Could an “iCar” boot up the electric vehicle market?

Automakers need to learn a lesson from the world of consumer electronics and create an “iCar” with mass customer appeal if electric cars are to truly take off.

That is the view of around 100 industry experts polled by financial services firm Ernst & Young on the global challenges and opportunities facing today’s electric vehicle (EV) market.

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In a report published last week, the participants in Beijing, Detroit and Bonn recognise EVs are “moving into the fast lane”, driving alliances between manufacturers and utilities, the rollout of recharging networks, and the creation of a dedicated supply chain.

In addition, high volume models such as the Nissan LEAF and Chevrolet Volt are already on the roads, while manufacturers have a pipeline of nearly 30 announced EV models to come by 2016.

However, industry insiders also identified significant risks, including high model prices, conflicting charger standards, gaps in charging infrastructure, and the public perception that EVs will struggle to meet their needs.

Many of the problems can be alleviated as technology improves and investment increases, the report says.

Although it adds that clearer subsidy systems, work to develop common standards, innovative business models, such as battery leasing or car-sharing schemes, and an increase in the numbers of cars available will also prove crucial.

The report also notes that electrifying transport brings cars “one step closer to being a consumer appliance”, and says manufacturers who maximise that link could improve sales.

“Marry EV technology with compelling industrial design and a revolutionary interface to create a vehicle with mass consumer appeal – call it an ‘iCar’,” the report suggests. “Consumers are willing to pay more for cool and will become evangelists for cool products.”

Gil Forer, Ernst & Young’s global cleantech leader, forecast that EV numbers would rise “significantly” over the next four years if manufacturers could take the recommendations on board.

Source: http://www.businessgreen.com/bg/news/2145507/-icar-boot-electric-vehicle-market

How to lease a car in Toronto

Leasing a car in Toronto is perhaps the best option for those who can’t stand the idea of sticking with the same car for more than four years. You can generally forget about the cost of general maintenance repairs, as most warranties provide coverage for the duration of the lease, though you’ll never really own the car outright (unless, of course, you choose to buy the car after the term ends). Leasing can also come with certain restrictions, such as the number of kilometres you can drive each year, though the zero down payment does allow for a certain, lots-of-new-tech-toys-type of freedom in its own right. Here are the steps to finding a lease that works for you:

Decide on the length of your lease

Generally speaking, the longer the lease, the lower the monthly payments. The trouble with signing on for a longer lease, however, is should you would want to terminate early, you may be faced with costly penalties. Most leases in Toronto are generally between two to four years.

Estimate your costs

There’s the pen and paper method for those who remember their sixth grade math, though an expedited option is to use an online lease calculator. There are plenty of resources to tap on the web, including this tool by Drive.ca, and many car manufacturer as well offer their own calculators right on their websites. Once you have a better idea of cost, you can decide on the precise type of car you want to lease.

Shop around

Just like when buying a new car, you might get a different offer from one dealership to the next. It’s best to visit various dealerships to get a feel for your options before making a commitment or composing a short list. Get your paperwork in order (gap insurance, license, etc.) before heading to the dealership for a test drive.

Test drive and negotiate

Try not to swoon at the smell of your new car. Work to get the best rate possible before signing the lease contract, after which you’ll be locked in. Keep in mind potential additional (hidden) costs such as acquisition fees.

Keep it beautiful

Eventually, you will have to return the car to the dealer (again, unless you decide to buy) so try to keep the car in the best shape possible. That means taking it in for regular maintenance and adequately prepping for winter.

Source: http://www.blogto.com/sports_play/2012/02/how_to_lease_a_car_in_toronto/