I haven't done any specific testing, but I am very suspicious that gearing changes will have a relatively small effect on freeway MPG numbers. I bet it is less than 10% loss when changing from 2.24 to either 2.65 or 2.82... meaning, less than 2mpg difference. Translating that into dollars, if you drive 10kmi per year and lose 10% economy at $4/gal fuel and 20mpg average... it will cost you ~$200 per YEAR to have the snappier acceleration. Is it worth it? You need to decide. Two Franklins is what, less than one pesky red light camera ticket?
If anyone has some good data to share on before/after MPG numbers on a W124 gearing swap (not W126, not M117)... I'd love to see the numbers.
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Note: the following statements are based on my unscientific, non-correlated, back of the pants, butt-dyno experience, so your results may vary.
I think that GSXR is generally correct about the real life impact of changing the rear axle ratios (though I would observe that many of us probably have made decisions based on an expected "return" of less than 10%.) So like so many things in life, this decision is based on our personal perceptions of value. So here's another data point for you to consider. For the last year I've been running a FGS valve body coupled with a 2.24 rear axle. I did that primarily because I thought it would fit my personal driving "habits" better than the stock setup. I don't go to the drag strip (formal or informal), so I don't care if my 1/4 mile time drops from 13 to 14 sec. In my real world, the loss of off the line acceleration is immaterial. I do like to drive as fast as I can reasonably get away with on the highway, so effortless "high" (subjective) speed cruising, coupled with good 70-90 acceleration was what I was after. After making the switch, my revs did drop about 600 or so rpm at 75 mph as compared to the stock setup, so the engine is pulling about 2600-2700 rpm at that speed (again measured unscientifically). Car continues to accelerate well in my desired range, and theoretically, my top end is slightly higher.
From a data perspective, on my last trip home from Atlanta, my mpg (averaging 75 mph or so on the highway the entire trip) was in the 22 mpg range. On one segment, I measured 24 mpg, but I think that was a fluke. Prior to the switch, I don't recall ever exceeding 19 mpg under any circumstances. As others have said, for most people, its not enough of a difference to warrant the effort and expense of a rear axle switch. However, given how I want to setup my car, I do not regret making this change.
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