Both new and used, EV prices are pretty steep. But if you’re shopping for one, there are a number of factors that can level the playing field.
You might want to buy an electric car, but the price gives you a severe case of sticker shock. It leaves you wondering, “Why is the cost so much higher than gas cars?”
For example, the cheapest 2023 gas-engined model vehicle available in the U.S. is the Nissan NSANY Versa at $15,730 plus destination. The cheapest EV is the Chevrolet Bolt at $25,600 plus destination. Also, Najman notes that “there is unprecedented buzz and excitement about EVs,” triggered by California’s plan to phase out the sale of gas cars by 2035 and the increased incentives from the recently passed Inflation Reduction Act — which will promote the sales and use of EVs.How much more are EVs vs. gas cars? Looks can be deceiving when it comes to car prices, says Jesse Toprak, chief analyst for Autonomy, an electric car subscription service.
“If you look at the total cost of ownership, even over a few years, EVs are very competitive with gas cars,” Najman says. “And, the higher the price of gas goes, the quicker EVs catch up.” Rebates. Some state and local governments offer rebates. For example, the California Air Resources Board offers a rebate ranging from $1,000 to $7,000 to anyone who purchases or leases an EV.
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