Priceline Gasoline....worth the effort?
Written: Sep 26 '00 (Updated Oct 06 '00)
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Priceline Gasoline is a offshoot of the Priceline WebHouse grocery concept, and if you are reasonably flexible, their concept WILL save you money.
The concept?
You must be willing to pay for your gasoline in advance.
You must be willing to use a credit card online.
You must be willing to keep track of the gallons you've purchased.
You must be willing to drive slightly out of your way to use a station they choose for you.
You must be willing to accept their terms and conditions.
The result?
12 to 18 cents savings per gallon for up to 100 gallons in a 30 day period. Said another way - about $15.00 per month in savings for a commodity that you use all the time. And yes - it is branded gasoline from big name retailers. In the three times I've used it, I've received discounts from Exxon, Mobil, and BP.
Priceline has applied their concept of "bidding" for goods and services to the gasoline marketplace, and if you follow their system guidelines, you'll no doubt save money. Perhaps upwards of $200 over the course of a year. $200 that you can save, or spend on something other than refined oil that seems to be skyrocketing in price daily.
Yes - I decided to play oil speculator for just that reason. There was a recent article in The Wall Street Journal predicting that this winter might see the highest spikes in gasoline prices since the Jimmy Carter years, and having endured those times, I decided to try some "lock in the price" insurance. And although the price lock was the main reason, I also wanted to see how "low they would go".
The system is fairly simple to comprehend, if you take the time to read the qualifying statements at their home page (www.priceline.com). You visit the site, sign up as a member (for free), and then give them your zip code. Up pops a listing of several gasoline stations within that zip code. You choose three, then pick which grade (regular, mid-grade, or premium) you'd like to bid on. Then you pick the number of gallons you'd like to purchase - in ten gallon increments up to 50. Finally, you choose one of their five levels of bidding - from "high chance you'll get your price" to "low chance" - and submit your bid. Separately, you can avoid their five pre-chosen levels and pick a price per gallon that you specify.
The five levels range from 4 cents per gallon off the average price at that moment in your area, to a high of 18 cents per gallon off. I've bid four times - twice at the "fair chance" level (about 12 cents per gallon off), and twice at the "low chance" level (14 to 18 cents off). Three out of the four tries have been successful, with one try at the "low chance" being rejected.
If you are successful, and you already have a Priceline Gasoline Card, you simply print out the confirming screen with your "user code", and you take the card to the designated station to get your gas. If you don't have a card, you simply state that and they'll send you a free one within ten days. It looks just like a credit card, and you can use the same card at different stations if you end up bidding multiple times during a month. You simply insert the card in the credit card reader at the pump and then punch in your six digit code to verify the transaction.
What's the time frame? You have up to 90 days to purchase the gasoline from the date of your successful bid, and they "price protect" you if the price falls below your bid price. Thus you'll never pay more than the price posted on the pump. And if your bid is unsuccessful, you can try again 24 hours after your last bid.
Two caveats.
You'll need to keep the confirming paperwork in your car, and you'll need to keep a record of how many gallons you purchase each time. That gets a bit burdensome, since unless you buy precisely ten gallons each visit, you'll need to get a running total of how much of the fifty gallons you still have left. And yes - they send you an email notification as your declining balance goes down - but that is scant help if you're not diligent about printing out those emails and carrying them with you.
And you'll also have to continuously go back to that same predetermined station until your gallons purchased balance is at zero. And if you overpump by more than five gallons, your credit card will be charged the full price on the pump for each excess gallon, plus a $1.50 processing fee. And yes - that does give one pause. Is all this record keeping really worth it?
If gasoline prices weren't in such a state of flux - my answer would be a resounding NO. As much as one likes to save money, the hassle probably outweighs the overall savings.
But if gas prices do really spiral rapidly upward, as is foretold, then "locking in" relatively cheap gas might end up saving the user $20 or $30 per month. And then the hassle/savings ratio seems much better in balance.
As in all things that are Priceline related, this one comes down to the same basic Miranda warning.
Read the fine print. Understand the concept thoroughly. Realize that YOU will have to keep track of your purchases. Realize that there are penalties if you fail to follow the "rules".
And then do the basic math. Is the savings worth the effort? Only YOU will be able to answer that question.
Buyer beware. And if you are - then you WILL save money.
Note: Priceline WebHouse Gasoline and Groceries announced they were closing down their operations as of October 5, 2000. Thus, the name your own price for gasoline service is NO LONGER AVAILABLE.
Recommended:
No
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Epinions.com ID:
Bonies7
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Member: Jeff Clow
Location: The Lone Star State
Reviews written: 132
Trusted by: 1018 members
About Me:
Father, Husband, Consultant, Photographer, Writer, Conservative, Inquisitive, Texan
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