older drivers can improve their fuel economy With These Tips
Road trips are part of the American fabric, and this summer there is no shortage of events that are great reasons to hit the road. With the U.S. 250th anniversary and the FIFA World Cup this year, Americans might be even more inclined to pack up their car for their vacation. In fact, a recent Hertz survey found that 64% of Americans plan to hit the road this summer, in what the company deems “a road trip renaissance.”
At the same time, gas prices have skyrocketed since the War in Iran, putting pressure on global oil supply, and some analysts expect them to continue to rise. Patrick De Haan, head of petroleum analysis at GasBuddy, said in an X post that this could be the “most expensive summer at the pump, in years amid Strait closure… possibly touching $5/gal, setting new record average of $4.80 per gallon, exceeding 2022’s summer average of $4.43 if the Strait remains closed.”
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For older drivers living on a fixed income or trying to save money before retirement, the sticker shock at the pump is just the latest impediment to saving. It comes on the heels of rising medical premiums, high interest rates, and stubborn inflation, straining many people’s nest eggs. And for some, this is compounded by aging cars and the slew of issues they can entail.
Fortunately, experts say there are steps seniors can take to alleviate these financial strains.
The hidden costs older drivers overlook before summer road trips
Mike Smith, regional vice president at Full Speed Automotive, a franchisor and operator of quick oil change and service centers, said that while drivers consider gas prices before a road trip, they often overlook vehicle efficiency.
“One of the easiest money-saving steps,” Smith said, “is checking tire pressure. Even slightly underinflated tires can hurt fuel economy. The NHTSA estimates up to 11 cents a gallon can be saved when tires are properly inflated,” Smith said.
He also recommends checking fluids, replacing worn wiper blades, testing the battery, and ensuring the brakes and tires are road-trip-ready.
“When an air filter is dirty or clogged, it starves your engine of oxygen, which will decrease horsepower. You then end up pressing the gas further to maintain speed, which causes you to burn more fuel in shorter distances,” he said, adding that overall, it’s about avoiding preventable headaches.
“Nobody wants to lose vacation hours sitting on the side of the highway or scrambling for a hotel because the car overheated,” Smith added.
“A $200 pre-trip inspection is the single best money a road-tripping retiree can spend. The alternative is a $1,500 emergency repair 500 miles from home, in a town where you have zero leverage on price.”
Steven Lazaroff, founder of comparemechanic.com, which helps car owners track expenses and connect with auto repair shops
What’s the financial case for maintaining an older vehicle longer instead of replacing it in today’s market?
The average car price in April was $49,461, up 1.8% from one year earlier, according to Kelley Blue Book.
So it’s not surprising that many Americans nearing retirement are holding onto cars longer. Bankrate financial analyst Stephen Kates, CFP, said that an older vehicle, especially a well-maintained one that is paid off, can last for years, and trading in an older vehicle for a newer model means trading manageable maintenance costs for a substantial monthly debt payment or an upfront cash payment.
“The average new vehicle costs close to $50,000, and the average monthly payment on an auto loan is over $700 for a new vehicle and over $500 for a used one. When you add the higher cost of insurance, the additional expense of a newer vehicle can run into the tens of thousands over just the first few years,” Kates said.
Kates said that Americans nearing retirement are looking for ways to minimize their fixed costs as they transition from work to retirement, so eliminating or avoiding an auto payment frees up more cash flow for additional savings or paying down other debt, such as a mortgage.
“The easiest way to avoid a major repair is to stay on top of minor ones before they create larger problems,” he said.
Smith echoed the sentiment, saying that many people assume that if their car starts needing maintenance, it automatically means it’s time for a new one, but in today’s market, that’s not always true.
“Once you buy a new car, it’s not just the monthly payment. You’re also looking at higher insurance costs, registration, taxes, financing, and depreciation,” he added.
Why preventative maintenance may matter more, particularly if you’re on a fixed income and prioritizing retirement savings
According to Smith, people approaching retirement are thinking about predictability, and if their car is reliable, they’d often rather keep it than take on another big monthly payment. What surprises people, however, is how small maintenance issues can quietly cost them money over time and lead to larger repair bills later, such as the previously mentioned tire pressure.
“When tires are underinflated and softer, your engine has to work harder to make them rotate, which hurts fuel efficiency and wears tires down faster,” he said. “And right now, with so many people watching gas prices because of tensions in the Middle East, this is one of those small, easy things that can actually make a difference.”
Smith also said that one thing he tells older drivers is not to ignore changes in how their car feels or sounds. If steering feels different, braking changes, mileage drops, or a dashboard light comes on, it’s worth getting checked early.
“Small maintenance decisions tend to be much cheaper than emergency decisions,” he added.
Additional tips for road-trippin’ seniors this summer
Steven Lazaroff, founder of comparemechanic.com, which helps car owners track expenses and connect with auto repair shops, said his number-one piece of advice is to do a pre-trip inspection. For instance, have the mechanic check the battery age.
“A five+ year-old battery is a road-trip risk; a $200 replacement at home beats a $300 tow in rural country,” Lazaroff said.
Old cooling systems in the summer can also lead to overheating, while mountain descents and long highway stops can put a real load on aging brake pads, he said. And of course, there’s the spare tire people forget to check, which is often flat or missing the jack, he added.
“A $200 pre-trip inspection is the single best money a road-tripping retiree can spend. The alternative is a $1,500 emergency repair 500 miles from home, in a town where you have zero leverage on price,” Lazaroff added.
Finally, Bankrate’s Kates said that in addition to giving your vehicle a once-over before a long trip, packing emergency items like jumper cables, a tire pump, or a flashlight can help avoid a tow and save you hundreds of dollars.
