Electric cars have gained immense popularity in recent years, with growing concern for environmental sustainability and advancements in technology. One crucial aspect of electric vehicles (EVs) that often makes potential buyers hesitant is their price. In this how much do electric cars cost article, we will delve into various factors that influence electric car prices, trends in the market, and provide a helpful table for comparisons.
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What’s the Price Tag of an Electric Vehicle?
Are you contemplating making the switch from gasoline to electric? It’s a wise move, but it’s crucial to establish a budget because the price can vary significantly depending on the model you select. The 2023 Chevrolet Bolt, for instance, starts at just under $26,000, but the price can skyrocket to well over $100,000 for an electric SUV, pickup, or high-end luxury car.
While most electric vehicles (EVs) still carry a higher price tag than their gasoline-powered counterparts, the gap is gradually narrowing. When you factor in the cost of fuel, maintenance, and purchase incentives, the price differences can be significantly reduced or even eradicated. Most electric cars and SUVs still come with federal, state, local, and utility buying incentives.
As EVs continue to offer longer ranges and lower relative costs, they are no longer just niche vehicles. There are now models in almost every vehicle class, from compact hatchbacks to full-size pickup trucks.
Also read: The top 10 fastest-charging EV currently available
In this guide, we’ll explore the prices of the EVs that are currently available or will be available for purchase soon. Please note that some of the models listed may not yet be available for sale or may be sold out for the foreseeable future, which could lead to additional dealer markups. Not every EV is available for purchase or lease in every state. In some cases, the prices shown are from manufacturers’ product announcements and may not match the final pricing when the vehicle goes on sale. The range figures shown come from the EPA or automakers if official numbers are not available.
Best Electric Cars Cost
These mainstream electric car models are the most affordable electric cars you can buy today. Except for the 2023 Chevrolet Bolt, they have shorter ranges than you’ll find in other EV classes.
| Model | Base Price | Eligible for Federal EV Tax Credit | Minimum Range | Maximum Range |
|---|---|---|---|---|
| 2023 Chevrolet Bolt | $25,600 | Yes | 259 | 259 |
| 2023 Nissan Leaf | $27,800 | Yes | 149 | 212 |
| 2023 Mini Electric Hardtop | $33,900 | No | 114 | 114 |
Electric SUVs Cost
The electric SUV marketplace is the fastest-growing segment of the electric vehicle market. Vehicle range in this segment varies greatly, with many models offering all-wheel drive and multiple battery options with different range estimates (and price tags).
| Model | Base Price | Eligible for Federal EV Tax Credit | Minimum Range | Maximum Range |
|---|---|---|---|---|
| 2023 Chevrolet Bolt EUV | $27,200 | Yes | 247 | 247 |
| 2023 Hyundai Kona EV | $33,550 | No | 258 | 258 |
| 2023 Kia Niro EV | $39,450 | No | 253 | 253 |
| 2022 Volkswagen ID.4 | $40,750 | No | 245 | 275 |
| 2023 Hyundai Ioniq 5 | $41,450 | No | 220 | 303 |
| 2023 Toyota bZ4X | $42,000 | No | 222 | 252 |
| 2023 Subaru Solterra | $44,995 | No | 222 | 228 |
| 2023 Ford Mustang Mach-E | $46,895 | Yes | 224 | 312 |
| 2023 Kia EV6 | $48,700 | No | 206 | 310 |
Luxury Electric Cars Cost
Luxury Electric Cars typically offer higher performance and, in many cases, greater range than their mainstream counterparts. They also come with higher price tags, with some models costing well over $100,000. While traditional automakers are producing an increasing number of luxury electric cars, there are some new players in the game, including Lucid and Polestar, which is a sibling of Volvo.
| Model | Base Price | Eligible for Federal EV Tax Credit | Minimum Range | Maximum Range |
|---|---|---|---|---|
| 2023 Tesla Model 3 | $42,990 | Yes | 272 | 358 |
| 2023 Polestar 2 | $48,400 | No | 260 | 270 |
| 2023 BMW i4 | $52,400 | No | 256 | 301 |
| 2023 Porsche Taycan | $86,700 | No | 208 | 246 |
| 2023 Lucid Air | $87,400 | No | 410 | 516 |
| 2023 Tesla Model S | $94,990 | No | 348 | 405 |
| 2022 Audi e-tron GT | $99,900 | No | 232 | 238 |
| 2022 Mercedes-Benz EQS Sedan | $102,310 | No | 340 | 350 |
| 2023 BMW i7 | $119,300 | No | 296 | 318 |
Luxury Electric SUVs Cars Cost
Luxury electric SUVs solve one of the greatest problems with traditional SUVs: poor fuel economy. While many of these models come with steep price tags, they offer performance that’s unmatched by gasoline-powered luxury SUVs.
| Model | Base Price | Eligible for Federal EV Tax Credit | Minimum Range | Maximum Range |
|---|---|---|---|---|
| 2023 Volvo XC40 Recharge | $53,550 | No | 223 | 223 |
| 2022 Mercedes-Benz EQB | $54,500 | No | 227 | 243 |
| 2023 Tesla Model Y | $54,990 | Yes | 279 | 330 |
| 2023 Volvo C40 Recharge | $55,300 | No | 226 | 226 |
| 2023 Genesis GV60 | $59,290 | No | 235 | 248 |
| 2023 Cadillac Lyriq | $62,990 | Yes | 312 | 312 |
| 2022 Audi e-tron | $65,900 | No | 218 | 222 |
| 2023 Jaguar I-Pace | $71,300 | No | 234 | 234 |
| 2023 BMW iX | $84,100 | No | 288 | 324 |
| 2023 Tesla Model X | $109,990 | No | 311 | 348 |
Electric Pickup Trucks Cost
The largest EVs you can buy today are electric pickup trucks. The options include an electrified version of America’s most popular vehicle, the Ford F-150, and an outrageous return of Hummer, with the GMC Hummer EV pickup truck. Even more, models are on the way.
| Model | Base Price | Eligible for Federal EV Tax Credit | Minimum Range | Maximum Range |
|---|---|---|---|---|
| 2022 Ford F-150 Lightning | $39,974 | Yes | 230 | 320 |
| 2022 Rivian R1T | $67,500 | Yes | 260 | 400 |
| 2022 GMC Hummer EV Pickup | $108,700 | No | 329 | 329 |
Even the most affordable electric cars aren’t cheap. If you’re like most shoppers, you’ll need an auto loan to finance your purchase. Getting the wrong loan can see you paying thousands of dollars too much in interest, so getting the right financing is critical. Our guide to getting an auto loan shows you how to find the best loan from the right lender.
Also read: How Much is a Tesla? Exploring Tesla Models, Costs, and Worth
Automakers have to sell a certain number of electric cars, and some offer to buy incentives to do so. Our new car purchase deals page shows the best financing and cash-back deals available each month. Our lease deals page highlights offer with low monthly payments and little due at signing.
An easy route to a great deal on a new car purchase or lease is taking advantage of Price Program. It connects shoppers with local dealers, offering significant savings with pre-negotiated prices, home delivery, and online sales options.
Frequently Asked Questions
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How and Where Do You Buy an Electric Vehicle?
You have several options when it comes to how and where to buy an EV. Most are sold through traditional auto dealerships, though a few, such as Tesla models, are sold directly to consumers through the company’s website.
Our guide to choosing and buying an electric vehicle shows you how to navigate an EV buying or leasing journey. -
What Electric Vehicle Buying Incentives Are Available?
Many electric vehicles come with generous federal, state, local, and utility incentives that can dramatically lower the price you pay. The most significant one is the Federal Electric Car Tax Credit of up to $7,500. It’s not available to all shoppers or on all vehicles, but must qualify.
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Should You Buy or Lease an EV?
There are good reasons to buy an electric vehicle and good reasons to lease an EV. Buyers can take advantage of most incentives, which leasing companies may or may not pass along to lessees. On the other hand, electric vehicle technology is advancing rapidly, and leasing an EV allows you to easily upgrade to the latest technology every few years.
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What are the Cheapest EVs You Can Buy?
The most affordable EVs you can buy today are the Chevrolet Bolt, Chevrolet Bolt EUV, and Nissan Leaf, which all have starting prices under $30,000.
Check out our guide to the cheapest EVs to learn more. -
How Do You Know What EV is the Best?
With the growing number of electric vehicles in the marketplace, deciding which one is best for your needs and budget can be challenging. Our new car rankings and reviews are a great place to see how the different EV models compare. They’re designed to answer the questions car shoppers have when they’re in the market for a new vehicle.
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Are Electric Cars Cheaper to Maintain?
For most periodic maintenance, electric cars should be cheaper to maintain. EVs have far fewer mechanical parts than traditional vehicles. They don’t need oil changes or tune-ups and need brakes less frequently than gasoline-powered vehicles. Of course, you’ll still want to have a mechanic look at your vehicle occasionally to ensure everything, including its safety technology, is still working as designed.
As electric vehicles age, they can get expensive to maintain, just as gas-powered vehicles do. A replacement battery pack can be tremendously expensive if it’s not covered by a warranty. Replacing the massive central command screens common to many electric cars can also be a substantial post-warranty cost.
