Like the name suggests, the main benefit of an eco friendly car is that it emits less pollution, thereby reducing harmful effects on the environment. However, eco friendly cars can save more than the environment. Drivers of eco friendly cars can also save money in their pockets. While the initial price of an eco friendly car may be slightly higher than a gas-powered vehicle, the long-term savings of driving an eco friendly car will add up for miles.
Many people know that the federal government offers tax incentives for tax payers who purchase eco friendly cars. Yet many people might not know that this savings can add up to $3400 depending on the type of vehicle purchased.
Additionally, many states offer other tax credits and discounts on parking permits for owners of eco friendly cars. In some states, eco friendly cars are exempt from the high-occupancy vehicle lane. Cars in this lane are usually required to carry a certain number of passengers, however an eco friendly car may be permitted to drive in this lane carrying only the driver.
Not only do federal and state governments offer incentives for owners of eco friendly cars, but insurance companies may also contribute to annual cost savings. Many insurance providers offer lower rates on a number of qualifying eco friendly cars. Similarly, some banks offer loan incentives such as reduced interest rates for people purchasing eco friendly cars.
Insurance companies that offer eco friendly car insurance discounts:
Because eco friendly cars operate on little to no fuel, they also offer savings through reduced fuel consumption. The prices of gas may fluctuate throughout a year, but the driver of an eco friendly car can expect to spend much less on fuel than the owner of a gas-powered car.
Also growing in popularity are employers offering incentives to employees who purchase eco friendly cars. For example many employees can benefit from savings ranging from $2000 – $5000 depending on the company’s incentives. Some universities also offer discounted parking permits for students driving eco friendly cars.
One final cost-savings aspect of eco friendly cars is hidden in the design of the vehicle. Eco friendly cars result in reduced spending for some vehicle repairs because the handling and operation of these cars is slightly different than that of a gas-powered vehicle. For example, the design of eco friendly cars often reduces the wear on brake pads, which results in fewer trips to the mechanic.