How Much is An Electric Car?

Electric cars have exploded in popularity as gas prices remain elevated and many new EVs from a growing list of automakers continue to enter the automotive marketplace. With more electric cars available than ever before, shoppers can now choose a new or used EV across a wide range of price points. 

Looking at the upfront cost of electric cars vs. gasoline cars shows EVs cost on average $11,000 more than their gasoline counterparts. However, there are federal and state EV tax credits that can defray these higher upfront costs for electric vehicles. Along with incentives, EVs also have lower maintenance costs because they don’t require oil changes, spark plug replacement, catalytic converters, or any equipment related to emissions. The regenerative braking system on battery-powered cars also extends the life of the braking system, and the cooling system for EVs is much simpler for regulating the car’s battery pack temperatures versus an internal combustion engine.  

With such a wide range of electric vehicles now on sale, let’s look at the upfront costs of all available new and used EVs to help buyers find the electric car that suits their budget.

How Much Does a New Electric Car Cost?

Ranked from the lowest price to highest, here is the average new car cost of all the electric vehicles currently on the market, with these prices reflecting the average cost dealers are charging for each model.

The Chevrolet Bolt hatchback is the most affordable new electric car, with an average new car price of $31,421. Its larger counterpart, the new for 2022 Chevrolet Bolt EUV crossover, is the second-most affordable new EV with an average new car price of $33,422. Both models boast a strong EPA-rated driving range, with 259 for the Bolt hatchback and 247 for the EUV, and while the SUV is slightly larger, both have excellent cargo capacity. Both models offer tremendous value for shoppers looking for an electric vehicle. The Nissan LEAF and the MINI Hardtop round out the list of EVs that cost under $40,000, though both have less than 200-mile driving ranges in base form.

A number of new EVs can be found in the $40,000-$60,00 price range, including the Hyundai Kona EV subcompact SUV, the Kia Niro EV compact crossover, the Tesla Model 3 electric car, the Volkswagen ID.4 compact crossover, the Hyundai IONIQ 5 compact SUV, and the Kia EV6 compact SUV. Many of these are new to the market, with the ID.4 debuting in 2021, the Hyundai IONIQ 5, Volvo C40, and Kia EV6 debuting for 2022, and the Toyota bZ4X, Subaru Soltera, and the Hyundai IONIQ 6, the Nissan Ariya debuting in 2023.

Additional SUVs are available in the $60,000-$80,000 range for consumers who want a slightly more upscale vehicle. These are all luxury vehicles with the exception of the popular Ford Mustang Mach-E, and a number of these vehicles debuted for the 2022 model year, including the Mercedes-Benz EQB, the Audi Q4 E-Tron and its sportback counterpart, plus the BMW i4 and the Genesis GV60.

Next come the electric cars in the $80,000-$100,000 range, which include the Audi E-Tron, the Genesis G80, the Ford F-150 Lightning, the Audi E-Tron Sportback, the Mercedes-Benz EQE sedan and SUV models, the BMW iX all-electric SUV, and the Audi E-Tron S. The Ford F-150 Lightning debuted for 2022, and while starting MSRP begins at $49,995, dealer markups and buyers opting for larger battery packs and longer ranges elevates the average new car price for the Lightning. The Audi e-Tron debuted for 2019, while the Sportback version and the high-performance S trim debuted for 2022.

Rounding out the list are the vehicles that are above $100,000, including the Audi E-Tron GT, the Tesla Model S, the Mercedes-Benz EQS sedan and SUV, the Tesla Model X, and the GMC Hummer EV and truck models. The Mercedes-Benz EQS models debuted in 2022 to high acclaim. And while the GMC Hummer EV attracts off-road enthusiasts, its high curb weight results in a relatively low driving range for the price.

Average Price of Used Electric Cars

For buyers who are looking to ditch their gas-powered cars at a lower price point, here are the average prices for 1-3- year-old used electric cars.