BETHESDA, MD ¨C December 29, 2008 ¨C As gas prices continue to drop, motorists should take advantage of their savings at the pump and invest it back into their vehicles. By spending a little now on preventative maintenance, drivers can save a lot in the long run, according to the Car Care Council.
ˇ°With gas prices at a four-year low, now is the perfect time to invest that savings into preventative maintenance and repairs to extend the life of the vehicle,ˇ± said Rich White, executive director of the Car Care Council. ˇ°In the first half of the year, we saw motorists taking better care of their cars to combat record-high fuel prices. Now that there is a drop in gas prices, an investment to keep a vehicle in safe working order makes financial sense, adding years of reliable life and saving the cost of new car payments and higher insurance rates.ˇ±
According to statistics released on December 22 by the Energy Information Administration, the average retail price for gasoline dropped to $1.653 a gallon, the lowest price since February 2004. Gas prices are down more than 55% from the $4.11 mid-July peak.
However, according to White, consumers should not get complacent about the lower oil and gas prices making this the opportune time to invest those short-term gas-pump savings into a long-term vehicle investment.
ˇ°Although prices continue to drop, most analysts are predicting oil and gas prices increases in the spring,ˇ± said White. ˇ°This will be due in part to increased demand as well as OPEC cutting output. That is why now is the time to make sure your vehicle running as efficiently as possible.ˇ± |
