Tag Archives: fuel cost

Auto Loan: EPA Promises More Fuel Economy Audits

In recent months, some automakers have been criticized for exaggerating the fuel economy of their newer models, and in response, the EPA will be auditing more fuel economy tests.

Ford, Hyundai, and Kia have been accused of overstating the fuel economy of their vehicles. As a result, Hyundai and Kia have had to adjust the ratings on some of their 2011, 2012, and 2013 models, and the EPA has promised to be more vigilant in checking these fuel economy claims.

At first glance, it doesn’t look too good for automakers. They said that their vehicles could achieve a fuel economy when it turned out that they could not. The truth of the matter, however, is much more complicated. Weather can affect the mpg of hybrid and electric cars, and different drivers can achieve different fuel economies. These automakers weren’t necessarily misrepresenting their fuel economy to the public but rather the average consumer misunderstood the mpg rating and thought it was a guarantee.

Even with the rating adjustments, the fuel economy on new vehicles is better than ever, and with gas prices today, consumers can save a lot of money on gas by trading in their older, less fuel-efficient model for a newer vehicle. Approved Loan Store can help you whether if you’re going for a trade in or just looking for a good deal on a new or used car. Get started today by filling out our secure online auto loan application here.

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New Battery Could Change Future of Electric Cars

Electric cars have yet to catch on with American car buyers, but a new battery coming out of Massachusetts could make electric cars better and cheaper.

The Nanophosphate EXT is a lithium ion battery that can handle a wide range of extreme temperatures. Most electric car batteries cannot handle these temperatures, so electric cars have to be equipped with heating or cooling systems. According to a press release from the battery’s producers A123 Systems, these batteries can “significantly reduce or eliminate the need for heating or cooling systems, which is expected to create sizable new opportunities within the transportation and telecommunications markets, among others.”

Additionally, the new battery lasts much longer than other batteries currently on the market. This chart shows how the A123 Nanophosphate EXT compares to competing batteries. After 1700 cycles at 45° C, all three competing brands have dropped to below 75 percent discharging capacity while the A123 Nanophosphate EXT hovers around 93 percent capacity.

With longer lasting batteries that can take the heat and cold, electric cars can be more affordable and more powerful with lower maintenance costs. Consumers that have written off the electric car could be convinced to give it a second look. At any rate, it is a huge leap forward in electric car technology and very promising for the future of automotive.

Low-cost electric cars are still a ways off, but Approved Loan Store can help you get into an affordable car today! Fill out our secure online auto loan application here, and keep up with the latest auto news by liking Approved Loan Store on Facebook and following Approved Loan Store on Twitter.