With many states and automakers making the shift toward electrification, infrastructure and affordability have been two of the major deterrents causing many Americans to steer clear of these non gasoline and diesel-powered cars.
While the price of an electric vehicle has slid from $65,000 two years ago during the peak of Covid to $57,000 this past quarter, the next phase of motoring continues to be out of reach for most Americans, especially being that the average transaction price of a new vehicle is approximately $48,000, according to Cox Automotive.
However, to combat this inequity in electric vehicle purchases, Washington State might become the benchmark for literally helping to level the playing field. Its no surprise that the 'Evergreen State' has designed a program to move all eligible drivers into an electric vehicle. They're just not focused on high-income owners. In fact, it's the first state to address payment sensitive car buyers with limited means.
The electric vehicle friendly state is determined to move its drivers into these electrified vehicles, following in the footsteps of California by banning the sale of all new non electrified vehicles by 2035.
In August 2024, under the leadership of Governor Inslee, the state introduced an instant electric vehicle rebate program that provides aggressive instant incentives toward the purchase and/or lease of a new or preowned electric vehicle for low-income drivers.
This is in addition to the money available from the federal government through the Inflation Reduction Act and/or incentives by the automaker or dealer. While the average new car payment is over $700 a month according to Experian Automotive, electric vehicle monthly payments in the state of Washington can be as low as $100 a month under this program.
Fast forward nearly two months later, the state is literally expected to exhaust the funds for the program due to its unexpected popularity.
Joining us to talk about the ground-breaking program, as well as the other measures the state has taken in terms of infrastructure, are Steve Hershkowitz, the managing director of Commerce's Clean Transportation Program, and Anna Lising, a senior climate advisor to the governor.
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