According to the Environmental Protection Agency, it will cost automakers an average of $948 per car to meet the 34.1 mile per gallon Corporate Average Fuel Economy standards that will be adopted in the United States in 2016. The current standard sits at 27.5 mpg. The EPA estimates that the average owner will save some $4,000 in fuel costs over the life of the vehicle, resulting in a net savings of over $3,000 per owner.
News of new CAFE regulations that would push mileage requirements up significantly came just days ago. The numbers are set and automakers will have to aim high, sort of, to hit the target of 35 miles per gallon by 2016. Several reports have stated that meeting these goals will add an average of $985 to the price of a new car by 2016. Estimates have also come in showing that automakers will spend a staggering $51.5 billion over the next five years to meet the new requirements. So, what's the real