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Clark Howard: Gas guzzlers

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Updated: 6/25/2013 8:36 am
JACKSONVILLE, Fla. -- I have a riddle for you. I go for a bagel pretty much every morning. It's my splurge and my guilty pleasure. My bagel and drink cost me about $3 and change. 

But it doesn't really cost me $3 and change. It really costs me more like $8. Why? Well AAA estimates that every mile you drive costs $0.61.

So the miles to and fro added to the cost of my $3 bagel is not $3 anymore. So here's part of the puzzle you face when you try to decide if you have a gas guzzler.

Should you dump it to buy a new vehicle that gets better gas mileage? The big cost of owning a vehicle isn't the gasoline. It's the loss in value and the cost of insuring it. 

If you have a loan, it's the cost of that loan and interest every month. If you're trying to decide whether you should dump your gas guzzler or keep it, the choices are not as clear as you might think. 

I have a way for you to figure it out, i have a calculator on how to figure out if you should keep your gas guzzler or dump it.

For more information go to ClarkHoward.com.

Watch Clark Howard weekday mornings on Action News This Morning on FOX30 beginning at 7 a.m.

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