Gas guzzler may be a keeper

Because of the rising cost of fuel, many people are considering trading in their SUVs and other vehicles that get poor gas mileage. Before you do, here are some things to consider:

• If your vehicle is already paid for, does it make sense to add a monthly payment to your budget? You’ll still have to buy gas for the new vehicle.

• If you still owe on your vehicle, will the monthly payment on another vehicle be more or less than you currently pay? Will the savings in fuel costs make it worthwhile?

• Call your insurance agent about other vehicles you’re considering. Does your insurance cost go up or down?

•If you buy another vehicle, what kind of interest will you get on the loan?

• What will the car’s value be in five years if you want to trade it in?

• What’s the maintenance schedule like on the newer vehicle, and what are the costs?

To determine the mileage your vehicle is actually getting, fill up the tank and note your mileage. After you’ve driven for more than a quarter tank, fill it again and note the mileage. The mileage divided by the number of gallons used is your miles per gallon rate.

Based on your annual driving, do the math on another vehicle and compare it with yours for cost of fuel, insurance, maintenance, license tag and other fees, and cost of a loan.

If you decide to keep your vehicle and ride out the high costs of gas, keep it in top condition. Don’t skimp on oil changes and tune-ups. If it’s still under warranty, keep up with all the recommended maintenance, such as filter changes. Drive the speed limit and turn off the engine when you’re going to be sitting for more than one minute.

For a list of the operating costs of 300 vehicles, see the April 2008 issue of Consumer Reports.