You currently drive 300 miles per week in a car that gets 15 miles per gallon of gas. you are considering buying a new fuel-efficient car for $12,000 ( after trade-in on your current car) that gets 50 miles per gallon. Insurance premiums for the new and old car are $800 and $600 per year, respectively. you anticipate spending $1200 per year on repairs for the old car and having no repairs on the new car. assume gas costs $3.50 per gallon. over a five-year period, is it less expensive to keep your old car or buy the new car? by how much?

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