The Downside of Purchasing an Electric Vehicle (EV) - Why it Could be the Worst Investment Decision You Would Ever Make in Your Life

You can now get a $7,500 upfront discount for buying an EV

Washington Post Article By Nicolás Rivero,  April 27, 2024 at 8:00 a.m. EDT

For nearly 90,000 car buyers, one small change in U.S. tax policy meant thousands of dollars off the sticker price of their new EVs.

As of Jan. 1, Americans who buy certain electric cars can request the federal electric vehicle tax credit as an upfront discount. The government created the tax credit in 2022, but before this year, car buyers had to wait until tax season to get their money. Now they can just pay up to $7,500 less for certain new EVs, or $4,000 less for used EVs, at dealerships that have signed up to offer the discount.

The article goes on for another 16 paragraphs singing the praises of EVs without mentioning a single one of the FACTS I have included below that explains why purchasing an EV may be one of the worst decisions or “investments” you could ever make in your entire life.  To read the entire WaPo article for yourself to verify what I’m saying, follow this link:

https://www.washingtonpost.com/climate-environment/2024/04/27/ev-tax-credit-discount/?commentID=a419d491-b2e5-455e-9cbf-5371ee2ba471

Once again the WaPo omits key negative information in a story in an effort to support the Biden agenda of getting everyone riding around in an EV.  NBC News with Lester Holt on 26 April had a segment about EVs losing 32% of their value driving off the dealer’s lot compared to 3% for gas powered vehicles.

https://www.nbcnews.com/nightly-news/video/study-finds-electric-vehicles-lose-value-more-quickly-than-gasoline-powered-cars-209800261735

Despite the EV losing value almost 10 times more than gas powered vehicles, that’s not the main negative buyers say about EVs; it’s battery life. Also, that depreciation is accelerating as EV used car prices plummet. Presently only 7.3% of new car sales are EVs and that number is falling too as new EVs have been overbuilt so are stacking up on dealer lots.

According to data from Cox Automotive, parent of Kelley Blue Book, the average transaction price for electric cars was $53,469 in July 2023, vs. gas-powered vehicles at $48,334.

https://www.kbb.com/car-advice/how-much-electric-car-cost/

That means the average EV loses $17,110 in value driving off the dealer’s lot while the average gas powered vehicle only loses $1,450. When the average EV buyer is losing $15,660 more than if they had bought a gas car, the $7,500 Biden Government subsidy doesn’t begin to cover the loss. Also, Only 22 of the more than 110 EV models on sale in the United States are even eligible for the credit this year.

https://www.washingtonpost.com/climate-environment/2024/05/03/electric-vehicle-tax-credits-china/

These are some Facts you’ll never see in the WaPo thus validating their tag line: Democracy Dies in Darkness and the WaPo is Turning Out the Lights! There are “lies of omission” where a story is misleading because of what is left out and “lies of commission” where a story knowingly contains false information. Seems the WaPo is an expert at both types.