{"id":119586,"date":"2021-08-09T18:40:02","date_gmt":"2021-08-09T18:40:02","guid":{"rendered":"https:\/\/fin2me.com\/?p=119586"},"modified":"2021-08-09T18:40:02","modified_gmt":"2021-08-09T18:40:02","slug":"electric-cars-for-everyone-not-unless-they-get-cheaper","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/electric-cars-for-everyone-not-unless-they-get-cheaper\/","title":{"rendered":"Electric Cars for Everyone? Not Unless They Get Cheaper."},"content":{"rendered":"

SAN DIEGO \u2014 Robert Teglia bought a Tesla Model 3 sedan even though he knew it cost more than many luxury cars. He didn\u2019t particularly care that it might be better than the others for the environment.<\/p>\n

Mr. Teglia, a commercial real estate appraiser in San Diego, tallied the costs of a gasoline vehicle and a Tesla, and he realized that even after paying more to buy a battery-powered car, he would end up saving money on gas and maintenance.<\/p>\n

\u201cI\u2019m a Tesla buyer who didn\u2019t buy it for altruistic reasons,\u201d Mr. Teglia said. \u201cI bought it just because I think it\u2019s awesome.\u201d His wife, Dianne, bought one, too.<\/p>\n

Their decision illustrates the challenge President Biden and automakers face as they push Americans to go electric to help address climate change. These cars cost much more than gasoline vehicles, which can deny the thousands of people who would want to buy an E.V. \u2014 regardless of reason \u2014 to be able to actually purchase one.<\/p>\n

At the high end, a Tesla Model S starts at more than $80,000, and at the low end, a Chevrolet Bolt starts at $31,000 \u2014 nearly $10,000 more than a larger gasoline-powered sedan like the Chevy Malibu.<\/p>\n

A federal tax credit can lower the sticker price by as much as $7,500, but it no longer applies to Tesla and General Motors models. In addition, some Americans do not owe enough in income taxes to take advantage of the credit, and others can\u2019t manage to pay thousands of dollars in anticipation of a refund the following year.<\/p>\n

As a result, many Americans cannot buy one E.V., let alone two like the Teglias, because they cannot make the large investment needed to reap savings that the cars can deliver on fuel and repairs.<\/p>\n

Mr. Biden said last week that he wanted half of new cars sold in the country to be battery-powered by the end of the decade. But that ambitious target could be hard to meet. Less than 4 percent of new cars sold in the United States in June were electric, a far lower rate than in China and Europe, which offer more generous incentives and have stricter auto regulations.<\/p>\n

The Biden administration wants to invest billions of dollars to build charging stations for E.V.s and to lower the vehicles\u2019 cost. But the bipartisan infrastructure bill in the Senate would authorize only $7.5 billion for chargers, half of Mr. Biden\u2019s original request, and it does not expand incentives for E.V. purchases.<\/p>\n

The Transition to Electric Cars<\/h4>\n