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Driving is one of the most popular modes of transportation in Malaysia, but you might be surprised to learn that transportation accounts for about 24% of global greenhouse gas emissions and up to 70% of air pollution.

 

So how can we contribute to creating a cleaner and healthier environment for future generations when we need to be able to travel? One of the ways you can make a difference is by choosing to drive a Hybrid or Electric car.

 

Saving the environment is not the only reason why you should consider a Hybrid or an Electric car for your next vehicle purchase – you can actually save money in the long run!  

Save money on your petrol

Getting a hybrid car can help you save money on petrol. A family sedan hybrid can travel more miles per gallon than its non-hybrid counterpart, translating into estimated savings of USD362 (RM1,500) a year*. Fewer trips to the gas station or none at all (for electric vehicles) could add up to significant savings over the years.

Preferential rate on loans and cheaper road tax

Not only can you save money through fuel efficiency, but you can also benefit from special incentives and promotions on eco-friendly vehicles. For starters, CIMB offers a preferential rate on loans for hybrid vehicles. CIMB Auto Financing Hybrid Financing features a fixed rate as low as 2.34% per annum, a 0.5% reduction from the conventional rate of 2.85% upwards.

 

Hybrid or electric vehicle owners can also enjoy a significant 50% reduction on road tax for their green technology vehicles**. Hybrid and electric cars may have a slightly higher on-the-road price tag, but in the long run they can save you money.

 

Lesser emission

 

A hybrid or electric vehicle may be the most sustainable option to meet your transportation needs. A conventional car releases 4.6 metric tonnes of tailpipe emissions a year; while hybrids reduce this by 30-70%***.

 

To put this in layman’s terms, it’s the same as reducing the carbon emissions from burning 700 – 1600kg of coal. Although we must acknowledge that electric vehicles plug into charging ports that may obtain electricity from fossil fuels, they nevertheless produce zero tailpipe emissions on the roads.

 

Did you know that it takes just 1 years and 9 months to break even for the premium on a hybrid car compared to the conventional models by saving on fuel costs****. So why not make a sustainable lifestyle choice today by trying to drive less, or make an eco-friendly choice for your next car purchase by choosing a hybrid or electric vehicle.

 

 

This article is brought to you by CIMB as part of our ongoing efforts to raise the level of financial literacy among Malaysians. Financial knowledge and understanding are key to making well-informed and meaningful financial decisions that will improve all our well-being. This, in turn, achieves CIMB’s purpose of advancing customers and society.

 

 

Source:

 

*https://www.fueleconomy.gov/feg/hybridCompare.jsp

 

**https://www.malaymail.com/news/malaysia/2019/04/22/50pc-road-tax-reduction-for-electric-hybrid-cars/1745823

 

 ***https://www.epa.gov/greenvehicles/greenhouse-gas-emissions-typical-passenger-vehicle

***https://www.theguardian.com/environment/2020/mar/23/electric-cars-produce-less-co2-than-petrol-vehicles-study-confirms

 

****https://www.forbes.com/sites/investopedia/2011/02/18/how-long-until-your-hybrid-pays-off/#2c8864321d55