Transportation costs generally account for the second-largest household expenditure after housing costs. Additionally, households in the lowest-income cohort face the largest transportation cost burden, spending almost a third of their income on transportation. Having access to transportation is directly correlated to economic mobility.
One study conducted by researchers at Harvard University found that low-income families are less likely to become financially secure in areas with longer average commute times. With transportation expenses making up such a large portion of people’s budgets, households are often faced with hard financial decisions of having to forego other necessities.
Since 91.5 percent of households in the United States own at least one vehicle, the savings of EV ownership are ones that almost everyone can benefit from, whether they are buying a new or…