With the average price of gasoline at $4.25 per gallon, fuel economy has never been more important. 

Hat tip to Sonia for finding this fuel economy calculator which will allow students to compare the cost of filling up for different vehicles. 

Here's an example scenario: 

• Input a MPG figure for both Vehicle A and Vehicle B (note that there is also a Select Vehicle option too which students may enjoy more)
• Personalize fuel prices and drive habits and how long you anticipate owning the car

Once you enter all of these variables, you receive this output demonstrating the cost savings from choosing the car with the higher MPG: 

Questions:  

• Will miles per gallon (mpg) be one of the variables you consider when buying a car? Why or why not? 
• What impact do you think driving in city traffic will have on your fuel economy? Test that hypothesis by increasing city driving by 25% from your original scenario. Did cost savings increase or decrease as a result? 
• Have you noticed a jump in gas prices over the past 2 weeks in your area? How much have prices risen? 
• Do you think that price spikes like this for gasoline affect how people make decisions about car purchases?

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

More posts by Tim