Car dealerships could win big in the Biden administrationβs push for electric vehicles (EV) due to their greater need for repairs and short lifespans, the Wall Street Journal reported Friday.
EVs spend much less time on the road before being replaced compared to gas vehicles due to battery degradation, insurers often preferring to replace EVs rather than repair them and rapid technological advancement, according to the WSJ. More frequent car replacements and higher repairs as more EVs hit the road could mean more sales for car dealerships.
Improving efficiency among newer EV models could be one factor that pushes more people to feel the need to replace their EVs after just a few years, according to the WSJ. The average age of gas cars on the road has hovered around 12 years since 2015, whereas the average age for EVs sits around four years. more here
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