If you’ve watched the news at all lately, no doubt you’ve seen that the price of gas is falling across the country. In fact, the average price in the U.S. last week was $2.06 per gallon for unleaded regular, according to the American Automobile Association (AAA).
Michigan currently has the lowest gas prices in the country, at an average $1.77 per gallon.
It is a logical question to ask “Is a vehicle’s MPG still a top decision factor?” After all, one of our big selling points is fuel economy. A vehicle that gets up to 84 MPG will help save a lot of money at the pump.
Regardless, as we see gas prices come down, we are cheering all the way. Anything that’s good for the economy is good for Elio Motors, too. More money in people’s pockets is good any way you look at it. It means potentially more retail spending during the holiday season. It means money that can be spent to reduce credit card debt or student loan debt. Or simply, it means the ability to go out to eat.
All of those things stimulate the economy and put everyone in a more stable position.
And besides, even at $2 per gallon, Elio Motors will still save people a lot of money. A vehicle driven 15,000 miles that gets 28 MPG will require 536 gallons of fuel (OK, 535.714286, but we rounded up!). At $2 per gallon, the vehicle with fuel economy of 28 MPG will require $1,072.00 in a year. The Elio at up to 84 MPG will require approximately 179 gallons (yes, we rounded up again). At $2 per gallon, that’s only $358.00 in a year. So, here’s the final math:
$1,072.00 – $358.00 = $714.00. Not too shabby!
At $2 per gallon, you can go a long way for next to nothing, too. Let’s take our company’s appearance at the Los Angeles Auto Show last week as an example. Checking Priceline.com recently, the lowest fare from Phoenix to Los Angeles was $273.00. Of course that didn’t include a likely $50 baggage fee or even the $20 or so it takes to park at the Phoenix airport.
What would it cost to make the 730-mile round trip in an Elio? At up to 84 MPG, it would take about 8.7 gallons of gas. At $2 per gallon, that’s about $17.40. That’s a lot better than $273.00, right? And, Phoenix to LA in an Elio would be a lot more fun!
Vehicle Loans for New and Used Hit Record Highs
Of course, overall vehicle affordability continues to play favorably for Elio Motors. At a targeted $6,800* base price, the Elio is less than one-fourth the average new vehicle loan. According to Experian Automotive’s Q3 2015 State of the Automotive Finance Market report, during the third quarter of 2015, the average amount financed for a new vehicle was $28,936, up $1,137 from the previous year. Even used vehicles are more than 2.5 times more expensive than an Elio. The average amount financed for a used vehicle was $18,866, up $290 over the same time period.
Without question, the Elio is significantly more affordable than the average new or used vehicle available today. Combined with the fuel savings, no matter what the fuel price, Elio makes financial sense.
So, bring on the low fuel prices. Celebrate them, in fact. Because even at $2 per gallon for gas, it still pays to drive an Elio!