{"id":2286966,"date":"2024-07-01T09:15:59","date_gmt":"2024-07-01T13:15:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dont-want-buyers-remorse-dont-get-an-electric-vehicle-2\/"},"modified":"2024-07-01T09:18:36","modified_gmt":"2024-07-01T13:18:36","slug":"dont-want-buyers-remorse-dont-get-an-electric-vehicle-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dont-want-buyers-remorse-dont-get-an-electric-vehicle-2\/","title":{"rendered":"Don&#8217;t Want Buyer&#8217;s Remorse? Don&#8217;t Get 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\">18<\/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-2%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=2286966&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>E noopener&#8221;>out \u200dof reach<\/a>. These\u2062 harsh realities\u2064 devastatingly collided\u200d with President Biden&rsquo;s\u2064 misguided EV policies, causing young Americans to rethink their early \u2064decisions to purchase EVs.<\/p>\n<p>President\u2062 Biden&rsquo;s EV mandate is facing significant\u200c challenges. \u200bThe difficulties \u2063surrounding charging and the soaring\u200c costs of ownership\u200b and\u2062 maintenance have caused young \u2063Americans to reconsider their initial enthusiasm for electric cars. \u2064Moreover, \u200dthe economic downturn under the Biden administration is an added blow to young people&rsquo;s financial capability to afford EVs. \u200bInstead of force-feeding policies that do more\u2064 harm than good, it&rsquo;s time for the Biden administration to take a\u2062 step back and reassess its\u200c priorities.<\/p>\n<\/p><\/div>\n<p>President Biden set a goal of \u2063having 50% of all new\u2062 vehicle sales be electric cars by 2030, but it is likely that he will miss this target due to challenges with charging\u200b and soaring costs. As \u200bthe government has invested billions\u2062 in subsidies \u200cfor the electric vehicle\u200d sector, young\u2062 Americans who initially bought into the trend have suffered from \u200dbuyer&#8217;s remorse. This \u200bis caused by the difficulty of charging EVs and the increase in electricity prices since Biden \u2064took office. \u2063The government&#8217;s\u200b focus on \u2062clean energy policies has led to\u2063 the closure of affordable and reliable \u200bfossil fuel\u200b and nuclear plants\u200c while resulting in premium prices for solar and \u2062wind energy. This has also led to a surge in electricity prices. Additionally, young Americans starting \u200dout in the workforce have also been hit by the economic downturn under Biden&#8217;s administration, making it\u2062 harder\u2063 for them to afford \u200cEVs. The \u200bhigh\u200b cost of ownership and maintenance, as well as the faster depreciation\u2064 of used EVs, has caused many young people to rethink\u200c their decision to \u2064purchase an electric car. This calls for the Biden administration to reassess their priorities and policies.  <\/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 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-energy-secretary-on-gas-crisis-if-you-drove-an-electric-car-this-would-not-be-affecting-you\/\" title=\"Biden\u2019s Energy Secretary On Gas Crisis: If You Drove an Electric Car, \u2018This Would Not Be Affecting You\u2019\">gasoline-powered car<\/a>, 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 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dont-want-buyers-remorse-dont-get-an-electric-vehicle\/\" title=\"Avoid Buyer&#039;s Remorse: Think Twice Before Buying an Electric Vehicle\">college friends recently embarked<\/a> on a cross-country trip 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 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/amber-waves-of-pain-thanksgiving-dinners-will-be-20-more-expensive-this-year\/\" title=\"Amber Waves Of Pain: Thanksgiving Dinners Will Be 20% More Expensive This Year\">significant factor contributing<\/a> 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>Target.<\/p>\n<p>President Biden set a goal for 50% of new vehicle sales to be EVs by 2030, but his efforts to achieve this, including investing billions in subsidies, may fall short<\/p>\n","protected":false},"author":536,"featured_media":2286967,"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":[546],"tags":[24108,5847,3951,3882,33467],"class_list":["post-2286966","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist","tag-adventure","tag-explore","tag-travel","tag-vacation","tag-wanderlust"],"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\/2286966","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=2286966"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2286966\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2286967"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2286966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2286966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2286966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}