By Lionel Locke

2011 will be the year of innovation for the automotive industry and the engineers at General Motors (GM) are leading the way. The 2011 Chevy Volt was one of the most talked about and anticipated plug-in automobiles of 2010. It has earned the name of Motor Trend Magazine’s 2011 car of the year, Automobile Magazine’s 2011 car of the year, and the 2011 Green Car of the year. The Chevy Volt is unlike any other hybrid or electric vehicle on the market. It is equipped with a gasoline engine which sole purpose is to generate the electricity needed to power the vehicle.

Other hybrids such as the Toyota Prius, employ a small electric motor to power the vehicle at low speeds and then switch over to a gasoline engine once heavy acceleration and higher speeds are needed. Since the Volt does have a gas engine, you will have to make occasional trips to the pump. However, with a gas tank of just over 9 gallons, those occasional visits will be a lot easier on your wallet. 

The Chevy Volt can travel up to 35 miles, in electric mode, with a standard overnight charge in your garage. It can also be a favorable option for vacationing achieving up to 375 miles in the extended driving range mode. This mode uses the Volts gasoline engine to generate electricity and extend the vehicles driving range. The typical charge time for the Volt is 10 hours using a standard home outlet and up to 4 hours if you choose to have a dedicated 240 volt supply installed. For those of you who are iphone users, be sure to take advantage of the Volt Mobile Application. This application will allow you to check your charge level, available travel range, activate the remote start, and setup alerts to inform you of when charging is complete all from your iphone. As with most vehicles offered from GM you can enjoy the conveniences of Onstar, Bluetooth, and Navigation. With all this great technology and power comes great responsibility. GM offers a standard 3 year/36,000 mile bumper-to-bumper warranty which even includes the tires. The powertrain is covered under a 5 year/100,000 mile warranty, and an 8 year/100,000 mile Volt-Specific warranty is offered for certain Voltec components pertaining to the electrical drive system. If you plan on purchasing the Volt for the long term, a GM Protection Plan is available for extended warranty coverage. Always remember that all vehicles require periodic maintenance in order for the manufacturer to honor the warranty. So how much will this set you back? The Volt has a MSRP of $41,000, however, with the available $7500 tax credit that price comes down to just $33,500. If you prefer leasing over purchasing, the Volt can be leased on a 3 year/12,000 mile term for $350 a month.

Can U Really Afford Luxury?

Lionel Locke

It’s human nature to picture yourself in the driver’s seat of the Benz that just passed you on the interstate, the Range Rover that pulled next to you at the traffic light, or the Jaguar that has just been retrieved from the valet. Often times, consumers consider a luxury vehicle without considering the luxury tax associated with them.

For example, let’s say you just purchased a brand new BMW 535i off the show room floor. Sure you will get recognition from your peers and friends, but did you calculate the cost of ownership for that vehicle? Did you consider the $150 oil change? When you buy luxury, you can’t take your car to a local repair shop for inexpensive service. You must take it to the dealership so that their certified technicians can service your vehicle appropriately. Maybe you just purchased a used Range Rover. Sure it’s a couple years old, but the body style is still current and you negotiated a real good price! However, when the air bag suspension goes out, do you have $1,400 per tire to repair it? Can you afford a $250 oil change or the cost for a new fan belt along with the labor associated with the repair? I know an individual who purchased a used 2004 Mercedes two years ago. After he realized how much routine maintenance costs were, he decided to park it. He quickly realized that as long as it is parked, he wouldn’t have to worry about the expensive maintenance costs.

It’s simple; if you can afford luxury, by all means enjoy it. However, if you are just trying to keep up with the Jones’, you might want to check your wallet first.

FYI – When purchasing any vehicle with a manufacturer or extended warranty, make sure you read and understand it thoroughly. When it comes time for a warranty repair, you will be well equipped to handle it with more confidence.