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Gas and car maintenance costs can take a big bite out of your budget. But there's one car that could save you thousands of dollars -- the Toyota Prius. Yes, really. Despite its stereotype as the nerdiest car on the block, the newest model sports a sleeker look, more powerful engine, and faster acceleration while maintaining its low gas and maintenance costs.
We'll look at how much you can save -- but first, how much do we spend on gas and maintenance each year?
How much does the average American spend on gas and maintenance?
According to the Energy Information Administration, Americans spent an estimated $2,400 on gas for their cars in 2023, which is about $200 per month.
Analysis of the Bureau of Labor and Statistics data found that U.S. consumers spend around $1,160 per year on car maintenance. However, this varies by model and tends to increase as vehicles age. Finally, the average consumer is keeping their car longer -- up to 12 years.
The Prius will save you around $94.84 per month in gas
The 2024 Prius model gets an estimated EPA gas mileage of 56 miles per gallon on the highway. Compare that to the Ford F-Series truck, the best-selling vehicle in the U.S. according to Car and Driver, which gets 24 highway miles per gallon -- and that's only if you choose the 2.7-liter EcoBoost V-6 engine.
According to the latest statistics from Kelley Blue Book, the average driver drove 1,207 miles every month in 2022. With an average cost of gasoline at $3.30 per gallon, you'll spend $165.96 per month to drive your Ford F-Series and just $71.13 per month with the Toyota Prius, a savings of $94.84 per month in gas costs. Not bad!
Depositing that extra money in a high-yield savings account could help you build a solid emergency fund in just a year or two.
You'll spend $1,131 less on maintenance over 12 years
According to CarEdge, you can expect to spend $5,522 on maintenance repairs on a Prius for the first 12 years you own it -- note that number is total, not per year. For the Ford F-150, you'll pay $6,653 in the first 12 years you own the truck -- which means the Prius will save you $1,131 over 12 years in maintenance costs.
How much will a Prius save you in total?
Tired of all the math yet? Wait, there's more. As we've seen, the Prius will save you almost $100 a month in gas and over $1,000 over 12 years in maintenance over the Ford F-150. Over 12 years, the average time most people keep a vehicle, you'll save $13,656.96 in gas and $1,131 in maintenance, for a total saving of $14,787.96.
In the U.S., a brand new Toyota Prius costs around $30,000 for a base model, while a brand new Ford F-Series truck starts at $38,610. You can spend a lot more if you want a stronger engine or a fancy stereo, but for this comparison, we'll stick with the base models.
Let's break down the total cost of owning a Prius over 12 years and the cost of owning a Ford F-Series over the same time:
Total cost of ownership over 12 years (sticker price + gas + maintenance):
- Toyota Prius: $30,000 + $10,249.92 + $5,522 = $45,771.92
- Ford F-Series: $38,610 + $23,884.32 + $6,653 = $69,147.32
By choosing a Toyota Prius, you could save $23,375.40 over 12 years compared to owning a Ford F-Series, thanks to lower gas and maintenance costs and a lower sticker price. If you're looking for even more ways to lower your car costs, make sure to shop around for cheaper car insurance rates as well.
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