{"id":2286855,"date":"2024-07-01T07:41:15","date_gmt":"2024-07-01T11:41:15","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dont-want-buyers-remorse-dont-get-an-electric-vehicle\/"},"modified":"2024-07-01T07:45:55","modified_gmt":"2024-07-01T11:45:55","slug":"dont-want-buyers-remorse-dont-get-an-electric-vehicle","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dont-want-buyers-remorse-dont-get-an-electric-vehicle\/","title":{"rendered":"Avoid Buyer&#8217;s Remorse: Think Twice Before Buying an Electric Vehicle"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdont-want-buyers-remorse-dont-get-an-electric-vehicle%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2286855&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Shortly\u2063 after assuming office,\u2064 President Joe Biden set\u2064 a goal for 50% of all \u200dnew vehicle sales to be electric vehicles (EVs) by 2030, investing heavily in the sector. However, challenges such as\u200c high costs and inadequate charging infrastructure are likely \u200dcauses for\u2063 Biden missing this \u2064target. Many young\u200b Americans \u200cinitially\u200c enthusiastic \u2063about EVs are now experiencing buyer&#8217;s\u200d remorse.\u200c The Wall Street Journal reports that 57%\u200b of millennial EV owners want to revert to gasoline cars due to difficulties \u2063in charging and escalating ownership costs. \u200dThe Biden administration has been slow in executing \u200dits \u2062plan\u200d to\u2063 enhance the charging \u2063infrastructure,\u200d having only built \u2063eight <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fuel-costs-of-electric-vehicles-overtake-gas-powered-cars\/\" title=\"Fuel Costs of Electric Vehicles Overtake Gas-Powered Cars\">commercial charging stations<\/a>\u2064 despite a $7.5 billion allocation from the 2021 Infrastructure Investment and Jobs Act.<\/p>\n<p>The\u2064 transition to\u2062 EVs \u2063has also been stalked by soaring electricity\u2064 prices, \u2064exacerbated by the\u2063 shift away\u2063 from reliable\u200d fossil fuel and nuclear power sources towards \u200bless dependable solar \u200band wind energy. Green energy mandates have further \u200bdriven\u200c up \u2062utility prices, as electric grid\u2063 enhancements to accommodate new technologies like electric trucks are passed on\u2063 to consumers. The economic viability of\u2062 EVs comes\u200b into question with studies showing that maintenance \u2064and charging \u200dan EV\u200c can \u200coften be more expensive than operating a gas-powered vehicle.<\/p>\n<p>Additionally, young Americans are finding it financially \u200cdifficult to embrace EV ownership in the current high-inflation environment fueled by governmental fiscal policies. High unemployment \u200dand\u2062 underemployment rates among <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/boss-of-titanic-sub-company-didnt-want-50-year-old-white-guys-on-his-team\/\" title=\"Titanic Sub Company Boss Excluded Older White Men\">young college graduates<\/a> further\u2063 strain their economic independence, impacting their ability to afford electric\u200c vehicles. Coupled with a \u2064faster depreciation \u2063rate for used EVs due to \u200bgovernment incentives favoring new purchases, the overall appeal and practical\u2062 superiority of \u200dEVs over traditional gasoline vehicles are being critically challenged.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>Shortly after President Joe Biden came into office, he <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/04\/17\/fact-sheet-biden-harris-administration-announces-new-private-and-public-sector-investments-for-affordable-electric-vehicles\/\" target=\"_blank\" rel=\"noreferrer noopener\">announced <\/a>a goal of having 50 percent of all new vehicle sales be electric vehicles (EVs) by 2030. Since then, he has <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/04\/17\/fact-sheet-biden-harris-administration-announces-new-private-and-public-sector-investments-for-affordable-electric-vehicles\/\" target=\"_blank\" rel=\"noreferrer noopener\">dumped<\/a> billions of dollars&rsquo; worth of subsidies into the EV sector to <a href=\"https:\/\/www.wsj.com\/articles\/joe-biden-electric-vehicle-mandate-gas-powered-cars-2032-epa-c2a72414\" target=\"_blank\" rel=\"noreferrer noopener\">accelerate<\/a> his EV mandate. However, President Biden will likely miss his EV target because young Americans who jumped on the EV wagon have <a href=\"https:\/\/www.wsj.com\/articles\/young-voters-no-longer-get-a-charge-out-of-the-biden-presidency-565e6241?st=y00ryzqg1ndq23x&amp;reflink=desktopwebshare_permalink\" target=\"_blank\" rel=\"noreferrer noopener\">suffered<\/a> buyer&rsquo;s remorse. &nbsp;<\/p>\n<p>The Wall Street Journal <a href=\"https:\/\/www.wsj.com\/articles\/young-voters-no-longer-get-a-charge-out-of-the-biden-presidency-565e6241?st=y00ryzqg1ndq23x&amp;reflink=desktopwebshare_permalink\" target=\"_blank\" rel=\"noreferrer noopener\">reports<\/a> that about 57 percent of American millennial EV owners indicate they want to switch back to a gasoline-powered car, mainly due to the difficulty of charging and the soaring cost of ownership. These challenges are a direct result of the Biden administration&rsquo;s policies and incompetency.<\/p>\n<p>One of the biggest anxieties of EV owners is charging their vehicles. In 2021, the&nbsp;Infrastructure Investment and Jobs Act <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/3684\/text\" target=\"_blank\" rel=\"noreferrer noopener\">allocated<\/a> $7.5 billion to the Biden administration, aiming to build 500,000 commercial charging stations nationwide to boost the transition to EVs. After two and half years, the Biden administration has <a href=\"https:\/\/reason.com\/2024\/05\/30\/7-5-billion-in-government-cash-only-built-8-e-v-chargers-in-2-5-years\/\" target=\"_blank\" rel=\"noreferrer noopener\">built<\/a> only eight charging stations. Saying that the government is making progress at a &ldquo;snail&rsquo;s pace&rdquo; isn&rsquo;t even fair to snails.<\/p>\n<p>My niece&rsquo;s college friends recently embarked on a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fbi-joins-search-for-gabby-petito-travel-bloggers-disappearance-may-be-linked-to-national-park-recent-double-murder\/\" title=\"FBI Joins Search For Gabby Petito, Travel Blogger\u2019s Disappearance May Be Linked To National Park, Recent Double Murder\">cross-country trip<\/a> from California to Washington, D.C., in a Tesla. They got stuck somewhere in Nevada when the Tesla ran out of juice and there was no charging station nearby. They had to call a toll company to get themselves and the Tesla out of the desert. What happened to them is every EV owner&rsquo;s worst nightmare.<\/p>\n<p>For those who thought they could charge their EVs at home, few anticipated that &ldquo;upgrading the electric wiring to accommodate an already pricey charger costs several thousand dollars,&rdquo; according to the WSJ. Additionally, the price of electricity has <a href=\"https:\/\/www.wsj.com\/articles\/electricity-prices-biden-green-energy-labor-department-2b4ea2cb\" target=\"_blank\" rel=\"noreferrer noopener\">soared<\/a> nearly 30 percent, 50 percent higher than overall inflation, since Joe Biden took office in January 2021.<\/p>\n<p>The primary reason for the surge in electricity prices can be traced back to the federal and state governments&rsquo; climate policies. These policies have led to the closure of fossil fuel and nuclear plants, which were once the main sources of affordable and reliable energy. In their place, we now have solar and wind, which are not as dependable and often require backup from peaker gas plants, usually at a significant premium. This shift &ldquo;has resulted in spot prices soaring to $10,000 per megawatt hour during power shortages, a stark contrast to the normal range of $30 to $60,&rdquo; as <a href=\"https:\/\/www.wsj.com\/articles\/electricity-prices-biden-green-energy-labor-department-2b4ea2cb\" target=\"_blank\" rel=\"noreferrer noopener\">reported <\/a>by the WSJ.<\/p>\n<p>Another significant factor contributing to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texans-cant-lose-power-for-nonpayment-orders-utilities-commission\/\" title=\"Texans Can\u2019t Lose Power For Nonpayment, Orders Utilities Commission\">high electricity rates<\/a> is the financial burden placed on consumers due to the government&rsquo;s green energy mandates. Utility companies have had to incur substantial costs to upgrade their systems in compliance with these mandates. For instance, they are expected to <a href=\"https:\/\/www.wsj.com\/articles\/electricity-prices-biden-green-energy-labor-department-2b4ea2cb\" target=\"_blank\" rel=\"noreferrer noopener\">spend<\/a> a staggering $370 billion to upgrade their network to meet the Biden administration&rsquo;s electric truck mandate. This cost is likely to be passed on to consumers, making home charging for electric vehicles a costly endeavor. A study by the Anderson Economic Group <a href=\"https:\/\/www.detroitnews.com\/story\/business\/autos\/2024\/02\/26\/ev-study-anderson-economic-group-lower-gas-prices-ice-affordability\/72744401007\/\" target=\"_blank\" rel=\"noreferrer noopener\">reveals<\/a> that the fueling cost of a gas-powered car is actually lower than that of an electric vehicle, underscoring the direct effect on households.<\/p>\n<p>Besides the difficulty of charging, young Americans are realizing that owning EVs does not make much economic sense. The Kelley Blue Book <a href=\"https:\/\/www.nerdwallet.com\/article\/cars\/car-shopping\/electric-cars-vs-gas-cars#:~:text=According%20to%20automotive%20data%20company%20Kelley%20Blue%20Book%2C,that%E2%80%99s%20%247%2C952%20less%20than%20a%20new%20electric%20car.\" target=\"_blank\" rel=\"noreferrer noopener\">estimates<\/a> that the average price of a new gas car in January 2024 is $47,401, nearly $8,000 cheaper than the average price of new EVs of $55,353. Furthermore, it costs more to maintain EVs. The average <a href=\"https:\/\/www.self.inc\/info\/electric-cars-vs-gas-cars-cost\/\" target=\"_blank\" rel=\"noreferrer noopener\">annual maintenance cost<\/a> (i.e., insurance, taxes, gas, charging) of an EV in the U.S. is&nbsp;$4,856, compared to&nbsp;$4,107 for a gas car. Significantly, the average cost of insurance for an EV has increased by 58.1 percent from 2021 to 2023, compared to a 1.2 percent increase for gas cars.<\/p>\n<p>Used EVs also lose value faster than gas cars. A <a href=\"https:\/\/www.iseecars.com\/off-lease-car-deals-study?_isctk=l29mzi\" target=\"_blank\" rel=\"noreferrer noopener\">study<\/a> by iSeeCars finds most three-year-old electric vehicles (EVs) generally lose 52 percent of their price tag, compared to 39.1 percent of gas vehicles. One of the top reasons is that the federal and state governments&rsquo; financial incentives, i.e., tax credits and rebates, make it more attractive to purchase new EVs than used ones. Thus, used EVs depreciate faster due to a lack of demand. This is another ironic example of how a government policy that is supposed to accelerate EV adoptions ends up hurting it. &nbsp;<\/p>\n<p>Young people between 18 and 29 were once the <a href=\"https:\/\/www.statista.com\/statistics\/1277794\/electric-vehicle-purchase-likelihood-in-the-us-by-consumer-age-group\/\" target=\"_blank\" rel=\"noreferrer noopener\">most likely<\/a> to purchase EVs. However, they are also the age group that has suffered the most economically under Joe Biden. According to a WSJ <a href=\"https:\/\/www.wsj.com\/articles\/young-voters-no-longer-get-a-charge-out-of-the-biden-presidency-565e6241?st=y00ryzqg1ndq23x&amp;reflink=desktopwebshare_permalink\" target=\"_blank\" rel=\"noreferrer noopener\">report<\/a>, &ldquo;unemployment among college grads between 22 and 27 was&nbsp;4.7 percent in March &mdash; about the same as in autumn 2008 &mdash; compared with 3.7 percent for all workers.&rdquo; Among those college grads who were lucky to find work, more than half of them are <a href=\"https:\/\/www.insidehighered.com\/news\/students\/academics\/2024\/02\/22\/more-half-recent-four-year-college-grads-underemployed\" target=\"_blank\" rel=\"noreferrer noopener\">underemployed<\/a>, meaning their jobs don&rsquo;t require a four-year degree.<\/p>\n<p>In this high-inflation economic environment <a href=\"https:\/\/oversight.house.gov\/release\/hearing-wrap-up-biden-admin-ignored-warnings-that-trillions-in-spending-would-damage-the-economy-and-spur-inflation%EF%BF%BC\/\" target=\"_blank\" rel=\"noreferrer noopener\">caused<\/a> by the Biden administration&rsquo;s excessive spending, many young people find that the traditional path to financial independence and homeownership has become <a href=\"https:\/\/thefederalist.com\/2024\/04\/16\/how-bidenomics-shattered-the-american-dream-of-homeownership\/\" target=\"_blank\" rel=\"noreferrer noopener\">unattainable<\/a>. Since young people are already pinching pennies, it is natural to ditch EVs and choose gas cars because it is economically sensible. When you have difficulty paying rent and putting food on the table, climate change can wait.<\/p>\n<p>The Biden administration has failed to recognize its policy failures. In March, the Environmental Protection Agency <a href=\"https:\/\/www.wsj.com\/articles\/joe-biden-electric-vehicle-mandate-gas-powered-cars-2032-epa-c2a72414\" target=\"_blank\" rel=\"noreferrer noopener\">rolled out<\/a> new emission standards, amounting to an EV mandate that seeks to cap the sales of gas-powered cars at 30 percent of auto sales by 2032. The only way voters can ensure their concerns are heard is through the ballot box this November.<\/p>\n<hr>\n<div>\n<p>      Helen Raleigh, CFA, is an American entrepreneur, writer, and speaker. She&#8217;s a senior contributor at The Federalist. Her writings appear in other national media, including The Wall Street Journal and Fox News.  Helen is the author of several books, including &#8220;<a href=\"https:\/\/www.amazon.com\/Confucius-Never-Said-Helen-Raleigh\/dp\/1499185278\/ref=sr_1_1?dchild=1&amp;keywords=Helen+Raleigh+Confucius+Never+Said&amp;qid=1606079469&amp;sr=8-1\">Confucius Never Said<\/a>&#8221; and &ldquo;<a href=\"https:\/\/www.amazon.com\/Backlash-How-Chinas-Aggression-Backfired\/dp\/1736008501\/ref=tmm_pap_swatch_0?_encoding=UTF8&amp;qid=1606006113&amp;sr=8-1\">Backlash: How Communist China&#8217;s Aggression Has Backfired<\/a>.&#8221; Her latest book is the 2nd edition of <a href=\"https:\/\/www.amazon.com\/Broken-Welcome-Mat-unAmerican-immigration-ebook\/dp\/B0C44QSPJ9\/ref=sr_1_3?crid=3HFXEVT236ZRW&amp;keywords=The+Broken+welcome+mat+book&amp;qid=1683127487&amp;sprefix=the+broken+welcome+mat+book%2Caps%2C135&amp;sr=8-3\">&ldquo;The Broken Welcome Mat: America&rsquo;s UnAmerican immigration policy, and how we should fix it.&rdquo;<\/a>   Follow her on Parler and Twitter: @HRaleighspeaks.<\/p>\n<\/div><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After taking office, President Joe Biden set a target for 50% of new vehicle sales to be electric vehicles (EVs) by 2030. He has invested billions in subsidies to boost the EV industry. Despite these efforts, it appears Biden will likely miss his EV goal<\/p>\n","protected":false},"author":536,"featured_media":2286856,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/thefederalist.com\/wp-content\/uploads\/2024\/06\/EV.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[33452,33451,33453],"class_list":["post-2286855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-buyers-remorse","tag-electric-vehicles","tag-sustainable-transportation"],"fifu_image_url":"https:\/\/thefederalist.com\/wp-content\/uploads\/2024\/06\/EV.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2286855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/536"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2286855"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2286855\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2286856"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2286855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2286855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2286855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}