There are many incredible benefits to owning an energy efficient car.
Among the environmental impact reducing carbon emissions, choosing to purchase one can significantly increase buying power at the pump.
Many energy-conscious options exist from vehicles with superior fuel economy, to hybrid cars that harness electric elements, to full-on electric automobiles. Through the life of the vehicle, significant savings are possible through fuel economy.
Despite the savings over time, energy-efficient cars can carry a higher ticket than standard models. This cost can be off putting to consumers with their budget in mind. Fortunately, this does not have to be an obstacle. There are ways to reduce costs to own and operate a fuel-efficient car.
Tax Benefits
As the country has become more aware of the environment, carbon emissions have become a hot topic. The government took an active role in promoting the reduction of greenhouse gas, in one way through tax relief for the purchase of an energy-efficient car.
In 2019, a tax credit of up to $7500 is available for the purchase of select vehicles to provide relief against some of the costs of ownership. While this will not reduce the cost up front, it can prove to be a pleasant boost during tax season.
Hybrids and electric cars are the focus of the tax benefit. If you elect to prefer more instant savings, the key is to shop smart.
Good buying habits
A fuel-efficient car on the market is just like any other car. Dealerships house all shapes and sizes but the buying process should be a constant. It is just as easy to lose money to a poor selection, overbuying or buying on the wrong terms.
Some simple steps exist to ensure you are prepared to navigate the car buying experience and get it working in your favor.
Keep a favorable credit score before buying.
Be aware of your credit rating to leverage more favorable terms on a car loan. High-interest rates or inflated monthly payments can offset years of fuel savings in the most efficient automobiles.
Come prepared with a sizeable down payment to keep your loan terms reasonable, ensuring the health of your credit with easier monthly dues. Getting prequalified will give you an edge when budgeting for your purchase
Shop Smart.
Car dealerships seek the most bang for their buck on all occasions. It’s up to the consumer to tip the scales in their favor whenever possible.
Decide on a model. Whether electric or hybrid, narrow down your preferences before you price shop. Don’t settle for a vehicle you will regret later. Once decided, price becomes easier to manipulate.
Comparison shop, check out local dealerships to see who carries the best price for your model.
Target car buying holidays such as Memorial Day, or Black Friday. Competition is high during these periods which can lead to drastically reduced prices for your chosen car. You will pay a lower ticket, and when combined with other buying habits will save you money now and later.
Energy-efficient cars are a great decision for the environment, and with the right knowledge can be even better for your wallet. You don’t have to break the bank to enjoy the benefits of energy-conscious living.
