Is a Costco membership worth it just for gas?
View original at finance.yahoo.comIs a Costco membership worth it just for gas? Gas prices keep climbing and, if the war in Iran continues, that's not likely to change anytime soon…
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Crude oil prices remain high, even as they've fluctuated in recent days following the announcement of a 2-week ceasefire between the U.S. and Iran. The price for a barrel of crude dropped below $100 but then rose again, highlighting the volatility of oil markets and fluidity of geopolitical events
60% confidenceIn Nashville, at time of writing, Costco comes in at 20 cents a gallon under the average
60% confidenceGenerally speaking, we see about half of members that will shop at the gas station will also cross-shop at the warehouse
60% confidenceAt the time of our survey, 51% of consumers with a gas-powered vehicle said they've gotten gas in the past week before they needed it because of rising prices
60% confidenceCostco has among the lowest gas prices
60% confidenceOne of the simplest things is just shopping around at other gas stations. We tend to be creatures of habit a lot when it comes to filling our tank, in the same way we are when we shop for groceries, but that doesn't necessarily serve us too well, financially
60% confidenceWhen prices are higher, that will tend to cause members to maybe take the extra mile that it might involve to get to the gas station because of the incremental value they see there
60% confidence62% of Americans with a gas-powered vehicle agree that if gas prices remain high for a month or longer, it'll have a significant impact on their personal finances. That includes 28% who strongly agree
60% confidenceAs of April 9, the national average for a gallon of regular gasoline went up 8 cents since last week to $4.16. The last time the national average reached that price was in early August of 2022
60% confidenceAnyone who has been to a Costco knows that the gas station is one of the most crowded areas, often with long lines that back up into the parking lot and cause snarls. A fair proportion of visitors are there just for gas
60% confidenceOn average, you'll save about 20 cents per gallon by filling up at Costco
60% confidenceUsing apps like GasBuddy, Google Maps, and Waze can save around 10 to 20 cents a gallon
60% confidenceAbout a third of Americans (31%) have made changes to their spending or savings habits because of higher gas prices, while another 35% say they will if prices remain high
60% confidence
Data points we hold from this source
| Costco Wholesale Corporation · gas station count | 580 locations |
| Costco Wholesale Corporation · membership price | 65 USD |
| Costco Wholesale Corporation · gas warehouse crossshop rate | 50 percent |