dsmWealth: May 4, 2023

BY STEVE DINNEN

Enter: the EV. That’s shorthand for electric vehicle, and if you’re shopping for a new car this spring, you may want to consider one for its fairly moderate pricing, stylish looks, and comfortable, quiet ride. Of course, it’s also nice that they get you away from the gas pump and its ever-fluctuating prices.

EVs have yet to grab much of the market in Des Moines. Axios reports that in January they accounted for just 2.3% of new vehicle registrations in the Ames-Des Moines market. That compares with 7% nationwide.

Still, the January registrations are triple what they were a year earlier, so the trend is moving upward. It’s bound to accelerate as more models roll onto the showroom floors. There are currently 42 EV models for sale, according to Cox Automotive, and more are coming every quarter.

The most popular EVs registered in Des Moines are the Chevrolet Bolt and Tesla Model 3. A visit to the Tesla showroom on 104th Street in Urbandale showed at least one available, but manufacturers are still struggling to fill showrooms due to pandemic-related supply chain disruptions. Tesla sells three other models — the Y, S and X — in addition to the Model 3.

And prices?

“Oh, we can’t even discuss that,” a sales rep said at the Urbandale store. Tesla operates on a national basis, rather than through dealerships, so sales are actually done online or by contacting a company representative. For the record, though, the cheapest Tesla is the Model 3 Standard Range Plus, which starts at $39,990.

The base price on Chevrolet’s Bolt is just $26,500 — but you’d better hurry. Alex Plotz, who manages sales at Shottenkirk Chevrolet in Waukee, advises that the Bolt is being phased out as General Motors retools its production line to build electric-powered Blazers and Equinoxes.

The Bolt and most other EVs come with free installation of a charging station at your home. Yes, you can just plug your car into a wall socket in your garage, but it takes forever to juice up. Recharging with a Level 2 in-home station takes a couple of hours, while direct current fast charging (DCFC) at public stations takes 20 to 60 minutes.

For hardware expenses for in-home power charging, you can claim a tax credit under provisions of the Inflation Reduction Act. More important, that law also re-upped the tax credit for buying an EV. New car purchases can grab a tax credit up to $7,500 — which may be enough to help seal the deal.

Where to charge your EV
BY STEVE DINNEN

So maybe you just bought an electric vehicle. Now where do you “fill it up” with enough electrons to get around town or hit the road for a vacation?

Gasoline stations and electric charging stations don’t seem to come together. While there are nearly 3,000 gasoline stations in Iowa, the Iowa Department of Transportation estimates there are only 270 public stations for EVs. So you might have to hunt a bit, especially if you drive a Tesla, which uses a proprietary charging plug.

Luckily, most EVs come with onboard computer packages that map where to find stations. Chargehub.com shows the locations for Level 1, 2 and 3 stations for EVs, including Teslas, along with details about which nearby charging plugs are busy or available.

If it’s range you want, the California-built Lucid tops the charts by lasting up to 516 miles on a single charge, but its base price is $139,560. The second-best range goes to the Tesla S, at 405 miles. Other cars that can last 350 miles or more include the Tesla X, Hyundai Ionic and Mustang Mach E.

Charging at home is sloooow if you just plug it into your nearest outlet. But you can get an overnight charge with the Level 2 charger; most dealers will install them if you buy their car.

What financial infidelity is, and how to avoid it
BY EMMA PATCH FOR KIPLINGER

Nearly 1 in 4 Americans are keeping money-related secrets from their partners, according to a recent survey by Bankrate, hiding anything from a spending splurge to having a secret credit card, bank account or debt.

For millennials and Gen Zers, financial infidelity is even more common. Nearly two-thirds of Gen Zers and more than half of millennials in married or live-in relationships admit to having kept a financial secret from their current partner at some point, compared with 29% of Gen Xers and baby boomers.

While fewer than 20% of Gen X and boomer couples keep their finances separate, 43% of Gen Z and 31% of millennial couples maintain separate finances, according to Bankrate. Even if you prefer having separate accounts, consider setting up “yours, mine and ours” accounts, says Ted Rossman, senior industry analyst for Bankrate.

Under this arrangement, each partner has some money — either a percentage of each paycheck or a certain dollar amount — that is theirs alone. In addition, the couple sets up a joint account for shared expenses, such as housing costs. Beyond that, both partners agree to discuss any withdrawals from the joint account that exceed a set amount. For example, any purchase over $200 from the “ours” account needs to be discussed first. The parameters you choose will vary depending on your budget and your preferences. This method of sharing and separating simultaneously is especially popular among Gen Zers and millennials, Rossman says.

Alternatively, if you’d rather keep all of your finances separate, consider divvying up expenses in terms of spending categories. For example, one partner might cover housing costs (such as mortgage or rent), while the other covers groceries and utilities. You may also want to allocate expenses based on each of your salaries.

Read the full story for tips about how to discuss money matters with your partner.

Scammers steal hearts — and dollars

Americans lost a record $1.3 billion to romance scams in 2022, up 138% from $547 million in 2021. That’s the steepest single-year hike over the past five years, according to a new study from Social Catfish, an online dating investigation service.

In 2022, Iowa ranked No. 44 in the number of victims (154) and No. 49 in the average loss ($10,389). Frankly, we don’t know whether to feel proud of our savvy skepticism or insulted that more scammers aren’t flirting with us.

Here are a few key of the study’s key findings:

The highest average losses per victim were in California ($72,239), North Dakota ($59,238), New Mexico ($57,001), Wisconsin ($53,309) and Delaware ($46,065).

Cryptocurrency was the No. 1 payment method in scams, accounting for 34% of all money lost in 2022. Bank wire transfers were next (27%), followed by gift cards (7%).

Common scams involved pleas from scammers posing as celebrities, military service members stationed overseas, or folks who recently struck it rich in crypto and are looking for investors.

Read: Three leaders at the Iowa-based firm Private Wealth — Melissa Clines, Kristen Mott and Julie Wagner – recently shared insights about the growing numbers of women who manage money, both in C-suites and at the kitchen table. (Fearless)

Read: When will flying taxis get off the ground? Investors are pouring capital into startups racing to develop new electric aircraft that could zip passengers between airports and city centers much faster than cars or public transit. (Wall Street Journal)

Read: As part of “cocktail culture,” consumers are still splurging on dinner and drinks and, more broadly, prioritizing leisure and entertainment over goods. (CNBC)

From time to time, dsmWealth columnist Steve Dinnen interprets financial lingo for the rest of us.

DRIP: Shorthand for dividend reinvestment plan. Many companies allow investors to use dividend payouts to buy more shares of the company. This is an easy way to build up your position in a company without spending additional money, and it compounds your return. Companies of all sizes allow them.

What else would you like to know? Send your suggestions to editors@bpcdm.com.

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