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Posts tagged: Spokane dealers

Average price of gas in Washington hits $3.88, according to AAA

The price of gas continues rising and the busiest driving season is a few months away.

The Associated Press reports the average price of gas in Washington has reached $3.88 per gallon of regular gas.

Prices quoted rely on a AAA auto club survey of stations and dealers across the state. The $3.88 figure is 6 cents more than last week and 24 cents up from a month ago.

And it's 11 cents higher than the national average.

The AP reports these average prices for cities:

  • Spokane $3.78
  • Bellingham $3.98
  • Bremerton $3.90
  • Seattle-Bellevue-Everett $3.89
  • Tacoma $3.88
  • Olympia $3.91
  • Vancouver $3.81
  • Yakima $3.84

How to find the lowest local gas prices

Gas prices in Spokane and Coeur d'Alene show no sign of retreating. The price per gallon of regular jumped three cents in both cities from Monday to Tuesday.

From Tuesday to Wednesday the price jumped another three cents, on average, in Spokane.

That would be from $3.21 to $3.24 per gallon of regular, according to data found on GasBuddy.com.

Not surprising, you're going to find an increasing number of apps and tools to help find the best prices in your location.

We've found five which are either free or cost very little:  GasBuddy's own smartphone app; iGasUp, which uses data from Oil Price Information Service (OPIS); something called GasBook; an app called Poynt (which does more than gas pricing); and an iPhone only app called Local Gas Prices.

Auto and truck leasing are clearly tied to higher gas prices

Today's Spokesman Review story on the rise in gas prices indicates people are concerned enough to cut down on travel trips or use less expensive means of transport.

One follow-up received here came from LeaseTrader.com, a site to help companies finding or leasing vehicles.

Their comment on the impact of higher prices has two points to make: 

—Based off 2008 modeling, LeaseTrader.com believes drivers won't take specific action (reduced gas consumption, exiting lease contracts) until gas reaches $4 per gallon.

—During the summer of 2008, 78 per of all SUV/truck transfers were due to high gas prices (currently just 16 percent of SUV/truck transfers are because of gas prices).
 
The story we ran had comments confirming the first point.
And in a conversation yesterday with sales people with area auto dealers, the consensus was that leasing is up among vehicle customers. And gas prices do play a part.
 
The point, not included in today's article, is that many drivers will lease as a hedge against future gas prices. When taking out a lease instead of a three- or four-year vehicle loan, the leasor stands to come out the deal without holding a vehicle of diminished value.
 
In effect the lease lets the driver use the car or truck for two or three years, or sooner, if the costs of fuel keep rising to the point that a more economical choice is needed.

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The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.

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Alison Boggs (@alisonboggs) Online Producer Alison Boggs posts and manages content on spokesman.com and its social networking accounts.

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Scott Maben Scott Maben is a Deputy City Editor who covers North Idaho news and higher education.

Addy Hatch is the city editor, and formerly was business editor.

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