Joe Biden said in his State of the Union address that if you buy an electric vehicle (EV), you can save $80 in gasoline every month. Imagine that.
In August, the White House held an EV summit, inviting executives from GM, Ford and Chrysler but none from the world’s largest maker of EVs, Tesla.
Of the nation’s 290.1 million registered vehicles, only 1.7 million (0.58%) are electric. There aren’t many used EVs.
A new EV costs $42,000. Add 6% sales tax ($2,500), $250 for vehicle title, registration and new plates, and another $250 for the dealer’s privilege to sell you a car, and the total becomes $45,000. A $5,000 trade/cash payment makes the final cost $40,000.
With an average credit rating (680), finance rates are 3.6% so that EV cost is $720 over 60 months.
In five years, that EV will need batteries replaced (up to $10,000 or more) and brakes replaced ($1,500).
So, to save $80 per month in gasoline, Biden wants you to assume $720 in debt.
Question: Why is the national debt nearing $30 trillion?
Answer: Joe Biden is a better car salesman than he is a president.
David Scandrol
Lower Burrell