Individuals who buy diesel are saving more than just a few extra dollars over a three to five year period. In fact, they’re saving thousands.
According to our sister site, Hard Working Trucks, a University of Michigan study titled “Total Cost of Ownership: A Gas Versus Diesel Comparison” states that owners who used diesel vehicles are saving between $2,000 to $6,000 in total ownership costs in a three- to five-year period when compared to similar gasoline vehicles.
The study shows that savings have been as low as $67 in three years to a high of $15,619 in five years.
Highlights from the study include:
Fuel Efficiency: Diesel engines had between eight to 44 percent higher miles per gallon compared to gasoline versions.
Costs: Diesel vehicles had lower fuel costs than comparable gas vehicles, with 11 of the 12 vehicles showing double-digit reductions in fuel costs ranging from 10 to 29 percent.
Depreciation: Eleven of the 12 diesel vehicles maintain value better than similar gas vehicles over a three-year timeframe, with eight vehicles showing double-digit percentage savings ranging from 17 percent up to 46 percent. Also, nine of the 10 diesel vehicles held their value better over the five-year time frame, with five vehicles showing double digit percentage savings ranging from 10 percent up to 39 percent.