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Biden: Buy an Electric Car, Save $80 Per Month — It’ll Take 63 Years for the Savings to Pay for the Car

On Thursday, President Joe Biden told Americans he was going to be “honest” with us and assured us that we would save $80 a month if only we bought a new electric car.

Oddly, he somehow forgot to mention how long it would take to pay off that car to get to the point where that “savings” would finally kick in.

Speaking from the South Court Auditorium at the Eisenhower Executive Office Building in Washington, D.C., Biden gushed about the technology of the “next generation of electric vehicles” and claimed that they would be a boon for Americans.

Under his “plan,” Biden crowed,”a typical driver will save about $80 a month from not having to pay gas at the pump.”

What a wonderful savings. That is a whole $960 a year. But there is a big problem with realizing this fantastic savings Biden has “planned” for us.

One has to buy and pay off a new car before any “savings” it might offer can be realized.

According to NBC News, the average purchase price of an electric vehicle in February of this year was $60,054.

But, according to the New York Post, it was even higher.

Citing Kelly Blue Book, the Post reported that “the average price of a new electric vehicle in February was $64,685.” (NBC cited data from “Edmonds,” but we think they meant Edmunds.)

That is a huge hike over the average prices that everyday Americans are paying for cars today, the Post said, adding that the cost of an electric car is “nearly 2.5 times the average price of a new compact car ($26,196), almost twice the average cost of a new compact SUV ($33,732), and 52% more expensive than the average sports car ($42,555).”

Also, just going by Biden’s “savings,” if you spent at least $60,000 on your electric car, your $960 annual savings would take 62 years, six months, and two weeks to get to the break-even point on the price of that car.

The inconvenience of charging an electric vehicle was also ignored Biden’s “savings” calculation. A depleted battery will leave you searching for a charging stations that are not only much fewer in number than gas stations, but also leave you at the mercy of charging speeds that could mean hours of waiting until you are back on the road.

Then we have to figure in the geopolitical costs. EVs are manufactured using many of the rare earth elements that come from China. Greater manufacturing and use of EVs necessarily enriches China, the most oppressive nation on earth.

There is also the dirty secret that neither Biden, nor any other greenie Democrat wants to talk about: Pervasive use of EVs means not only higher taxes, but brand new taxes imposed on many of us.

Drivers pay a per-gallon gasoline tax to pay for the roads. If fewer people are buying gas and paying that tax, government will look for new revenue sources.

One proposal has that revenue coming from a mileage tax. And with a tax like that, we are giving the government a brand new way to tax us — not to mention track us with the government-owned devices installed in our cars to tally the miles we drive.

Finally, it will also be a blow to the used car market.

The EV industry says that EV battery packs — which cost between $5,000 and $20,000 to replace — last between five and 20 years. Who would want to spend $15,000 to $20,000 on a used EV only to expect to have a $20,000 battery replacement repair bill looming over your head?

It just wouldn’t be worth buying a used EV, and that is yet another stealth cost on American consumers who will be forced to keep buying new cars instead of paying one-third the cost for a reliable used car.

No wonder GM has committed to phasing out gas-powered cars and going to exclusively zero-emissions vehicles by 2035.

With all these factors added into the reckoning of buying an electric vehicle, Joe Biden’s $80 monthly savings easily gets lost in the shuffle — like most things do over the course of 63 years.

  • Homemaker says:

    Wonders if they can do Conversions like a Lincoln Continental I had from Gas to Propane they can take cars and turn any gas car into an electric can’t see why not just something to consider

  • Stephanie says:

    Biden has a problem with comprehension and no one wants to enlighten him. I saw that electric cars range in cost from $40,000-$60,000 and up. In 2020, according to one site the average American’s annual salary was $41,950 pa. Unlike living in the White House, we have expenses like rent, mortgage, taxes, utilities, groceries, healthcare, car insurance, necessities, and maybe once in awhile entertainment. I guess the majority of us will have to ride electric bicycles, and those can cost over $2,000. What about running blackouts to prevent power outages? Are the millionaires and billionaires going to give up their private jets, limousines, yachts? Is our military going to rely on electric vehicles and hope that other countries have lots of charging stations? Be realistic, a majority of citizens today can’t afford new cars, how are they going to afford electric cars? Are you forcing them to use unreliable public transportation? Has he ever heard of Hybrid cars? So a $50,000 electric care saves you $80 a month(probably at today’s gas prices). Great, that doesn’t even cover most weekly grocery bill.

  • Herman Vogel says:

    What he is NOT saying is, Insurance on a $60K+ EV is HIGHER because of the problems they create. House Fires is just one. Also, if you have a lot of rain or drive through high water they WILL leak into the electronic and Battery compartments. Not to mention if you use a Super Charging Station, those Damage the battery and some electronic parts and shorten Battery Life. Which will cost you up to $24,000 to replace. Add to that, The mileage problems topping out at just 300 miles per charge. And that’s on a FLAT SURFACE with NO head winds, stop and go traffick, etc. Imagin having to rent a hotel room every 300 miles when driving across country or visiting another state just to Recharge the Battery. Not to mention the fact and a lot of people drive in excess of 200 miles a day for work or other reasons. Which means you will have to RECHARGE every day or day and a half. Costing you $$$$$$$ on your electric bill. And, that’s not saying anything about our Electric Grid which is already failing without more power draining “EVs” to recharge. This is a complete FARCE. Sadly, these people KNOW IT. Look this up on Youtube about these vehicles and the problems that are already happening with EV less then one yeat old.

  • alurker says:

    but with Bidenflation, that $64k car loan will just melt away. and the $80/mon ‘savings’ will skyrocket. hahahaha

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