A new note from Bank of America points to the "all-in cost ownership" of vehicles, which includes high interest rates, insurance, and maintenance costs. 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 compared to gas vehicles, which could resonate with a lot of American drivers.
As more EVs are hitting the roads, Migliore says that 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.About Yahoo Finance:
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