Better Budgeting for Students: Electric Bicycles

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Aug 20, 2013, 09:42 ET

SANTA CLARA, Calif., Aug. 20, 2013 /PRNewswire/ -- Whether a high school or college student, owning a car takes a sizable portion of a personal finance budget - especially when factoring in student loans and other debt.

For students living on an allowance or working while in school, an electric bicycle is a smarter financial option that allows riders to bank money that would otherwise be spent on gas, insurance, licensing and other vehicle ownership expenses.

"With the rising cost of automobile ownership and greater concern for the environment, many high school and college students are passing on cars and buying electric bicycles for both transportation and exercise," said Douglas Schwartz of ELV Motors.

Electric bicycles cost between $600 and $4,000 to purchase, and less than a penny a mile for operation. New and used automobiles cost between $4,000 and $30,000 to purchase, and over 50 cents a mile to operate. Additional automobile ownership includes insurance, registration and parking. "In addition to being a financial drain, many college campuses won't allow first year students to bring cars to school," Schwartz went on to say.

Five other advantages to electric bicycles include:

Ebikes can be used in conjunction with other forms of transportation such as busses or trains
Ebikes can be peddled for exercise or if the battery runs out - save money and lose weight
Ebikes are clean, green, and fun to ride
Ebikes can carry everything from laptops, to laundry and groceries, with the addition of baskets and panniers
EBikes are safer than driving a car for teens. "Motor vehicle crashes are the leading cause of death for US teens, accounting for more than one in three deaths in the 16-19 age groups." *

One of the hottest bikes seen on campuses this year will be the VeloMini electric folding bicycle. The VeloMini is designed to take on mass transit, fit into car trunks, store into even the smallest dorm room, and it can be folded and placed in the back of a classroom during class to help protect against theft.

The fun and stylish VeloMini starts at $995 for the 1 speed and $1249 for the three speed. All VeloMinis include a carrying case and travels 12 mph without pedaling.

* Center for Disease Control

Websites: http://www.elvmotors.com, http://www.velomini.com

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Contact: Douglas Schwartz, Electric Bicycle Consultant, 800-257-1759, http://www.elvmotors.com, http://www.velomini.com

This release was issued through The Xpress Press News Service, merging e-mail and satellite distribution technologies to reach business analysts and media outlets worldwide. For more information, visit http://www.XpressPress.com.

SOURCE ELV Motors