Electric cars generally cost more than conventional automobiles. But the pricing gap between the two is closing.
According to data from Kelley Blue Book, the average transaction price for electric cars was $56,902 in October vs. gas-powered vehicles at $48,623. The industry’s electric vehicle (EV) leader Tesla had average transaction prices of $56,705, down slightly from a month earlier. Still, Tesla transaction averages are up 10% from a year ago and one reason could be its Cybertruck. Until recently, Cybertrucks had been selling above $100,000.
In October, Tesla Cybertruck average transaction prices fell to $98,495.
The federal government offers qualified buyers electric car incentives of up to $7,500 for select new fully electric, plug-in hybrid, and fuel-cell vehicles. Those looking to lease an EV may find a dealership offering qualified buyers the same tax credit. Buyers looking for used electric cars may qualify for up to $4,000 on specific models. That, too, helps lower the price and close the gap in the pricing of electric vehicles compared with their gas counterparts.
Also, fully electric cars run on electricity and do not need gasoline or regular oil changes and other maintenance that gas cars require, which is another cost savings. Typically, fuel costs more than electricity, which is another money saver for people who drive electric vehicles (EVs).
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- Leasing vs. Buying an Electric Car in 2024
- Electric Cars 101: What You Need To Know About EVs
- Electric Car Range: Everything You Need to Know
