While writing our comprehensive car affordability review for the 2022 Ford Mustang GT FN Automatic, one thing stood out. Fuel costs.
Our prospective buyer Craig planned to use the Mustang as a “weekender”. During his 4 years' ownership, he estimated an average 8,000 kilometres per year.
Thanks to a starting fuel price of $2.22 per litre and an estimated fuel consumption of 23.0 litres per 100 kilometres, Total Fuel Costs were an estimated $18,495.43 over 4 years - the highest ownership cost for the Mustang by a significant margin.
This fuelled us to write a second review. A review focused on fuel costs for the Ford Mustang.
Thanks to CarCalc, we're going to step through several fuel scenarios with you. We'll examine the changes in terms of Total Fuel Costs, Total Cost of Ownership and more.
Let's begin by looking at what will and won't change in terms of our Fuel Settings
Which Fuel Settings will change?
- Fuel Price (per litre)
- Fuel Consumption
- Free Fuel Amount
Which Fuel Settings won't change?
- Fuel Type: 'Premium'
- RON Rating: 98
- Fuel Capacity (litres): 61
- Fuel Tank Balance: 'Half'
- Annual inflation rate: 6.1%
Why we didn't change Estimated Annual Kilometres
Any change to Craig's 8,000 estimated annual kilometres would impact other costs such as servicing and tyres. Our intention is to compare and understand changes to fuel settings alone.
Settings
A small change to the 'Monthly' Budget
We've decided to reduce Craig's original Budget To amount from $2,500 to $2,000. There is no change to the monthly Budget Frequency or the $100 Budget Tolerance.
So, the question is, how many of our fuel scenarios will leave the Mustang affordable based on this budget?
Let's take a look at the impact of each fuel scenario on the Total Cost of Ownership of the Mustang.
Scenario 1
To kick things off, we’re going to set fuel consumption to 12.7 litres per 100 kilometres. The manufacturer's 'combined' fuel consumption figure.
Next is the (starting) fuel price. Set to $2.00 per litre.
Based on these 2 changes alone, the impact is significant.
Settings
Results
Fuel Usage dropped from Craig's original 7,360 litres to 4,059 litres.
Total Fuel Costs followed suit dropping from $18,495.43 to $9,248.36. An incredible difference. Unsurprising though. Fuel Consumption almost halved while the fuel price decreased by more than 10%.
The result is an estimated monthly average Total Cost of Ownership of $1,921.85, which is a $169.83 saving per month on Craig's original estimate.
Scenario 2
For our next scenario, we’ve raised the starting fuel price to $2.629 per litre. A big price increase, but possible. No other changes.
Settings
Results
The calculations reveal estimated Total Fuel Costs increased by $2,885.24 to $12,133.60. Reflecting the significance of a fuel price increase from the previous example.
The impact on the Total Cost of Ownership was also noticeable. Estimated TCO increased by $60.11 per month to $1,981.96.
Scenario 3
To make things more interesting, we decided to consider the impact of a $1,500 Free Fuel Offer on the affordability of the Mustang.
It’s easy to understand the impact on Total Fuel Costs. A $1,500 saving. But how would it affect monthly Total Cost of Ownership and affordability?
Settings
Results
With no other changes from the previous scenario, $1,500 free fuel reduced Total Fuel Costs by? You guessed it. $1,500.
The impact on the estimated Total Cost of Ownership was a $31.25 monthly saving taking TCO down to $1,950.71 per month.
The $1,500 Free Fuel Offer enabled:
- 209 Free Fuel Days;
- 4,567 Free Fuel Kilometres; and
- 9.8 Free Fuel refills
A great result.
Scenario 4
Depending on the way you drive, our next scenario could be more realistic.
For this scenario, we selected the Mustang's 'Urban' fuel consumption rating of 19.3 litres per 100 kilometres.
Countering this somewhat is a reduced starting fuel price of $2.00 per litre. Admittedly, this is pretty unrealistic today, especially for 98 Octane fuel.
Finally, we reset the Free Fuel Offer to $0.
Settings
Results
The results were Total Fuel Costs of $13,927.25 and an estimated average monthly Total Cost of Ownership of $2,019.33.
Comparing to Scenario 1 is interesting. The only difference is the fuel consumption increase from 12.7 to 19.3 litres per 100 kilometres.
Total Fuel Costs increased by $4,678.89. A pretty significant jump.
Estimated average monthly Total Cost of Ownership also increased, by $97.48 to $2,019.33 per month. This clearly highlights the difference between urban and highway driving on fuel costs.
Scenario 5
This next scenario meant a single change to our Fuel Settings. Raising the starting fuel price from $2.00 to $2.629 per litre.
The result wasn’t so small though.
Settings
Results
Total Fuel Costs increased by a sizeable $4,346.23 over 4 years to $18,273.48.
The increase in fuel price also led Total Cost of Ownership to increase by $90.54 to $2,109.87.
For a prospective buyer with a TCO budget of $2,000 per month, the Mustang just became unaffordable.
Scenario 6
Our next scenario builds on the previous example, adding a $1,500 Free Fuel Offer.
Settings
Results
The Free Fuel Offer reduced Total Fuel Costs by $1,500 to $16,773.48 over 4 years.
Total Cost of Ownership savings were $31.25 per month leaving TCO at $2,078.62 per month.
The $1,500 Free Fuel Offer provided the Mustang with:
- 137 Free Fuel Days;
- 2,989 Free Fuel Kilometres; and
- 9.75 Free Fuel refills
Very good savings.
Scenario 0 - Craig’s original settings
It’s time to return to Craig’s selections from our Mustang Car Affordability Review.
Craig decided on a custom fuel consumption figure of 23.0 litres per 100 kilometres. Quite wisely, there was no point choosing a low fuel consumption figure. To be useful, his budget settings need to be accurate. This wouldn't represent how he intends to drive the Mustang and would distort any affordability analysis.
This decision had a major impact on his estimated Total Fuel Costs and Total Cost of Ownership.
Settings - Craig - full articleSettings
Results
Estimated Total Fuel Costs came in at an eye watering $18,495.43 over his 4 year ownership. This based on 8,000 estimated annual kilometres.
Despite an estimated average Total Cost of Ownership of $2,114.50 per month, the Mustang remained comfortably within Craig’s $2,500 monthly budget, but over our adjusted $2,000 monthly TCO budget.
Scenario 7
For our final scenario, let's take a look at what difference a $1,500 Free Fuel Offer would make? Assuming nothing else changes from our last calculation scenario.
The answer is interesting. As are the savings.
Settings
Results
Total Fuel Costs savings are $1,500. No surprises.
The estimated average monthly Total Cost of Ownership drops from $2,114.50 to $2,083.25. A $31.25 monthly saving. This puts the Mustang over the $2,000 budget but within the extended budget of $2,100.
The non-financial measurements are interesting. The $1,500 Free Fuel Offer translates to:
- 128 Free Fuel Days;
- 2,791 Free Fuel Kilometres; and
- 10.05 Free Fuel refills
While these figures are positive, it's easy to notice the higher fuel consumption makes a difference. The benefits from the Free Fuel Offer cover a shorter time and distance.
Although there is a saving to be had, depending on your budget, the impact of affordability is positive but arguably marginal.
CarCalc
Want to know how much it costs to own and run a 2022 Ford Mustang GT FN? Thanks to CarCalc, we can tell you.
CarCalc have developed the world's most comprehensive Total Cost of Ownership (TCO) calculation engine for cars. Every calculation referenced in this article was generated using Carcalc.
CarCalc helps you to:
1. Understand all your options and make an informed decision on which car to buy. Take control.
2. Know what car(s) you can afford before you buy. Be prepared.
3. Make the right decision regardless of your circumstances. Save time. Save money.
CarCalc allows you to assess the affordability of any car, based on how you use it. It includes all available finance options and ownership costs, for EVs, hybrids and internal combustion engine vehicles.
If you'd like to know the best option for your next car purchase, join our upcoming private launch and try CarCalc before you buy your next car.
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