Circumstances
The past few years have been tough for the EV industry; some of the causes stem from the removal of government incentives, leading to a gradual decline in sales and to major EV plans being paused or, in some cases, stopped altogether.
An unforeseen event has somewhat tipped the scales back in favor of EV mobility. Circumstances dictated by the sudden, sharp rise in fuel prices brought about by the Middle East conflict are prompting people to crunch the numbers.
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EVs are the Economic Choice?
A report byAutomotive News cites a study by Coltura, a Seattle-based non-profit group. This analysis considers the current factors affecting gas prices, since prices have surged by more than 30 percent since February, with the national average rising from $3.41 in March to $4.14 in April. According to Coltura, people who switch from gasoline to EVs can save as much as $1,805 per year on fuel and maintenance.
Going further, Coltura says these prices will remain high and volatile due to disruptions to safe passage through the Strait of Hormuz, which is considered one of the world's most vital oil routes.
The policy director at Coltura, Rob Sargent, said that to get the $1,805 savings, they accounted for the fact that the average U.S. driver accumulates 15,000 miles a year. Interestingly, the more you drive, the more you save, computing someone who does 25,000 miles rendered assumed savings of $3,008 a year.
In fact, there is even a free calculator by Coltura that you can use to simulate some of the savings. In it, you can enter vital data to inform your thinking about EV savings versus gasoline. It'll ask you for your average yearly miles, how much you spend on fuel, and even car payments.
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Used Is the Way To Go
A key factor deterring people from buying EVs is also the high prices they usually command. Sargent admits that a large portion of the population can't afford brand-new EVs, but is quick to point out that there are many affordable used options available to everyone.
Sargent also says that further ignoring the EV shift could be bad for the U.S. economy and could lead to a future in which all Americans have no choice but to overpay for fuel. The Trump administration has dealt some vital blows to the EV industry, repealing the $7,500 tax credit and even suing California for its own emissions standards that go against the administration's policy.
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