Gas Prices Are Climbing: 5 Smart Ways Drivers Can Cut Up to $244 a Month
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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While gas prices fluctuate week to week, the bigger hit for many drivers is the total cost of owning and fueling a car — and that’s where meaningful savings can still be found. While you can’t control the price at the pump, there are ways to cut down on overall ownership costs.
Here’s how drivers can save up to $244 now.
1. Refinance Your Auto Loan To Cut Monthly Car Payments
Your monthly car payment is typically one of the largest expenses you have as a car owner, but refinancing your loan now may help you lower your burden. According to the latest data from Caribou, which is based on customers who refinanced their auto loans in February, the savings can be significant.
Drivers with diesel vehicles saved $244 per month on average, while those with gas-powered vehicles saved an average of $149 per month. Pickup truck drivers saw $177 in average monthly savings.
“If a driver’s credit has improved, rates have moved in their favor or they financed when their options were more limited, refinancing can create meaningful monthly savings,” said Simon Goodall, CEO of Caribou.
These savings are often more meaningful than any move you make to cut down on your gas bill.
“While people feel gas prices immediately, the loan payment is often the larger monthly expense,” Goodall continued. “Saving at the pump helps, but lowering the payment can have a much bigger impact on a household budget.”
2. Avoid Paying for Premium Gas If Your Car Doesn’t Require It
Check what octane your vehicle actually requires.
“In our car, we use the minimum octane the car allows rather than paying up for premium just because it’s recommended,” Goodall said. “In normal driving, we don’t notice a meaningful performance difference.”
Switching to a lower octane can add up to big savings.
3. Compare Local Gas Prices Before Filling Up
Don’t just go to the gas station that’s closest to you. While this may be convenient, it can mean you’re paying more for gas than you need to.
“I compare prices pretty aggressively,” Goodall said.
Search for gas prices in your area, and opt for a station where you’ll pay less at the pump. You can use apps like GasBuddy to plan a refueling trip ahead of time based on driver-reported prices, or use Waze to see gas prices along your route.
4. Use Warehouse Club Gas Stations for Lower Prices
Although joining a warehouse club costs money, you can often recoup the costs based on gas savings alone.
“I buy gas at Costco, and for a lot of families, the fuel savings at a membership club can more than cover the membership fee over the course of a year,” Goodall said. “If you consistently save even modestly per gallon, especially on a multi-car household, that math can work in your favor.”
5. Protect Against Costly Repairs
Unexpected repairs can be a major disruption to your budget.
“If you plan to keep your car, it can make sense to consider an extended warranty before the vehicle gets older or higher mileage,” Goodall said. “That helps make your transportation costs more predictable.”
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