Under NHTSA's new CAFE standards, total fuel costs are expected to fall, but new-car prices are expected to rise.
With better MPG comes less money spent on gas—about $1387 less over the lifetime of a vehicle bought new in the 2029 model year. However, the agency also acknowledged that requiring automakers to make vehicles more fuel-efficient will mean the cost of new vehicles will go up—by about $1087 on average,The new CAFE standards take effect in 2024 and will require automakers to increase fuel efficiency by 8 percent annually for the 2024 and 2025 model years.
NHTSA's press release claims that updating the requirements for 2024 through 2026 models will decrease fuel consumption by over 200 billion gallons through 2050 versus if the old standards stayed in place, as well as cut greenhouse-gas emissions and dependence on foreign oil.Eric Stafford’s automobile addiction began before he could walk, and it has fueled his passion to write news, reviews, and more forsince 2016.
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