In 2012, the federal government announced strict new corporate average fuel economy (CAFE) standards of 54.5 miles per gallon set for 2022-2025, and a new report finds that will equate to big savings for consumers.
The new analysis published by Consumers Union, the policy arm of Consumer Reports, shows that consumers who buy a 2025 model will save approximately $3,200 per car and $4,800 per truck over the service lifetime due to the new standards.
If gasoline prices rise from the current historic lows, the savings would rise to $5,700 per car and $8,200 per truck.
“By meeting the CAFE standards for 2025, automakers will help save consumers money on operating costs and protect against future gas price shocks,” said Shannon Baker-Branstetter, energy policy counsel for Consumers Union. “Unfortunately, we are seeing some automakers and auto industry trade groups launch an effort to weaken these reasonable and achievable standards.”
In July, the Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) released a study showing automakers were already ahead in meeting the new mpg program.
They noted that “fuel economy technologies are entering the market at rapid rates,” and that the costs of adding fuel saving technologies have not been as high as originally estimated.
Some of those technologies can already be found on new cars and trucks.
They include: high compression engines, turbochargers, continuously variable transmissions, eight- and nine-speed automatic transmissions and stop-start, which shuts the engine off when stopped and then restarts the engine immediately when the accelerator is applied.
“Despite low gas prices, automakers are already beating today’s fuel economy standards and the government’s analysis illustrates that automakers have the ability to meet the 2022-2025 standards,” said Baker-Branstetter. “Our analysis shows that meeting the standards is not only possible, but doing so means more money in consumers’ pockets.”