States and countries are putting bans in future EV sales. Car companies are quickly transitioning over to EV cars. Eventually car companies won’t even make gas cars, then there will be country wide bans on sales of new gas cars.
For example New York state put a ban on all gas stoves and furnaces in newly built homes.
I saw news reports that a EV battery costs $12,000, $18,000, $24,000 - $30,000. This is due to all the rare earth metals like lithium that has to be mined in other countries like Asia.
Due to the rarity of materials in the EV batters and the huge size of the battery, and the complexity of the installation, is this going to basically price people out of buying used cars?
If you see a affordable Jeep for $8,000…and the battery is worn out and all you have is a 50 mile range, and the cost of replacement costs $11,000…then that car is $19,000…and there fore not affordable.
So all used cars will be $15,000 - $25,000…and you will be stuck with monthly car payments of $500-$700/month including insurance.
We could be facing a future where the cheap car in cash is over and everyone has to make car payments.
Heres some math for you:
My previous car was a 2020 VW Tiguan S. 2.0 Turbo with 8 speed DSG auto transmission. In the summer I routinely got 28 mpg. Fuel prices around here have been varying between $3.30/gallon to $3.80/gallon for the lowest octane option. Cost to drive this car for 100,000 miles solely in gas purchase:
100,000 miles / 28 mpg = 3,571.42 gallons. Cost range = $11,787 to $13,571. Figure an oil change every 5k to 7.5k miles. If I do the labor it costs me about $60 for parts. using 7.5k miles per oil change thats 13.3 oil changes for a cost of $800. If we ignore any other transmission servicing, engine aux maintenance (alternator, serpentine belt, tensioners, coolant hoses, water pumps, ps pumps etc). I’d be looking at $12k to $15k to drive the Tiguan 100,000 miles.