F Jun 2024 6.000 call

How EVs are making car ownership more affordable

A new note from Bank of America points to the "all-in" cost of vehicle ownership — which includes high interest rates, insurance, and maintenance costs — as a factor behind the flattening of car sales. Autoblog Editor-in-Chief Greg Migliore joins Wealth! to discuss how electric vehicles could be the more affordable option. Migliore notes that charging is becoming more attractive to consumers than gas, especially when incentives, like rebates and subsidies, are available for home chargers. He adds that EVs often have fewer maintenance costs than gas vehicles, which could resonate with many American drivers. As more EVs hit the roads, Migliore says the industry is moving "beyond that early adopter phase." He explains that the EV market will grow as more variations become available, offering consumers more options, from trucks to sedans. For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Melanie Riehl