Thursday, August 28, 2008

Living Life Richly on the Cheap #10

#10 Drive the Speed limit.

55mph v 65mph debate
With the high price of gas much has been said about getting better fuel economy. Many people advocate driving 55 instead of 65. On my recent trip to Michigan we drove about 93 miles where the speed limit was 65. If I had slowed to 55 it would have taken 16 more minutes and would have saved me about $1.25 in gas. In other words if I would have driven 55mph I value my time at about than $4.50 per hour. Had the speed limit been 75 I would have saved 27 minutes at a cost of $2.50 or $5.65 an hour. Unless you have time to waist I recommend driving the speed limit. Your time is worth more than you would pay for the extra gas.
Don't drive (Much) Over the speed limit
Most people drive just over the speed limit, and thus if you drive at the speed limit you will have less people to pass and a less stressful drive. If the police catch you speeding you have to pay for the ticket and pay higher car insurance rate.

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