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Considering an alternative fuel vehicle for your next purchase? Here are some things to consider

Posted in Borrowing Money on July 25, 2019

Many years ago when one thought about the future of vehicles, perhaps many envisioned a scene from the popular futuristic cartoon, The Jetsons, with spaceship-like, personal vehicles zipping through the sky. But we all know that hasn’t happened…yet. However, we have made some strides when it comes to alternative fuel vehicles.

Alternative fuel vehicles refers to all vehicles that run on any fuel other than the traditional petroleum fuels, petrol or diesel.

According to the U.S. Energy Information Administration, there were already more than 9 million alternative energy vehicles on the highways in the U.S. in 2010.

A Fortune.com article points out the 10 main fuel alternatives currently used in vehicles.

Gas-electric hybrids that use electricity to partially power the vehicle.

Plug in hybrids that run on larger batteries.

Electrics that run totally on electricity and are gasoline-free.

Ethanol and flex fuel that include renewable sources along with ethanol.

Biodiesel manufactured from vegetable and animal fats.

Propane used for light fleets.

Liquefied and compressed natural gas that burns more cleanly.

Fuel cells that are two to three times more efficient than gasoline powered vehicles.

Solar power that’s clean and free.

Steam that has been used since the late 1800s – early 1900s.

Convenience Store Products Daily News article dated August 2014 names the most popular gasoline alternative continues to be the hybrid.

People look for alternative fuel vehicles because of the cleaner and less adverse environmental impact and for economics – saving money – which is good for the wallet and helpful when it comes to finances. The Environmental Protection Agency Green Vehicle Guide indicates that more than $72 billion has been saved collectively by consumers who have purchased new vehicles under the fuel economy and greenhouse standard, and to break it down, an individual consumer could save as much as $1,600 per year by switching from a traditional vehicle to a fuel efficient vehicle. In addition to the savings, the switch could also reduce pollution and the emission of harmful chemicals and toxins while promoting greener living and a healthier environment.

Many of the green vehicles are priced with family budgets in mind. Some of the more popular alternative fuel cars according to cars.com include Hyundai Ioniq Blue, Toyota Prius Eco, Hyundai Ioniq, Toyota Camry Hybrid, and the Kia Niro. Popular alternative fuel SUVs are the Nissan Rogue Hybrid FWD and AWD, Toyota Rav4 Hybrid AWD, the Lexus NX 300h AWD, and the Lexus RX 450h to name a few.

Did you know that CDC Federal Credit Union finances alternative fuel vehicles including Teslas? It’s the same simple loan process as with any traditional vehicle. For more information and to apply, visit the CDC Federal Credit Union website. Some federal and state tax credits and incentives may apply. For more information and current credits and incentives, visit The Office of Energy Efficiency and Renewable Energy for information.

Do you currently drive an alternative fuel vehicle or are you considering one for your next vehicle? Tell us about it in the comment section of this blog post.

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