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As the world focuses on sustainability and automakers offer more alternative-fuel options, you may be thinking about buying an electric or hybrid car. Knowing the benefits can help drive your decision!
There’s no doubt that electric vehicles (EVs) and hybrid models are becoming more popular. They’ve accounted for as much as 21% of new-vehicle sales, according to the U.S. Energy Information Administration (December 2024).
If you’re considering an EV or hybrid, there are some key factors to keep in mind.
5 Benefits of Buying an Electric Car or Hybrid:
Imagine not having to stress as much about fuel costs! With an EV, you’ll never need to buy gas again. You’ll likely see a bump in electricity costs from charging up at home or at a public power station, but it’s often still cheaper than gas. And since a hybrid uses both gas and electricity, you’ll get better fuel efficiency, so you can go longer between fill-ups.
Take our gas mileage savings calculator for a spin to see how much you could cut your fuel costs. Also, by setting up automatic loan payments with a Gate City Bank checking account, you could score a 1% discount!
Electric cars typically have fewer parts that can break down or wear out, so they may not require as much upkeep. (For example, they don’t need oil changes like regular cars.) Hybrids may also come with less maintenance because their engines often don’t have to work as hard.
Electric cars don’t create pollution when they run. This means fewer harmful gases are put into the air, which helps keep the planet clean. And even though hybrids still use gas, they use less of it. Both vehicle options are great if you’re looking to lower your carbon footprint.
Some local and federal programs provide rebates or tax credits for purchasing EVs or hybrids, helping to cut costs. If you meet the requirements, you could save thousands of dollars. (Learn more about potential incentives from your local air district and electric utilities, as well as the Department of Energy.)
Electric cars are quieter when they drive because their engines aren’t as loud as those in regular cars, making for a more peaceful ride. Hybrids can also be quieter than regular cars when driving on electricity at lower speeds. Additionally, these types of vehicles often have cool features, like high-tech dashboards, that make driving feel exciting and modern .
What’s more, the growing network of public EV charging stations in North Dakota and Minnesota makes it easier and more convenient to keep your vehicle powered up and on the road. This is particularly beneficial during colder months, when lower temperatures can affect battery life and vehicle range. (Check out the U.S. Department of Energy’s EV charging station map to find public charging stations near you.)
If you plan on doing a lot of winter driving with an EV, consider a model equipped with features such as higher ground clearance for snow, winter driving mode for icy conditions, heated seats for more efficient warmth and battery and cabin preconditioning to help prevent rapid battery drain.
Buying an EV or hybrid car can be a practical and rewarding choice, depending on your needs and budget. By considering the pros and cons, you’ll be better equipped to make an informed decision about your purchase.
Ready to plug into something exciting? Apply for a car loan online, or contact a lender to get pre-approved today!
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