Does an Electric Car Spark Your Interest?

Facebooktwittermail
Electric car auto loan
Yes, we do loans for electric cars, too!

It’s official. An electric vehicle was recently recognized as the best car ever by Consumer Reports. EVER. This particular model (Tesla S model) combines outstanding handling, braking, speed and superior energy efficiency. In 2013, Tesla was also recognized as the best vehicle rating at the time. Long story short: Tesla seems to be on to something. As you’re looking at new cars in Madison as yourself if today’s electric vehicle (also known as an EV) is right for you. Let’s take a closer look.

 Today’s EVs are divided into three categories:

  • BEV: All-electric battery-operated vehicle which must be plugged in and recharged.
  • PHEV: Plug-in hybrid which primarily relies on battery but has the option of driving on gas if needed.
  • HEV: Hybrid electric vehicle does not plug-in. Instead, uses regenerative braking and the internal combustion engine to recharge.

Driving Range:

The majority of BEVs have a driving range of 75-100 miles which easily covers most peoples’ daily commute. Longer trips require careful planning to allow for overnight charging. Potential consumers are understandably concerned they’ll be stranded somewhere, unable to recharge. Models with higher ranges are available but at a significant price hike.

Charging Stations:

If you’re considering a BEV or PHEV, an in-home charging unit will be an upfront investment and will typically run overnight during off-peak consumption hours. MG&E has some great info on their site about costs and plans. For those times when you’re away from home, check out how many charging stations are in your immediate community.

Pricing:

As technology improves consumers will only benefit from better pricing. Today, more than 20 EVs can be found with prices starting at $26,000. Add in automaker, federal and some state incentives with reduced maintenance/operating costs, and an EV can be quite a deal. And of course when you look around for the best auto loan rates in Madison, Dane County Credit Union has you covered!

Motivated Competition:

Today’s automakers recognize the continued demand for EV and improved performance, driving range and price. Automakers such as Tesla, Toyota, and Nissan, among others, are highly motivated to capitalize on consumer demand and are after your purchase. Looking ahead to 2018, nine states will require higher sales of zero emission vehicles. Not to mention the new federal laws on reducing fuel consumption while reducing greenhouse gases.

Final Word:

Fuel prices will always continue to fluctuate or increase and EV options will expand rapidly as the technology improves over the next few years. So next time you’re looking to purchase a vehicle, think electric!

Facebooktwittermail

Published by

Hillary W.

Hillary is a 2008 graduate of UW-Madison. She is a proud Badger all the way, but her strong love of travelling led her to a graduate program out in Phoenix, AZ, which she absolutely adored. Now, back in Madison, Hillary is once again connected to her Wisconsin roots. In the winter, you can find her on the ski slopes whenever she has time. In summer, she's on the bike path or enjoying a good book along any stretch of lakefront. Also a passionate Mallards fan, look for her at Warner Park whenever a game is in town!