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Electric Car Owners Paying a Whopping $17/Gallon Equivalent, Says Research

Electric vehicles (EVs) were once billed as the future, a quick and eco-friendly way to zoom into a new era of transportation. But lately, the EV excitement seems to be cooling down, and there’s some serious talk about the real costs behind these supposedly greener wheels.

Big players like General Motors and Ford seem to be taking a step back from their electric dreams. GM postponed its EV lineup, and Ford held back a whopping $12 billion from EV investments. Hertz, too, slowed down their fleet’s electrification, pointing fingers at weak resale values. Even Tesla, the EV juggernaut, is in a price tussle, trying hard to win over hesitant buyers.

EV Sales Increase, But at What Cost?

Sure, there’s data showing a spike in EV sales, making up almost 8% of total car sales in the last quarter. But here’s the kicker: people’s interest in these electric rides is kind of lukewarm. Only about 67% of folks in a recent poll were open to buying an EV. Compare that to 86% last year—there’s a clear shift happening.

What’s causing the chill? Well, price is the big villain here, according to the experts. Tesla’s slashing prices left and right for a reason. Turns out, when it comes down to it, money matters most. People are more concerned about their wallets than the cool tech or charging times.

And it’s not just the cost; it’s also about where to charge these cars. Folks with garages can easily juice up their EVs, but what about the rest who don’t have that luxury? They need better charging spots and longer ranges to feel the EV love.

Survey Says…

Then there’s this new study from Texas Public Policy Foundation stirring the pot. They say owning an EV could cost you as much as $17.33 per gallon of gasoline! How come? They’re talking about hidden costs like subsidies, tax breaks, and the extra load EVs put on the electric grid. It’s like when you buy a gallon of gas, you’re not just paying for the gas itself, but the whole system behind getting it to you. They argue that EV owners should pay up more in fuel taxes since their cars are heavier and put extra pressure on roads.

But hold on, there’s another side to this tale. Some say electrifying all cars in the U.S. won’t need a massive electricity jump. It might just need a 6% boost in generation if a quarter of all vehicles are electric by 2032. And guess what? EV charging barely makes a dent in the grid’s load during peak hours.

Still, these reports miss out on the subsidies given to fossil fuels, which, by the way, hit a staggering $7 trillion last year! Scrapping those subsidies could save lives and help cut down on carbon emissions. EVs might be cleaner to drive, but the raw materials for their batteries pose environmental and ethical challenges. Cobalt and lithium mining have their fair share of concerns, from groundwater use to hazardous waste.

So, while EVs promise a greener future, their current price tags and the footprint left behind by their batteries raise some serious questions about whether they’re really as green as they seem.

Author: Madison Cates

Title: Managing Editor


Research journalist, Freelance writer, Managing editor

  • Expertise: automotive content, trending topics.
  • Education: LeTourneau University, Bachelors of Science in Business Administration.
  • Over 400 articles and short news pieces published across the web.

Experience: Madison Cates is a journalist located in the great state of Texas. She began writing over eight years ago. Her first major research piece was published by the Journal of Business and Economics in 2018. After growing up in a household of eight brothers and a dad who was always restoring old Camaros, she naturally pivoted her freelance career into the automotive industry. There, she found her passion. Her experience paved the way for her to work with multiple large corporations in automotive news and trending topics. Now, she now finds her home at Wealth of Geeks where she proudly serves as Managing Editor of Autos. Madison is always down to geek out over the latest beautiful cars on the market, and she enjoys providing her readers with tips to make car ownership easier and more enjoyable.

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