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For decades, vehicles that didn’t need petrol were only found in science fiction films. But green technology has made huge leaps over the past few years, and eco-friendly cars are not only available but surprisingly affordable.
Motorists no longer need to choose between going for a drive and protecting the environment. But with these advancements come greater variety. A smart borrower needs to determine which type of green car they want before applying for an auto loan.
At the moment, there are three primary types of eco-friendly cars: fuel-efficient, electric, and hybrid. We’ll take a look at each.
Perhaps unsurprisingly, fuel-efficient vehicles cost the least and electric cars cost the most. Electric cars tend to cost $50,000 or more, while fuel-efficient cars cost $15,000 and up. But after those initial investments, electric cars will not require the regular trips to the petrol station that you’ll need with even a fuel-efficient car. Hybrid cars fall right in the middle, costing on average $25,000 or more.
While many factors will affect your purchasing decisions, your car loan term and rate are among the most important. Don’t hesitate to reach out to a Mortgage House lending specialist. We’re here to help you get the right car, whether it runs on petrol, electricity, or a little bit of both.