Consumers considering a fuel-efficient vehicle may benefit from researching, weighing their options
Posted on Friday, March 15, 2013 at 11:01:11 AM
With fuel efficiency quickly making its way to the top of car shoppers' lists of must-haves, many may stand to benefit from buying an eco-friendly automobile in the coming months - since average fuel economy increased by an entire mile in 2012, according to a report from TrueCar.
Although fuel-efficient vehicles may have higher upfront costs, the long-term savings realized can be substantial. Consumers interested in buying such cars could make transactions more affordable through the use of auto financing.
"Banks that offer financing for these vehicles can expect a higher average balance, therefore, increased interest equals more profit," said Christine Dikdan, auto lending representative for Home Loan Investment Bank. "Customers are satisfied due to the low automobile rates still being offered coupled with additional savings on fuel. [It's a] win-win."
With a variety of vehicles boasting fuel efficiency and superior performance flooding the market recently, eco-conscious consumers can expect to have a number of options. Each car's features should be closely examined before making a purchase, because attributes can range between makes and models.
"This is definitely a personal preference item, with a do-your-own research and test drive recommendation before finalizing that new ride," Dikdan said. "Consumers can expect an increase of 0.8 miles per gallon in fuel economy, according to TrueCar's TrueMPG, reported on January 9, 2013. If you are a consumer that switches in and out of vehicles frequently, my recommendation is to do the math against the higher price of the vehicle versus the cost saving of the fuel - and then make your decision."