Fluctuating gasoline prices provide a great opportunity to save money on a regular basis.
While nobody really understands exactly how prices at the pump are managed, we have all seen prices fluctuate between stations and even by day of week.
Depending on the market you live in, these variations are significant%-10%- 20%. Does your Bank account generate those kinds of returns?
While a few cents difference may seem insignificant at a time when you really need gas, being conscious of discounted prices and "buying on the dips" is an ideal way to put more money in your pocket.
Without changing your driving habits or buying a new vehicle here is how it adds up:
Hi today : Cleveland OH $2.29/gallon Toronto Ont $0.861/L
Lo today: Cleveland OH $1.85/gallon Toronto Ont $0.749/L
Savings: $0.44/gallon $0.112
Savings ROI 19.2% 13%
For the real impact of these savings, factor in your income tax rate and multiply it by the saving.
eg: income tax rate of 32% results in a savings of $0.112/lx1.32=$0. 1256/L x55L/week(one tank of gas for a VW Beetle)= $6.96 per week savings or $359.22 per year.
Depending on your vehicle and how much you drive, this savings can be substantially more.
There are a number of sites like www.gasbuddy.com where you can find the best gas prices in your area