Looking to buy a new car and wondering about electric options? There are three main types to consider:
Hybrid
A hybrid uses a gas engine coupled with electric motors and a battery pack. The battery is recharged while you’re driving by capturing energy from braking or while the gas engine idles.
Plug-In Hybrid
This type also allows you to plug in the car to charge the battery at a public terminal or home power station. If you use up the battery power, the engine then uses gas. Given careful driving habits and a commute that fits the car’s electric-only range, drivers can cover hundreds of miles without using the gas engine. This option can give you the best of both worlds and reduce your concerns about driving range.
Battery
This type of green car doesn’t have a gas engine at all, instead, it relies on energy recapture and charging stations.
Compared to a traditional car of a similar size, you’ll likely pay a premium for a hybrid or electric car. Your return on investment will depend on the price of gas. In some instances where Governments have Green/Environmental policies in place, there may be subsidies to encourage purchasing these vehicles.
If you’re in the market for a new car, check out the range of hybrid and electric vehicles on the market today. You may find one that fits your needs and helps reduce your impact on the environment.
If you’re new to buying a car, be sure to read on for things to consider when buying your first vehicle.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
