Alternative fuels are becoming more popular among Americans than ever before. Natural gas vehicles (NGVs), in particular, are poised for a large number of sales over the next few years. Why? Because they offer several advantages over traditional gasoline-powered cars and trucks. Most importantly, AFVs cost less to fuel at the pump and have lower maintenance costs than their traditional counterparts do. A recent report from AAA found that Americans could save an average of $1,500 per year by switching to an NGV or other alternative fuel vehicle—and that’s just one example of how much money you can save by switching over!
Alternative Fuel Vehicles (AFVs) are not just a good idea for the environment, they can also save you money.
Alternative Fuel Vehicles (AFVs) are not just a good idea for the environment, they can also save you money. In fact, AFVs can offer many cost savings in four different areas:
- Efficiency – AFVs use less fuel than traditional vehicles and produce fewer emissions. This means that you’ll spend less on gasoline or diesel fuel over time. As an example, if you drive an average of 15,000 miles per year in your current car and switch over to an electric vehicle with range similar to that of your old one, then over five years it would cost approximately $1,700 less than what it would have been had you stayed behind the wheel of your old vehicle.*
- Maintenance – Since there’s no internal combustion engine involved with alternative powertrains such as battery electric or hydrogen fuel cell vehicles (FCV), there are far fewer parts involved with their operation compared to conventional cars which means lower maintenance costs overall.* *Fuel Costs – Even though batteries aren’t cheap yet and EVs still aren’t widely available nationwide yet either–these two factors mean that these types cost more up front–it’s still possible for them save money over time because they use less energy when compared against comparable models featuring internal combustion engines.* *Insurance Rates – Insurance companies base premiums on risk factors like age range; geographic location; type/size/style etcetera so there isn’t really any way for us here at CarInsuranceComparison but we do know from experience working within this industry before moving into blogging full-time how much safer drivers tend towards purchasing coverage plans from companies offering discounts based on driver behavior patterns such as mileage driven each month versus yearly totals (which works out well since most people tend toward driving less frequently during winter months). To summarize: If someone buys into buying new cars every few years instead sticking around longer due perhaps being unable(or unwilling) maintain older ones properly enough before selling off those models after several decades’ worth service then chances are good
AFVs cost less to fuel than traditional gasoline-powered vehicles.
The average American spends more than $1,000 on fuel each year. This is the biggest expense for most drivers, and it’s only going to increase over time. The average cost of gas has increased slightly in recent years, but as more people adopt AFVs and electric vehicles (EVs), we could see prices drop again–and even stay low if more people are driving electric cars.
The savings from these new technologies won’t come right away; they’ll happen gradually over time as the number of AFVs on the road increases. But when those savings start to add up? You’ll be glad you took advantage of them!
Many models of AFVs can be leased, making their upfront cost more affordable.
The upfront cost of an AFV can be a major deterrent to potential buyers. However, leasing an AFV is often more affordable than buying one. Leasing a Nissan LEAF, for example, costs $240 per month with zero down payment and no money at signing. If you lease an EV through your employer’s commuter benefits program (which grants up to $7,500 in tax credits), that monthly price drops even further: It’s as low as $139 per month for 24 months with $0 down payment or acquisition fee.*
- We calculated this figure based on our own research into current offers from various companies; please check with your employer before making any decisions about whether or not to lease an electric vehicle through them.
It’s possible to offset the upfront cost of an AFV with tax credits and incentives.
You can offset the upfront cost of an AFV with tax credits and incentives.
If you purchase or lease an AFV, you may be eligible for a tax credit that reduces the amount you owe in federal taxes. You may also be able to deduct some of your expenses on your state income taxes. In addition to these financial benefits, many states offer additional incentives for purchasing or leasing new cars that meet certain fuel efficiency standards–even if they’re not eligible for other federal or state tax credits or deductions. The following table summarizes which vehicles qualify for which types of incentive programs:
To benefit from the savings that come with AFVs, you need to understand the different types available.
As you may have seen, there are many types of AFVs. To benefit from the savings that come with AFVs, you need to understand the different types available.
- Hybrid: This is the most common type of AFV on the market today and it combines electric motors with gasoline engines in order to reduce emissions by up to 90 percent while still providing power when needed. Hybrids can cost anywhere between $10,000-$30,000 depending on what kind of features you want (and your budget).
- Battery electric vehicle (BEV): These vehicles run entirely off electricity supplied by their battery packs and don’t require any fuel at all! Because BEVs don’t burn any gasoline or diesel fuel during operation they produce zero tailpipe pollution which makes them great for those who live in urban areas where air quality is an issue but they do come at a higher price point than other AFVs ($30k-$60k).
Natural gas vehicles (NGVs) use compressed natural gas as fuel and are comparable in price to gasoline-powered cars at the pump.
Natural gas vehicles (NGVs) use compressed natural gas as fuel and are comparable in price to gasoline-powered cars at the pump. They cost about the same amount, but have higher upfront costs because they’re new technology.
However, since NGV prices are on par with those of other AFVs, it makes sense for consumers who want an affordable car that will help them save money over time by being more efficient than a traditional combustion engine vehicle.
The main reason natural gas vehicles cost more upfront than other alternative fuels is that they’re relatively new technology on the market.
The main reason natural gas vehicles cost more upfront than other alternative fuels is that they’re relatively new technology on the market. The average vehicle lifespan today is about 15 years, so most of the cars on the road were built before NGVs became popular and thus don’t have them installed as standard equipment. This means you’ll have to buy one yourself if you want to drive an NGV vehicle–and doing so will be more expensive than getting a regular car or truck with a combustion engine (CE).
But there are plenty of reasons why purchasing an NGV instead of a CE can save money over time:
Saving money on your car won’t be hard with an NGV or any other alternative fuel vehicle
NGVs are a great way to save money on your car. The cost of NGVs is comparable to gasoline-powered cars at the pump, and they have many benefits that make them worth the extra upfront investment:
- NGV technology has been around for decades, but it’s new on our market–so it costs more than other AFV technologies.
- NGV vehicles have lower maintenance costs than their conventional counterparts because they use less energy while driving and don’t require oil changes or tune-ups as often (if ever). This means that you’ll spend less money over time on parts and labor when you purchase an NGV vehicle instead of another type of AFV like hybrid or electric vehicle (EV).
AFVs are a great way to save money on your car and help the environment. The technology is already here, so there’s no reason not to buy an alternative fuel vehicle today.