Chrysler's $2.99 Gasoline: How's it Looking Now?

At the height of the gas-price dramatics this summer, Chrysler introduced an incentive that would ease the pain of shelling out $4 a gallon for fuel. Buyers had the option of either securing $2.99-per-gallon fuel for three years (which was later combined with a small cash-back rebate), a rather large cash-back bonus or zero-percent financing. Well, for the past three weeks the national average price for 87 octane gas has been below $2.99 per gallon — it’s now at $2.15 per gallon — and diesel is approaching the sub-$2.99 mark, at a national average of $3.03. Diesel, 87 octane and E85 were included in the offer; E85 is currently $1.75 per gallon.

As long as fuel prices stay low, consumers who chose the fuel offer won’t see any savings. As the offer’s fine print states, “If the Let’s Refuel America card is used to purchase fuel at a price less than $2.99, the lower price will be charged and the gallon usage will be applied against the maximum annual allotment.”

This probably isn’t a bad thing for Chrysler, considering now it’s not losing that extra dough, and it needs all the help it can get right now. Maybe they knew something we didn’t back in May? Regardless, someone who would have saved around $50 per month on a Dodge Avenger when gas was over $4.11 per gallon now has zip in savings. Three years is a long time, though, and gas prices are far from predictable.

Still, here’s the lesson: Always choose the cash back or zero percent financing.