Financial Benefits of Buying a More Fuel Efficient Car

Financial Benefits of Buying a More Fuel Efficient Car

Many people hear the benefits of buying a more fuel efficient vehicle. Some of the cars currently in the marketplace that have the best gas mileage include the 2018 Toyota Yaris iA and 2018 Hyundai Elantra Eco. They may cost a bit more when you go to initially purchase it, but there are some wonderful advantages to gain in the long run. If you are on the fence about whether you need to purchase one of these vehicles, then you need to rethink your position.

First, you need to consider how fuel efficient your current vehicle is and how that compares to greener cars on the market. You can do some basic calculations based on how much gasoline costs in your area and how much you drive any given day. Next, consider the MPG of your current vehicle and the new car you are considering. You may discover you could save upwards of $1,000 annually by upgrading to a new vehicle in gas alone.

Lower Fuel Costs

You can get a lot more out of a green car in both the amount of mileage as well as how large the tank is. A car that gets 20 MPG and has a 10-gallon tank will only take you 200 miles before you need to fill up again. A car with the same size tank but gets 40 MPG will take you 400 miles before needing to refuel. Not only do you save money, but you also save time because you do not constantly have to head over to your local gas station as often.

Buying a More Fuel Efficient Car

Cheaper Insurance

Before you buy a new car, you should first check with your auto insurance provider to see how much it will cost to insure. Different makes and models will be more expensive to insure than others, and that factor can influence the type of car you want to buy. One factor many insurance companies consider is whether it is a fuel efficient vehicle.

The reason for this is due to the fact these green cars are not as high powered as other cars you will find. Therefore, the driver will need to exert more force to accelerate and speed. This ultimately lowers the risk the car is in. At lower speeds, collisions will not be as disastrous. An additional factor companies consider is that eco-friendly cars are not stolen as often as other models. In addition to lowering your gas expenses, you can also lower how much you pay in insurance premiums each month.

Lower Fees and Taxes

When you go to purchase the car, you will need to pay taxes on it. However, some states actually offer tax incentives for eco-friendly vehicles, which means you will not have to pay as much on taxes on it compared to less efficient cars. Additionally, there are the registration fees you need to pay every year. Many states offer discounts on these fees when you have to renew registration for an eco-friendly car. This means you get to enjoy ongoing savings.

Less Maintenance

For the most part, it will be more affordable to maintain your eco-friendly car over the years compared to similar vehicles. The primary reason for this is that green vehicles tend to have less complicated parts. Everything is more standardized. As a result, any maintenance you need over the years will be far simpler and more affordable.

Higher Resale Value

Most people want a new car to last for at least a decade before they buy something else. Before you purchase something new, you may want to sell your old car to either a private buyer or a dealership. Either way, you can expect to get more out of your car if it is eco-friendly. The reason is that more people than ever before have begun to recognize the value of hybrid cars. Therefore, you get more money at the time if you upgrade to a more fuel efficient car now.

There are numerous ways to benefit when you buy a fuel efficient vehicle. In fact, you stand to save a lot of money over the years. When buying any car, you want to consider all the expenses, including those that will not come up for a few years. With a hybrid or electric car, you can be confident your vehicle will remain resilient for quite a while.

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