An inventive and environmentally responsible kind of power-driven transportation is the electric vehicle, or electric vehicle (EV). Electric cars employ engines driven by energy stored in battery-powered batteries, unlike traditional vehicles that rely on gas-powered motors. These batteries, often lithium-particle batteries, are kept within the car and provide the vital capability of wheel drive. One of the most distinctive features of electric car is their negligible environmental effect. They emit no tailpipe emissions, contributing to cleaner air and fewer outflows of substances that deplete ozone. Advances in battery technology have led to improvements in electric vehicle range, performance, and infrastructure for charging, making them a reputable and unquestionably appropriate option for consumers who care about the environment. The adoption of electric cars and the ongoing events play a significant role in developing more sustainable and energy-efficient transportation systems.
Types of electric cars
There are several types of electric cars, each designed to cater to different needs and preferences. The main categories include:
Battery Electric Vehicles (BEVs)
Battery Electric Vehicles (BEVs): These autos use power stored in neighboring batteries to drive them. BEVs radiate no outflows and lack internal combustion powertrains. Famous models incorporate the Chevrolet Bolt, Nissan Leaf, & Tesla 3.
Plug-in Hybrid Electric Vehicles (PHEVs)
PHEVs join a gas-powered motor with an electric engine and a bigger battery. They can run on electric power for a restricted reach before changing to the gas motor. PHEVs offer adaptability for longer outings and incorporate models like the Toyota Prius Prime and the BMW i8.
Hybrid Electric Vehicles (HEVs)
While not simply electric, HEVs blend a gas-powered motor and an electric engine. The electric engine helps the motor, further developing eco-friendliness. The Toyota Prius is a notable illustration of a HEV.
Extended-Range Electric Vehicles (EREVs)
Like PHEVs, EREVs have a gas-powered motor; however, they utilize the electric engine as the essential power source. The gas motor re-energizes the battery, expanding the general reach. The Chevrolet Volt is a prominent model.
Fuel Cell Electric Vehicles (FCEVs)
FCEVs utilize a power module that produces power through a substance response between hydrogen and oxygen. The primary emanation is a water fume. The Toyota Mirai and the Hyundai Nexo are instances of FCEVs.
Micro hybrids
Otherwise called
start-stop half breeds, these vehicles utilize a little electric engine to help
the gas-powered motor during speed increase. To save fuel, they shut off the
motor when the vehicle is fixed.
Normal Cost for New EVs in the US
Before we get to a
typical cost for electric vehicles in the US, we should discuss the external
edges of the cost range for new EVs:
At the base finish of the
range, the 2024 Nissan LEAF S is the least expensive electric vehicle in the
US, with a beginning MSRP of $28,140. The LEAF might meet all fractional Clean
Vehicle Credit requirements, dropping its successful cost somewhere around
another $3,750. Coming in second for least expensive EV is the 2024 Smaller
than usual Cooper SE, which has an MSRP of $30,900.
The current costliest EV
in the US is the 2023 Rolls-Royce Phantom, requesting an incredible $422,750
starting price for its base trim. You most likely won't find a tax cut to lower
the cost of this extravagance 2-entryway car.
While there are no
sensible, standard EV even methodologies, the Apparition electric vehicle costs
generally average around 5.5% higher than the typical non-electric vehicle.
This is a critical drop throughout recent years rate-wise, yet it has yet to make
a remarkable gouge in the genuine buying cost of an electric vehicle, as we
might want to see. All vehicle costs have gone up throughout recent years.
Presently, we should
investigate the typical costs of new EVs by contrasting the main ten smash-hit
EVs in the US:
Average Price of the Top Ten Best-Selling EVs
You’ll get a few different answers for the top 10 list of electric cars
in the US for 2024; some focus on the price, units sold, how quickly they sold,
number of reservations, perceived popularity, etc. The following list contains
the Top Ten best-selling electric vehicles that we’ve ranked by the total
number of sales made in 2023 (with pricing current as of 1/15/2024):
|
Rank |
Make & Model |
Price Range |
US Units Sold |
|
1 |
Tesla Model Y |
$43,990 – $52,490 |
394,497 |
|
2 |
Tesla Model 3 |
$38,990 – $45,990 |
220,910 |
|
3 |
Chevrolet Bolt EV |
$26,599 – $29,700 |
62,450 |
|
4 |
Ford Mustang Mach-E |
$43,495 – $65,000 |
40,771 |
|
5 |
VW ID.4 |
$38,995 – $55,245 |
37,789 |
|
6 |
Hyundai IONIQ 5 |
$41,650 – $53,350 |
33,918 |
|
7 |
Rivian R1S |
$78,000 – $99,000 |
24,783 |
|
8 |
Ford F-150 Lightning |
$49,995 – $91,995 |
24,165 |
|
9 |
Tesla Model X |
$79,990 – $94,990 |
23,015 |
|
10 |
Kia EV6 |
$42,600 – $61,600 |
18,879 |
The typical cost of the best ten electric
vehicles in the US is about $53,758, with a normal of $48,430 for the low-end
trim of each model and $64,936 for the top-of-the-line trim of each model. For
these ten EVs, costs range from $26,599 at the low end (the Chevrolet Bolt EV)
and go as far as possible up to $99,000 for the most costly trim of the Rivian
R1S.
These
ten models are only some of the EVs sold in the US. What is the typical cost
for electric vehicles across the US market? Right now, most gauges put the
average cost of another EV somewhere near $50,798, about $2,500-$3,000 below
the average cost in the spring and summer of last year (2023). The typical cost
for another vehicle in the US in 2024 is around $48,800 for examination.
Nonetheless, this EV average cost doesn't
separate between vehicles, SUVs, and trucks, so we might want to stall down
somewhat further:
The US's average price of electric cars (sedans, small hatchbacks, sports models, etc.) is closer to $72,000. This includes cars like the Tesla Model 3, Lucid Air, Chevrolet Bolt EV, and the Nissan Leaf. While the price seems high, the luxury sedans and luxury sports cars outnumber the economy cars in this category, increasing the average price quite a bit. Still, we’d like to point out that the electric car category also includes the cheapest EV available, the Chevrolet Bolt EV (followed closely by the Nissan Leaf).
Note: we left the Lucid Air
Sapphire and the Rolls-Royce Spectre out of these calculations because the
unusual quarter and half million price points on these limited, super luxury
EVs would increase the average significantly.
For every electric SUV, the typical value comes to about $45,612. Shockingly, numerous electric SUVs are rapidly entering the market at or even below any class's average cost of electric vehicles. While the most economical electric SUV, the Chevrolet Bolt EUV, really comes in at under $30,000, most electric SUVs available expense between $35,000 and $45,000.
The
typical cost of an electric truck is around $75,882. However,. However, about
five electric pickup trucks are available at the time of this writing
(prospective seven with the GMC Sierra EV Denali and the Smash 1500 Fire up).
We've seen an average MSRP of $ 64,526 for the base models of these electric
trucks and a normal of $103,294 for the completely optioned models.
Average Price for Used EVs in the US
In mid-2024, the average cost for utilized
EVs will be between $30,000 and $35,000.
A
developing level of EVs can be found at costs below $25,000. The least
expensive utilized EVs will generally be a Nissan Leaf, Kia Soul EV, or
Chevrolet Flash, yet the Model 3 and the more established Tesla Model S can
appear in the $20,000-$25,000 cost range.
How
about we look again at our main ten rundown of smash-hit EVs, this time with
their ongoing typical utilized cost:
|
Rank |
Make & Model |
Used Price Range |
|
1 |
Tesla Model Y |
$32,000 – $75,000 |
|
2 |
Tesla Model 3 |
$30,000 – $55,000 |
|
3 |
Chevrolet Bolt EV |
$15,000 – $28,000 |
|
4 |
Ford Mustang Mach-E |
$40,000 – $70,000 |
|
5 |
VW ID.4 |
$35,000 – $45,000 |
|
6 |
Hyundai IONIQ 5 |
$28,000 – $55,000 |
|
7 |
Rivian R1S |
$85,000 – $103,000 |
|
8 |
Ford F-150 Lightning |
$58,000 – $115,000 |
|
9 |
Tesla Model X |
$35,000 – $135,000 |
|
10 |
Kia EV6 |
$38,000 – $58,000 |
Used prices for the top ten best-selling EVs average around $56,750. The average price of each model's least expensive used EVs is about $39,600. For the highest asking prices, that average goes up to $62,400.
Most
of the electric cars on our list cost less than the average new car price in
the US. Except for the Rivian R1S and the Passage F-150 Lightning, many trims
of the top ten hits have utilized costs below $48,000.
The
cost of involved electric vehicles in the US is still high. However, they are
more reasonable now than toward the start of 2023. In the following two
segments, we'll examine why these costs are still high and how they are
dropping.
Why Are EVs Still So Expensive?
Updated 1/26/2024
The price of battery packs should have been the key to reducing EV
prices. Before 2020, we might reach the ideal battery price of less than $100
per kilowatt hour (kWh). However, today's battery prices hover around $133-$139
per kWh.
The last several years have caused a series of unfortunate manufacturing
events. With disrupted supply chains, shipping nightmares, factory shutdowns,
material scarcity, and increased competition for components, the car industry
(not just EV manufacturers) has faced a difficult road to recovery. Most have
resorted to counteracting the rising cost of materials with a rising cost to
consumers.
Even on the private market, used EV prices remained at or near MSRP
until early 2023, thanks to long lead times for new vehicle production and the
scarcity of affordable EVs. However, prices have dropped due to Tesla's price drops and the EV industry's response to
the Federal Clean Vehicle Credit (and Used Clean Vehicle Credit).
The seller market for EVs may have ended in 2023, and electric car costs
are still in flux. Let's talk about why EV car prices are on their way down:
When Will Electric Vehicle Costs Go Down?
Updated 1/26/2024
In response to a new Federal
law that changed which vehicles were eligible for the Federal Clean Vehicle
Credit, Tesla
dramatically reduced their prices. To stay competitive with
Tesla, other manufacturers have followed suit. Additionally, dealership markups
that have kept some EV prices sky-high have settled down. And with the
reduction in new EV prices and the introduction of the used
EV tax credit, sellers of used electric vehicles have
also reduced expectations and asking prices. For the first time, we see Model 3
Long Range AWD variants with asking prices below the $25k mark.
Could new battery technology
be on the horizon for EVs? A change in battery components could bring the
industry to a more stable supply situation. However, lithium is still the
preferred battery type for most EVs. With this limiting factor in mind, we may
see an increase in EVs with a smaller range and price tag than the current
market.
As part of this potential new
wave of smaller, more affordable EVs, will Tesla bring out its long-awaited
Model 2 (originally called the
$25,000 Tesla)? We hope so, though any information
about the Model 2 is still a rumor.
Where Do You Find a Good Deal on an EV?
Where can you find a good
deal on an electric vehicle if both new and used EV prices are falling?
EVs made by Tesla and
Chevrolet are in the running for budget options eligible for the Federal EV
credit. That potential extra $3,750-$7,500 tax break helps bring the average
cost of a new EV down quite a bit.
But there’s still another way
to get the best deal on an electric car. 2023 was the start of a buyer’s market
for used EVs!
We’ve made it easy to compare
pre-owned EVs from most manufacturers of electric cars, SUVs, and trucks right
here in our listings
section.
You can search and sort by whatever metric means the most to you, whether that’s price, range, body style, color, or even AP hardware (Tesla fans, we’ve got you covered). The best part? You won't have to share that listing space with ICE cars or frustrating ads.