I’m sure you’ve all seen the commercials from Chrysler, Jeep, and Dodge that give you a gas credit card that guarantees that you will pay no more than $2.99 for a gallon of gas for three years. These guys are SELLING something, and in so doing, they’re NOT doing you any favors…
These guys know the market, and they know that gas is going to push $5 this summer, and $2.99 DOES sound pretty good, but lets look under the hood of this deal a little bit.
1. This deal is SO special, that you can’t get any other offers with it. You have to give up any other rebates, savings, or incentives to qualify. So essentially you’re foregoing your options to haggle. Super.
2. AutoGreen blog says it’ll probably save you about $1,200 over those 3 years if gas prices rise like they’re doing now. Not as much as you’d maybe have hoped for.
“Dan pointed out in a comment on the original post, buyers need to give up any other incentives currently available in order to get the gas card, and some of those deals are much bigger than $1,200 (the gas plan is in effect for three years). Automotive News is reporting that the Union of Concerned Scientists has got their own phrase for the plan: a “cynical deal.”
Here’s the kicker, the Union’s statement continues:But a mere 3-mpg boost would yield the same savings over the 15,000 miles per year typically driven in the first three years of ownership. Over the lifetime of a vehicle, such a fuel economy increase would save drivers more than $3,000. It wouldn’t stop saving drivers money after just three years.”
3. Hope you don’t buy a car that needs Premium gasoline because the deal is only good for regular unleaded gasoline, diesel, or E85.
4. Do you drive a lot? Most cars go for about 15k per year, but if you’re one of those people, you’re out of luck, the incentive only pays for the first 12k.
5. Giving up your rebates is a bad idea if you’re buying new anyway. Look at their site, they’re offering 3k right up front. You lose that privilege when you hit option 1; no other options.
6. What IF, I know it’s a big WHAT IF, but it is possible that gas may go down in the time. Who knows, electric cars may be here before we know it. Democrats are making a run and may drop that price.
If gas prices are bothering you AND you’re in the market for a new car, check out a more fuel efficiency instead of the Chrysler’s sweet deal. Look around for something a little more “green” as “a measly 3 MPG gain would save consumers far more money than the $2.99 deal, while also decreasing demand for oil and emissions of CO2.”