MEMPHIS, Tenn. – Gas prices remain high in the Mid-South and this is hitting the portfolio of Mid-Southerners hard. Many people consider switching to an electric or hybrid car to save money. Before making such a big decision, auto experts say FOX13 buyers should research different cars, cost, and then also assess where they are in life right away and consider their needs.
Many drivers told FOX13 that high gas prices are forcing them to pay nearly double what they previously paid to fill up their cars.
“Before prices, maybe $40. Now $80 to fill up my car,” Audrey Phifer told FOX13.
Even Memphis Mayor Jim Strickland says the high prices could impact the city’s budget.
“Police, firefighters, city vehicles use a lot of gas and I don’t know if that’s going to have a negative impact on our budget. I’m sure it will,” Strickland said.
Petrol prices started to climb last year as many people hit the road as pandemic restrictions eased. However, the main reason why prices have reached record highs is the war between Russia and Ukraine which has tightened global oil supply. There is no end in sight for the war and it is unclear how long gas prices will remain high. FOX13 spoke with Matt Degen of Kelley Blue Book, a company that studies the automotive industry and also helps evaluate cars. Degen tells FOX13 to consider some things.
“It all depends on a person’s needs, budget, etc.,” Degen said.
If you’re currently looking for a new car, Degen suggests you choose an electric or hybrid car. If you’re choosing to switch just because of high gas prices, Degen says you need to pause and do some research.
“Is your family going to grow? Will you perhaps have a longer trip? Will gasoline prices go up to $5 or $10 a gallon? said Degen. “Don’t just buy the car for today, look at the road. Look 5 years later, maybe even 10 years later if you want to keep your car that long.
Degen also mentioned that the demand for these cars seems to be increasing, driving up costs. Add supply chain issues to that, and you could be paying more than expected for a new electric or hybrid car.
“It’s been difficult for several months now; it’s probably going to be tough for many months to come and it all comes back to this supply chain crisis,” Degen said.
FOX13 also asked what you thought of the topic on Facebook. Reactions were mixed with one viewer commenting “I have a hybrid now and I love it. I’ve gone 11 days without having to refuel. Another said they always liked the idea but They were expensive. One viewer didn’t like the idea of saying, “Some people can’t afford new vehicles, especially when they have one that’s in perfect working order. They make life impossible for the middle class and create more class divide…” Finally, another viewer commented that he likes the idea of electric cars, but the infrastructure has to be there. comment reads His comment reads: “I think it’s good for the environment, but they should install many charging stations in the city. Can you imagine the backup.
Degen also mentioned to FOX13 that with demand starting to increase, you may have to make some sacrifices.
“You may not get the exact color you want, you may not get the exact features you want.”
On the plus side, Degen says the value of used cars is skyrocketing, so if you trade in a car, you could get a good sum that you can invest in a new car. All you need to do is research and plan ahead. Degen also said to be prepared to set aside between $1,000 and $2,000 for a single charging port if you plan to go the all-electric route and make sure you’ve researched the number of charging stations available. wherever you live.
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