Starbucks coffee isn't yet as expensive as gasoline.  (In fact, at $1.65 for a 12-ounce cup of Joe, the coffee comes to about $17.60 per gallon). But more of us are cutting one to afford the other.

The AP reports, " The 'latte effect' of the go-go years had consumers spending $4 a day on coffee. Now," an economic downturn combined with record gas prices, "is forcing them to rethink the wisdom of such habits."  

In results released late last week, Kelley Blue Book's monthly survey of consumers shopping for a new car found that "28 percent of new-car shoppers have stopped going to Starbucks or other coffee houses entirely, and 21 percent indicate they are going less often due to skyrocketing gas prices."  Car buyers had also cut spending on DVDs and CDs, stopped attending sporting events and begun to eat out less often.  The changes may not be short-term.  "An overwhelming majority of new-car shoppers say they believe high gas prices are here to stay."

Wired comments, "Kelley Blue Book's findings mirror those of two recent ABC News surveys that found 77 percent of people think the economy's getting worse and a record number of Americans say soaring fuel prices are causing them serious economic hardship.  A look at KBB's survey shows small luxuries are the first to go."

Starbucks is among the first companies to report a major hit from the shift in consumer mindset.  The AP reports, " Last month, Starbucks Corp. blamed rising food and gas prices when it reported a 28 percent drop in second-quarter earnings, and said sales at U.S. stores open at least a year had dropped -- indicating some may finally be summoning their inner Scrooges."

And how much of a difference can it make?  Cutting out one of those $1.65 tall coffees per workday could save you about $400 a year.  Or 97 gallons of gas at today's prices.

WalletPop sees a silver lining in the loss of lattes.  "Sure, stopping at Starbucks each morning or afternoon for your high-calorie coffee fix is fun. But how much will it really impact your life if you cut it out of your budget or did something like stopping at Starbucks only once a week? Coffee of any kind is not really that good for us, and spending $3 to $5 a day on it is a complete waste of money. Especially when you can make your own coffee for a fraction of the cost."

Looking for other ways to save?  A few simple steps could save you more than $1,500 this year on gas. Learn more with U.S. News' car rankings and reviews.