Hyperdrive
Does Switching Your Gas Guzzler for an EV Make Financial Sense?
- Insurance costs, removal of subsidies weigh on consumers
- Additional reasonably priced EV models expected by 2026
In the US, the lack of affordable models and higher interest rates on borrowed money are the main culprits slowing the adoption of EVs.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Up until recently, buying an electric car made sense to many people around the world, not just for environmental reasons, but also economic ones.
Now, the removal of EV subsidies and tax breaks in some nations, a lack of reasonably priced models, rising insurance premiums, high repair costs and fears about falling resale values have skewed the financial equation.