Rolls-Royce Enters The Electric Concept Vehicle Market

Forget the idea that electric cars are tiny little vehicles designed for people willing to sacrifice comfort to green the environment. Rolls-Royce recently revealed that it is experimenting with electric cars. At the Frankfurt auto show, its parent company BMW AG unveiled the Rolls-Royce 102EX electric concept car.

The 102EX features an electric power train engine and a design based on the well-recognized Phantom model. It seems even those who require luxury may someday be able to drive an electric vehicle. Norbert Riethofer, chairman of BMW, agreed when he spoke at the auto show in Frankfurt on Tuesday. He stated that even luxury brands are including “zero-emission motoring” in their future plans.

At the same show, BMW presented the smaller and more conservative, though very appealing, electric i3. High-tech plastic reinforced by carbon is used in construction, conserving weight. BMW also had a hybrid sports car on display, the i8. Both vehicles should hit the market in 2013 as the auto industry hopes more efficient cars will help it recover from difficult financial times.

Whether consumers desire an electric or hybrid BMW, many of them will need car loans. Since the Rolls 102EX is currently in concept form only, all the money in the world cannot buy it. Only the wealthiest consumers will be able to afford any marketed electric Rolls-Royce without car finance. Those who only qualify for bad credit car finance can basically forget about ever owning one.

Anyone refusing to give up the dream should take credit improvement steps now. It can take six to twelve months to get credit back in good standing. By that time, the new BMWs will have gone on sale and the consumer can head to the show room for a test drive, knowing that the improved credit history will increase the chances of financing approval.