Whether you’re considering a hybrid car or one that’s completely electric, an energy-efficient vehicle is a good way to reduce your carbon footprint and cut down on your expenses overall. Here’s what you need to know about saving money with an energy-efficient car, plus other considerations to think about before making any final decisions:
The initial cost
Energy-efficient cars can cost a lot more than other comparable vehicles that aren’t quite as fuel efficient. But if you drive a lot and have a long daily commute, the savings in gas can be substantial over the years. You have to consider how often you drive and how much gas you’re really using. If you’ve decided that an energy-efficient car is worth the investment, look into your other options, such as buying a used car. Even a certified pre-owned vehicle can still offer the same level of protection as a brand new car, and with a small amount of mileage already on it, you can save a lot of money.
Another option to consider is leasing your energy-efficient car, which will usually require less money down and can also mean lower monthly payments. This also gives you the option of trying out an energy-efficient car before taking the plunge and committing to a purchase. However, bear in mind that a lot of leases come with mileage restrictions. If you want to buy an energy-efficient car because you drive a lot every day, you might end up putting too many miles on the car and will have to pay extra for each mile you go over. To avoid this, be sure to find out about the leasing terms ahead of time and make sure to calculate how many miles you drive daily. Be sure to leave yourself plenty of wiggle room as a buffer.
If you want to go fully electric, you aren’t affected by gas increases—but on the other hand, you can’t fully take advantage of low gas prices, which can happen at anytime and stick around for a while. Although it still helps the environment, there are no money-saving benefits of an electric car whenever gas prices do drop. Therefore, you might want to keep this in mind before forking over the cash for this type of vehicle if saving money is your primary reason for an energy-efficient car.
Buying a car is such a big decision, and it’s one that you’ll want to be happy with. Returning a car or reselling it isn’t exactly easy without losing a lot of money; the last thing you’ll want after purchasing your energy-efficient vehicle is to discover you simply don’t like the way it runs or operates. While test-driving the car at the dealership is very important, it may not be enough to make an informed decision. Rent a hybrid or electric vehicle for a few days so that you can really get a feel for it, and know with confidence that you do (or do not) want to buy an eco-friendly car.
Are you in the market for a new car, but need some extra money to make your purchase? If you’re receiving structured settlement payments, Peachtree Financial Solutions may be able to purchase some or all of your future payments and provide you with a lump sum of cash. Contact Peachtree Financial Solutions today to learn more about selling future payments for a lump sum of cash.
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.