Tag Archives: gas

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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EIA: Americans Spent Nearly $3000 on Gas in 2012

As February begins, Americans are reviewing their New Year’s resolutions and lamenting the ones that were forgotten or broken in January. For many people, a common resolution was improving personal finances. They want to pay off a credit card, get out of debt, or start putting more money away in savings. The tough part about these resolutions is finding where to cut corners, especially for families, but a new statistic from the US Energy Information Administration (EIA) points to one expense that Americans could cut: gas.

According to the EIA, the average US household spent $2,912 on gasoline last year. That is nearly $3,000 is going towards only gas, not to mention vehicle service and maintenance costs. Unfortunately, gas prices have gone up substantially in the past few years. Prices rose 26.1 percent in 2011 and an additional 3.3 percent in 2012 while household income only increased 2.9 percent, and gas prices aren’t likely to drop anytime soon.

What can Americans do to cut back on their gasoline costs, especially with the price of gas rising? Quite simply, the best way to cut back on gasoline costs is by trading in for a more fuel-efficient vehicle. Even used cars from the past few years have much better fuel efficiency than older models, and while it will be a bigger purchase up front, the savings at the pump will pay off in the long run.

Are you looking to trade in and want the best possible deal on your new car? Approved Loan Store wants to help you! Good credit, bad credit, no credit, we will work with you to get you a car you want at terms you can afford! Get started today by filling out our secure online auto loan application here, and get more auto news and buying tips by liking Approved Loan Store on Facebook, following Approved Loan Store on Twitter, and subscribing to Approved Loan Store on YouTube!

Image courtesy of domdeen / FreeDigitalPhotos.net

Should I Buy a Hybrid?

The rise of gas prices have lead car drivers to start making more educated choices in their choices. Hybrids are really seeing a surge in sales due to people looking to keep away from those high prices as much as possible. That popularity is causing many buyers to ask the question, should I buy a hybrid?  The San Francisco Chronicle offers advice for these very people.

Hybrids have gained this upswing in sales because it’s thought that they will save money when gas prices rise. The cars SF Chronicle uses to show the difference is the 2012 Honda Civic Sedan and the Civic Hybrid. The Sedan has a price of $15,995 and gets around 28 miles per gallon in the city and 39 on the highway. In comparison, the Civic Hybrid’s price is $24,200 and is 44 miles per gallon in the city and highway. After doing some math based on the average miles driven by someone ages 20-34 (15,098 miles a year) the conclusion shows that the fuel cost is indeed lower on the Hybrid by $455. The problem with that number is that the difference in cost is still $8,205. That means it’ll take 18 years for the buyer to make up the lose.

That doesn’t bode too well for the idea that hybrids save. It’s unrealistic to expect a car to last 18 years. There’s other things to take into account, however. The government used to have tax incentives to encourage purchases of hybrids. This was done more then the idea was new though, and since the car maker has sold more than 60,000 vehicles, that incentive has gone. As of December 31st, 2010, that credit is no longer eligible. There’s one exception however, and that’s the plug-in hybrids. They still offer credit of up to $7,500 but be warned the vehicle tends to be rather pricey.

That brings us to the new generation of the hybrid, the plug in hybrid. While normal hybrids use a combination of a gas engine and electricity, the plug in relies on batteries. While keeping gas out of the equation, they are subject to shorter ranges, only having about 50 to 100 miles in them before needing a recharge. There is a gasoline-powered engine, however, that does take over once the battery is dry. What to keep in mind when thinking of purchasing a plug in to save on gas costs is that they do come with a hefty price tag. The 2012 Chevy Volt for example is $39,145. The tax incentive brings that down to $31,645. The traditional Honda price is half of that.

Hybrids do a good job of making the driver feel good about the environment. In a world that is starting to put the green moniker on everything they can, driving a hybrid gives a sense of aiding to make the world a better and cleaner place. Hybrids certainly are good for the environment, but in the problem of if they are worth the extra cost to cut down on gas prices, they aren’t so good. It’s up the consumer to see if this is a good enough value for themselves, but a hybrid will not save you overall at the pump for the time being.

Wanting to get yourself a new or used hybrid anyway? Don’t worry if you have challenged credit, here at Approved Loan Store, we work with people struggling with bad credit to put them in the car, or hybrid in this case, they want. Go online to fill out the application to see how our staff can help you. To stay current on all the latest news and advice pieces, like us on Facebook and follow us on Twitter.

New Fuel Standard Predicted to Help Auto Industry

The news has been coming out recently about how much consumers are looking to getting more fuel efficient cars in an effort to deal with the rise in gas prices. Many hybrid classes have benefited not only from the resurgence of the auto industry such as the Ford Focus. It’s clear that the pump is what is really on people’s minds these days when looking to invest in buying a car.

A new report from Citi Investment Research and Analysis, along with Ceres, is predicting that the new fuel standards being enforced by federal regulations is going to be a massive benefit for the auto industry. The new 54.5 MPG standard is expected to increase the industry as a whole by 5.3 percent into 2020, bringing it up to $4.76 billion. The major auto makers (Ford, Chrysler, and General Motors) are looking to see improvements of around 4 percent.

Carol Lee Rawn is the transportation director of Ceres, and she sees that this new standard of fuel efficiency in cars is definitely going to help the industry. She says that, “Automakers who invest in more efficient vehicles are investing wisely. Given the volatility of gas prices – and the likelihood that they’ll head through the roof again – it’s clear that customers want better fuel economy and delivering it means a better bottom line for the industry.”

Regardless of your credit, Approved Loan Store is wanting to make sure you get the fuel efficient car you want. Fill out an application today and see how we can help you. Be sure to follow us on Twitter, and like us on Facebook, to see all the latest trends in the industry. If you’re still not convinced, check out our Youtube page to see our satisfied customers.

Image: digitalart / FreeDigitalPhotos.net