How Much Are Electric Cars? - Kelley Blue Book

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 $56,351 in September vs. gas-powered vehicles at $48,397. Since the spring, new EV prices increased due to market leader Tesla. Tesla cut its EV prices last year. However, average transaction prices for Teslas increased about 13.6% to $58,212 from a year ago. Tesla’s Cybertruck is one reason the average price got a bump. In September, Cybertrucks sold for an average transaction price of $116,706.

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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