If you’ve been waiting around to buy a new car, better hurry up. If Obama gets his way, the only car you will be able to buy will be a small hybrid cube and will cost more than you can afford.
The Obama administration has finalized new fuel economy rules that will require the fleet-wide average of new cars and trucks sold in the U.S. to double over the next 13 years. The average fuel economy must reach 54.5 miles per gallon by 2025, up from 28.6 mpg at the end of last year.
The Center for Automotive Research estimated that an earlier lower mileage increase would increase the cost of a car by $11,000. A 54.5 mpg increase could bring costs up to $15,000 extra per vehicle.
That might not be such a big deal for Obama, but for millions of American workers and small business owners who depend on their car to get to work and to earn a living, this will mean the difference between being able to feed their families and not being able to feed their families.
The National Automobile Dealers Association Chairman Bill Underriner warned, “This increase shuts almost 7 million people out of the new car market entirely and prevents many millions more from being able to afford new vehicles that meet their needs.”
The NADA Chairman further warned that the increase would actually force people to continue driving old cars which would lower car sales and keep mileage standards law. The only way to fix that will be with another Cash for Clunkers program.
President Barack Obama said the new fuel standards “represent the single most important step” his administration has taken to reduce U.S. dependence on foreign oil.
Actually Obama’s war on domestic drilling has dramatically increased American dependence on foreign oil. And now an administration that boasts of having saved the American automobile industry, appears determined to make its products inaccessible to Americans.
Herbert Hoover promised Americans, “A chicken in every pot and a car in every garage.” For now you can still get the chicken, but I wouldn’t count on being able to get the car.