Edmunds.Com: 18% of New Vehicles Cost over $100 to Fill at Pump
The portion of household income spent on gasoline has doubled in the last five years.
Less than one year ago the national average price for regular gasoline was $2.96 per gallon, and many consumers simply wrote off monthly fuels costs as a mere annoyance. Those days are over, according to a study released today by Edmunds.com.
Edmunds.com data shows that with gas prices at $4.06 per gallon there are 60 vehicles in the new-vehicle market that cost consumers more than $100 to fill.
In a separate analysis, Edmunds.com has also calculated that the median household is spending 11.5 percent of its income on gasoline expenses, up from 4.6 percent five years ago.
A look at historical household incomes and fuel prices reveals the degree to which fuel prices are affecting consumers' budgets:
Date | Price of Gas | Median Yearly | Percent of Income | |||
Jul-91 | $1.09 | $30,126 | 4.9% | |||
Jul-95 | $1.14 | $34,076 | 4.6% | |||
Jul-99 | $1.19 | $40,696 | 4.0% | |||
Jul-03 | $1.51 | $43,318 | 4.8% | |||
Jul-07 | $2.96 | $48,201 | 8.4% | |||
Jul-08 | $4.06 | $48,201 | 11.5% |
1 Energy Information Administration data
2 US Census Bureau data. Last reported year is 2006; 2007 and 2008 income figures are assumed the same as 2006
3 Assumes 30,000 miles driven per household per year and 22 miles-per-gallon average fuel economy
As shown by Edmunds.com data below, the number of models on the market that cost over $100 to fill is on the rise.
Price of Gas | Number of Models Costing | Percent of Models | ||
$3.00 | 20 | 6.0% | ||
$4.06 | 60 | 18.0% | ||
$5.00 | 149 | 44.6% | ||
$6.00 | 243 | 72.8% |
1 Assumes models are purchased with largest tank available
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