Is it time for an Electric Vehicle, EV? - 258

My friends in Marquette say, “Yes!”

The long answer, they admit, is a little more complicated but can be simplified by doing an analysis. Just log how you use your current vehicles. They found over 90% of their vehicle use was running errands around town.  Their average round trip was 20 miles. Given their math, a (used) 2017 Nissan Leaf with 120 miles of range was all they needed for their “town car.” They have had it for four years and love it! It is so quiet that they can hear the birds while driving. There are no oil changes. It costs about $5 to “fill up” from zero. They have had NO repairs in four years. Occasionally, they admit, they go to gas stations…. for washer fluid and traveling snacks! They use their old minivan (28 mpg) for more extended travel. Since the Leaf was cheap to buy and they are saving money by charging, they may not replace the internal combustion engine (ICE) minivan when it starts to fail. They may just rent for long trips. Since they will not have to maintain an internal combustion engine nor pay for insurance on a second vehicle, by their calculations, they will still be saving money. They are happy with their EV. It is, as they say, “The way to go!”

The Bolt might be your vehicle if you want a new, economical, made-in-Michigan clean car. The Bolt is being built with the same spirit Henry Ford made the Model T. It is a vehicle built to be affordable. As a result, not only is the purchase price the lowest of all new EVs, it is also cheap to power and requires little maintenance.

Three of my friends purchased bolts in 2017. All are happy. Even though they are pleased with their purchase, they are straightforward with their assessments.

 “I still love my 2017 Bolt.”, said my Houghton Friend. “I got a brand-new battery with the recall after five years, so it runs like new. It's silent; I can sneak up on foxes and coyotes by the side of the road and they just look at me.  I never have to inhale benzene at a gas pump or worry about oil changes. 

I charge in my garage overnight once or twice a week and never notice gas prices. It's been fine in winter (though with a somewhat decreased range, 170 instead of 250 miles).

No oil changes, no mufflers, no fuel filter, fuel pump, air filters, gas lines, distributor cap, or the myriad other things I've had to fix on ICE cars. I think once battery ranges reach 500 miles, nobody will want an ICE car. With 500 miles, you can drive a full day, then charge at night.”

 

Charging is something to consider. If you will only be charging at home, there is no charging issue. Even if your only electrical access is your standard home 120-volt outlet, this is all you need. But as a bonus, if you buy a new Bolt, Chevrolet covers much of the expense for a 240v fast charger.  

 

Charging away from home is becoming easier. Recognizing the ability to attract and serve customers, many stores like Seven-Eleven, Meijer, and Walmart have committed to installing charging stations.

 

The fast-charging station goal, funded and established via the Inflation Reduction Act, is 500,000 public charging stations by 2030.  Currently, Chevrolet says there are now 40,000 charging stations. Until the new charging stations are installed, a wise EV owner will need to plan ahead.

 

The Bolt’s range, as measured by the EPA is 259 miles. Unfortunately, battery-delivered mileage decreases in the winter. When temps go subzero, my friends plan to charge at home or at a charging station within 170 miles.

 

Eligibility for the Federal Tax Credit was an important issue for all EV manufacturers this week.  The Inflation Reduction Act applied some tough new rules to be eligible for the tax credit. Only eleven vehicles secured the full 7,500-dollar tax credit. The Bolt, and the whole Chevrolet lineup, made the cut. Being eligible for the new IRA tax credit depends on two things. First, the final assembly of the vehicle must be in the USA. Second, the minerals for the EV battery must be primarily sourced in North America.

These goalposts aim to create not only North American Jobs but also to ensure a safe domestic supply chain of essential minerals for batteries.

 Many believe EVs are only for the rich, but the Bolts are one of the most affordable cars on the market. The entry-level Bolt is priced at $26,500. My friends in Eau Clair added enough features to run the price up to $30,000. When you subtract out the 7,500 dollars, their cost to drive a Bolt off the lot was $22,500. That is very competitive even when compared to most economy ICE vehicles. If you add the fact that gas at a pump is set by Arabs across the ocean, now at $3.50 a gallon or more, your budget may do better with an EV. Currently, battery charging costs, to attain the energy equivalent to a gallon of gas, costs just over a buck.

 

There are qualifications to receive an EV federal tax credit. For example, if you are single and earn over 150,000 dollars a year or married and earn over 300,000 dollars a year, you do not qualify.

 

Also, through this year, to take full advantage of the tax credit, you must owe the IRS at least 7,500 dollars in taxes. Mercifully, next year you will be able to take the $7,500 straight off the price at the dealership. This will significantly simplify a purchase. In any case, be sure to do your research and your calculations.  But do not wait too long. My friends in Eau Claire had to wait six months for their Bolt.  Volkswagen has already sold all its ID.4s for 2023.

 

Here are the eleven vehicles qualifying for the total rebate:

EVs: Cadillac Lyriq. The Chevrolet Blazer, Bolt, Equinox, and Silverado. The Tesla Model 3 and Model Y, the Ford F-150 Lightning, and the Volkswagen ID.4. For folks with range anxiety, there are two Hybrid Plug-in alternatives: The Chrysler Pacifica and the Lincoln Aviator Grand Touring.

 

I have saved the best for last. One EV-driving friend has, over the last few years, purchased three used electric vehicles in St. Petersburg, Florida, at Maher Chevrolet. Maher Chevrolet often buys Bolts as loaners so people who come to have maintenance done on their ICE vehicles will have transportation while their fossil fuel cars are repaired.  Eventually, these Bolts are sold discounted as used vehicles. This is a good deal to start with, but now, thanks to the Inflation Reduction Act (IRA), the federal government offers a $4,000 tax credit if you and your potential new (used) ride qualify! So here is a chance to economically justify your Florida Vacation!

When buying your next vehicle, may the electrons be with you.

To learn more, go to IRS.gov and search:

New clean vehicle credit, or

Used clean vehicle credit,

RewiringAmerica.org

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