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My current vehicles are paid off and have minimal trade-in value, plus registration is cheap due to their age. Even at $10 a gallon I would be money ahead to stick with what I've got.
People aren't going to suddenly go out and buy an EV under any circumstances. It isn't worth it. They are unaffordable for most people and impractical for anything other than short around-town driving. And that's IF you can even find one.
A hybrid is a better option, and you can't hardly find those either.
My current vehicles are paid off and have minimal trade-in value, plus registration is cheap due to their age. Even at $10 a gallon I would be money ahead to stick with what I've got.
Another factor to buying new or nearly new if your current vehicle is paid off is a reduction in insurance rates because of safety features in certain new or nearly new vehicles. Some vehicles have a higher insurance rate because of high theft in the area as well as other factors. Calling the insurance company before purchase today is a must.
Another factor to buying new or nearly new if your current vehicle is paid off is a reduction in insurance rates because of safety features in certain new or nearly new vehicles. Some vehicles have a higher insurance rate because of high theft in the area as well as other factors. Calling the insurance company before purchase today is a must.
I pay $30/month for two vehicles, I don't see that going down if I buy something new or nearly new.
I pay $30/month for two vehicles, I don't see that going down if I buy something new or nearly new.
Unfortunately I live in Louisiana which has some of the highest auto insurance rates in the country. Ours is $128 per month. Wife and I are in our 50s.
I don't think $5 gas is gonna hurt yet but I think probably close to $10 it will seriously hurt people who daily drive pickups and big SUVs. I have a Tesla and SUV, I only drive the SUV on the weekends. DD my Tesla it cost me under $20 to charge full.
That is a tough one. I used to have a 80mph go fast boat, so I'm used to paying a lot for gas. I'm really not sure, though. To get rid of my truck, I'd have to also sell the snowmobiles, ATV, SxS, and pontoon boat since I won't have anything to transport them with.
I probably going to say I wouldn't. I work from home full time, and the wife will most likely be replacing her lease next year with an EV, so for the couple times a month we take the truck to our rural cottage 260 miles away I'd just deal with it.
My 8.1 liter Suburban 2500 is my tow rig and workhorse. It's paid off. But it gets 10 mpg and has a 35 gallon tank. It costs about $150 to go 300 miles in it, using regular grade fuel.
My MINI Cooper uses premium fuel, but gets over 30 mpg. It costs me right now about $50 to go 300 miles in it.
My Bolt has a 66kWh battery that costs about $6.60 to "fill" and goes 300 miles on that. If electricity cost doubled, it would be about $13 to go that 300 miles. I'm glad it's my daily driver.
Sad for those locales that have deregulated their electrical grid. Most places, electricity is a regulated utility and can't raise rates willy-nilly. Mine has been at 10c/kWh for a decade. Not going to get changed soon, as it's not publicly traded by speculators as a global commodity subject to the whims of supply and demand.
Which brings us to another issue: oil is traded as a commodity by speculators and commodities traders. For something that is a national security issue, that's a problem.
Electricity doesn't have that issue, and had no problem accommodating the massive increase in demand a couple decades ago when residential and commercial AC became commonplace. It didn't have a problem accommodating the ~100 TERAWATTS of added demand that bitcoin mining has added over the last 5 years. What makes you think that it won' t have a problem accommodating the relatively minor addition of EVs charging primarily at night when electricity demand is lower anyhow?
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