If you look at the news today, headlines all over the world talk about how fuel prices are now at record-high rates. According to Bloomberg, energy prices have been soaring even way before Russia invaded Ukraine, and now that there are bans on Russian oil imports, it’s gonna cost you even more to fill up your tank! In the Philippines, oil price hikes have been implemented, leading to an increase in the prices of food, clothes, and other basic commodities.
I mostly felt the impact of the oil price hikes on the food that I eat. Normally when I want to save up on food, I would just avoid eating out and start to cook at home. But now with the soaring fuel prices, ingredients have also become more expensive! Making my food at home is not saving me much anymore!
I’m fortunate to have a driver and car on call that’s readily available when I need to go out for work (or even just go on my regular food trips). I just send him a message and he’ll be outside my door according to schedule. This is so much more convenient than booking through ride-hailing apps that don’t guarantee if you’ll ever be able to book a car in the first place.
However, with rising fuel prices, I’m starting to think that it may be better for me to buy a new car that’s more fuel-efficient, so that I get to save more money in the long run. Now more than ever, we should be smarter about getting a new car to make sure that the loan rates would not overwhelm your budget.
I’ve found this online calculator called CarPaymentCalculator.net, that conveniently makes it easier for you to see if the car you have in mind fits within your budget. Simply input the car price together with your payment details, then it instantly gives an estimate of your auto loan expenses. It has printable amortization schedules too! I found this useful not just when comparing car prices, but also when comparing auto loan providers!
But then again, getting a new car is not just about getting the one with the cheapest price tag. Since my goal is to save money in the long run, I’ll have to check fuel efficiency too! Just because a car is bought cheap, doesn’t mean I would spend less using it. For this purpose, I’m using already calculating my fuel budget through this online calculator that lets you estimate your annual, monthly, or even daily cost of gasoline.
I’m not sure how much I would feel the impact of getting a more fuel-efficient car. But thinking for the long-term, I think it’s the smartest thing to do – as long as you’re also being smart with your purchase.
How about you, how have the rising oil prices affected your lifestyle?