dual power source from petrol and electric. Hybrid cars are fuel efficient since you will be using less fuel and save more in the process. Aside from that, it's environmentally friendly. These electrical cars are 20% more expensive than conventionally gas-powered vehicles. Be sure to weigh in the pros and cons before getting one.

3. Deciding to buy new car? Go for the ones with better mileage. There are newer and current car models that are fuel efficient. Consider checking each model first and learn how these cars utilizes fuel in terms of mileage

Vehicles that are designed to efficiently utilize fuel for better mileage can come in various type with larger cars that have heavier component will consume more fuel than lighter ones.

Fuel price is a big factor that every car buyer takes into consideration before they decide to buy one. Amidst this crisis, anyone who wants to buy a vehicle might think twice if buying a car or any vehicle would still be a good investment or a wise decision. If it’s for personal use, it might be easier to make a decision not to buy for now, because there is a public transport that are available daily especially during rush hours. But for those who would like to buy for business, the aforementioned tips might be of big help in their decision making.

The continued rise in fuel prices has pushed the market for electric and hybrid vehicles. But just like the petrol-powered vehicles, these types also have their own highs and lows. Before buying a car nowadays, make sure to compare not just the types, kinds, prices and conditions of the vehicle you are eyeing to purchase but the fuel consumption as well to make sure you get the best out of your hard-earned money.

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