With values of used SUVs hitting rock bottom, there's a point when it pays to just keep a gas guzzler.
I got a call from a friend the other day. She is sick of spending money on fuel and wants to sell her gas-guzzling four-wheel drive for something more economical. Of course, she still needs something that will plug through northern Michigan winters plus haul her dogs and horse gear. I replied and told her she had three options
-Sell her present vehicle for a hefty loss, sacrifice her needs, and buy a Prius or similar.
-Sell her present vehicle for a hefty loss and get something that gets better mileage but still gives her the winter traction and space she needs. A hybrid or diesel SUV could work.
-Keep her present vehicle and use the money she saved not buying a new car on fuel.
Not surprising, she went with option three as she likes her present vehicle.
This isn't to say that everyone should keep driving thirsty SUVs. I just think that there are a good number of people who are taking a big hit trading in their gas-guzzlers for more efficient vehicles when they could be better off just paying more for fuel.
Now, when your lease is up or it is truly time for a new car or truck, that may be the time to think about your needs, your wants, and fuel economy.