Why Your Next Car Should Be Electric - OpenRoad Lending

Why Your Next Car Should Be Electric

With a new year comes a list full of new resolutions – and perhaps one resolution at the top of your list is buying a new vehicle. But you don’t have to buy just any old gasoline-powered vehicle. Electric vehicles are gaining popularity among commuters in search of a more practical, economical and eco-friendly way of getting around. Besides, if being greener, more efficient, and more careful with your money are also top resolutions for 2014, going electric is a great way of ticking all three off your New Year’s list.

Electric Cars Rule the Sales Roost

If you’re in the market for a new car, you might be surprised to find out that an electric car is a good fit for your household. According to a recent survey done by the Union of Concerned Scientists (UCS), 42 percent of respondents were ready and able to add an electric or plug-in hybrid to their family fleet. What’s more, half of those respondents could benefit from an all-electric vehicle.

It’s no wonder why sales of battery electric (BEV) and plug-in vehicles have nearly doubled between 2012 and 2013. The Electric Drive Transportation Association’s figures note that sales of plug-in hybrids and BEVs grew from 52,835 in 2012 to 96,702 in 2013.

Reasons Why an Electric Car Makes Sense

Here are a few reasons why an electric car makes more sense than a gasoline equivalent:

It’s a lot easier to find a place to recharge your electric than it is to, for instance, find a hydrogen station or even one for more common alternative fuels such as natural gas. Even if you can’t find or don’t have access to a quick charging station, you can always use a standard electrical outlet to get more go-juice.

Electric vehicles with extended-range capability have even more leeway when it comes to range. According to metropolitan dealerships like Phoenix Chevrolet, the Chevy Volt is the first battery electric vehicle with such capabilities, which allow it to travel more than 300 miles on its gas-powered engine/generator when the Volt’s 16 kilowatt-hour lithium-ion battery gets low. That kind of power is surely essential in heavily populated areas.

The leases and financing options for a pure electric or plug-in vehicle are also very attractive. Take the Chevy Volt, for instance. Green Car Reports also notes that the Volt has been the leader in plug-in vehicle sales throughout 2013, with 23,094 examples sold in the past year. Chevy currently offers leases of the Volt at $269 per month as of January 2014, although your local dealer may be able to offer larger savings. Also, you’ll be able to benefit from federal tax credits for plug-in hybrids. According to Fueleconomy.gov, tax credits of up to $7,500 are available on certain plug-in hybrid purchases, including the Volt.

It’s also less expensive to charge and use an electric vehicle. Based on an average cost of 11 cents per kilowatt-hour, an electric vehicle that uses 34 kilowatt-hours to travel 100 miles only costs 4 cents per mile to operate, according to estimates provided courtesy of the U.S. Department of Energy. The EPA also claims that giving your vehicle a full charge costs about as much as operating an average central air conditioning unit for roughly six hours.

Don’t forget, it’s also cleaner than your average gasoline-powered vehicle. In all-electric mode, the Volt produces zero tailpipe emissions. Even when the supplemental gasoline internal combustion engine (ICE) kicks in to recharge the vehicle at 84 grams of carbon dioxide (CO2) per mile (according to EPA estimates), it produces fewer emissions than the most efficient gas vehicle.

Need Financing for a New Ride?

Wait! Before you go to the dealership to take advantage of these year-end clearance events, be sure to lock in your financing beforehand. Getting auto financing, regardless of your credit history is a breeze at OpenRoad Lending. You can apply and get a loan decision back in just a few minutes. From there, download your low rate car loan package and you are on your way to buying the car or truck of your dreams. Not in the market now for a new or used car? Consider refinancing an existing auto loan. On average, consumers are saving over $100 per month on their car loan payments. It’s just a few clicks away… you will be glad you did.

Interested in learning more about the cars above? Go to www.OpenRoadLending.com to see what other people in your area paid for the car you want so you know if you’re getting a good deal. To make it easier for you, incentives are already built in.

 

Skip to content