When is the best time to buy gas? For the vast majority of drivers, the answer is simply whenever the tank is running low on fuel.
However, given the fact that high gas prices are now the norm, it may be worthwhile to fill up strategically on days when fuel costs are the least expensive. It turns out that Monday is the best day of the week to buy gasoline, according to a new study conducted by GasBuddy, a gas price comparison app.
In terms of average gas prices across the country in 2021, Monday was the cheapest day of the week. At the start of the workweek, gas prices were the lowest they had been in several years, according to AAA.
Unexpectedly, Friday, which has traditionally been one of the more expensive days for gas prices because it marks the beginning of the weekend, was the second least expensive day to fill up with gas in 2021, according to AAA.
In a news release that accompanied the data, Patrick De Haan, head of petroleum analysis at GasBuddy, stated that “even though there is variation in daily gas prices across different states, the consensus is that filling up at the beginning or end of the workweek, on Monday or Friday,” is the most cost-effective way to save money on gas.
What is the cheapest day for gas prices and how much money will you actually save?
The amount of money you can realistically save on gas by filling up on a particular day versus another will vary greatly. This depends on a variety of factors, including not only the difference in gas prices but also the type of vehicle you drive (and its gas mileage), as well as how much driving you do over a typical month or year.
Read More: A Potential Tax Credit of up to $8,000 for One Child Can Be Claimed as Child Care Expenses
It’s also important to note that whether or not you save any money depends on the assumption that the day you fill up will have lower gas prices — which is impossible to predict in any given week.
According to GasBuddy, drivers can save an average of $50 to $100 per year by filling up their gas tanks on the cheapest days of the week. Gas costs approximately $3.35 per gallon, with four monthly fill-ups of 12 gallons each, and gas is 7 cents to 12 cents per gallon more expensive on other days of the week, according to this scenario.
The gist of it is that if you fill up strategically (or just happen to get lucky) by visiting the gas station on the cheapest day of the week, you can save anywhere from 2 percent to 4 percent on gas.
After all, is said and done, it can’t hurt to try to fill up on gas when the prices are the lowest. You shouldn’t feel bad about simply filling up whenever you need to, especially given all of the uncertainties and the fact that the maximum savings aren’t particularly significant.
The use of other tried-and-true strategies to save money on gas, such as those recommended by AAA, is perhaps just as important as or even more so.
Among these are adopting good driving habits (e.g., refraining from idling and making sudden stops and starts, using cruise control, and adhering to the posted speed limit) and purchasing a car with good fuel economy in the first place.
You may also want to consider using a credit card that offers generous rewards for gas station purchases. For example, some credit cards will reward you with 3 percent or even 5 percent cash back every time you fill up your tank with gasoline.
