Do you like electric vehicles (EVs)? Do you also like being able to own your own car and go wherever you want whenever you want? Well, according to a new plan, you probably can’t have both. Crazy, right?
Buckle up, because this will be a BUMPY road, for both you and your Paycheck!
Here are Five Fast Facts on the latest EV proposal:
- 📈 The Push - The Environmental Protection Agency is about to propose new regulations that will force 54% of all new car sales to be EVs by 2030. That requirement increases to 67% by 2032.
- 🤏 The Landscape - Currently EVs account for only 7.2% of all US vehicle sales. That’s up from 5.8% last year, but still…numbers like that show that either EVs are too expensive, unwanted, or both. Naturally, that’s why Federal Authorities are doubling down!
- 💰 The Dollars Don’t Make Sense - New gas-powered cars cost an average of just under $46k, but new EVs cost an average of almost $59k - a whopping 30% more expensive! Also, a small detail: if you need to replace the battery in an EV, it’ll cost you anywhere from $5k to $20k! Paychecks cower in fear of that little repair.
- 😣 Bad For Motorists? - The cost of EVs is super painful – essentially out of reach – for everyone but the wealthy, and it’ll only get worse under these regs. Estimates suggest you need an income of at least $80k to have a shot at affording a loan to buy an EV. A full 53% of Americans earn less than that. In fact, the median income of 47 states is less than that.
- 😵 Maybe Good For Car Companies? - GM and Ford have lost billions on EVs (Ford will lose $3 billion this year alone.) Here’s the tricky part: even if this new EPA rule *actually* gets enforced, EV cars sales are projected to increase from tens of thousands to about 2-3 million vehicles a year. That’s a super realistic 2500% improvement in one year! Is that a sustainable business model?
🔥Bottom line: Why is it being forced upon us? Well, tbh, it’s not bad for everyone. Those who sit atop the financial pyramid like this because it doesn’t hurt them. Plus, it makes everyone else more dependent on bureaucrats for something as essential as, well, transportation. On the other hand, EVs are nice and efficient. But are we just trying to fix something that ain’t broken?
What do you think about these new regulations?
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