The more gas prices continue to rise, the more appealing it is to find a fuel efficient vehicle that wonâ€™t cost you too much money in fuel OR electricity. It’s also better news for the environment.
Car makers are feeling our pain, and Ford, GM, Chrysler, BMW, Honda, Hyundai, Jaguar/Land Rover, Kia, Mazda, Mitsubishi, Nissan, Toyota and Volvo have all signed on to a proposed standard that will require all manufacturers to have a fleet standard of 54.5 miles per gallon by the year of 2025. The Obama Administration proposed this plan last week.
The average for car makers is currently only 28.3 MPG, and they are required to hit 34.1 MPG by the year 2016.
According to the Center for Automotive Research, the new requirements could add $11,280 to the cost of vehicle productions, with a cost added on to a consumerâ€™s purchase of about $4,500 to $8,000 in the worst case scenario. However, despite the potential added cost of a vehicle, you will still save money. The Obama Administration says these fuel efficiency improvements will save American families $1.7 trillion in fuel costs, and an average of $8,000 per vehicle. This will also save 12 billion barrels of oil.
The administration also released detailed information on oil savings and environmental benefits in a new report, Driving Efficiency: Cutting Costs for Families at the Pump and Slashing Dependence on Oil.