Electric Vehicles: How Much Do They Really Cost?

Carlos Huerta

Table of Contents

    Electric Vehicles (EVs) revolutionized the automotive industry by featuring zero tailpipe emissions, lower driving costs, and many amazing benefits, making them superior to Internal Combustion Engine (ICE) vehicles. In the beginning, All-Electric Vehicles featured extremely high prices, but new affordable EVs have made their way onto the market. Keep reading to learn more about the actual cost of an All-Electric Vehicle.

    Figure 1: Toyota/Lexus Future EV concepts – Source: Car and Driver

    What Is the Average Price for EVs in the Market?

    Figure 2: 2023 Cadillac Lyriq – Source: Kelley Blue Book

    The most affordable Battery Electric Vehicles (BEVs) feature a higher up-front cost compared to ICE vehicles, but EVs make up for that with their lower driving costs and Total Cost of Ownership (TCO) in general. According to recorded transactions and statistics by Kelley Blue Book, the average price for BEVs oscillates the $66,000, aligning with the cost of the most affordable luxury EVs in the market.

    Those who want to get a new battery electric automobile at this average price will be happy to know that the most popular 2023 models are available for preorder under this price range. Some battery electric car models at this cost range include the 2023 Cadillac Lyriq ($62,990) and the 2023 Genesis GV60 ($58,890), options like the Tesla Model 3 and Tesla Model Y can also be acquired for this cost.

    What Is the Cost of an Electric Vehicle After Incentives?

    To promote the acquisition of battery electric vehicles, the U.S. government has instated a Federal EV Tax Credit to lower the cost of EVs for U.S. citizens. This incentive grants a tax credit of up to $7,500 for new BEVs assembled in the U.S. that comply with all incentive conditions, used EVs costing less than $25,000 also get an incentive of $4,000.

    To analyze the cost of EVs in the U.S., it is important to consider this incentive. In this section, we will be reviewing the real cost for different BEVs in the U.S. market.

    What Are Some of the Most Interesting EV Options in the Market?

    Some of the most interesting Battery Electric Vehicles in the market can feature a price range of around $25,000 and go up to $50,000 or a little more as can be seen below

    2023 Chevrolet Bolt EV

    Figure 3: 2023 Chevrolet Bolt EV – Source: Chevrolet

    In 2023, Chevrolet reduced the cost of its 259 miles Bolt EV by around $6,000 to a surprising $25,600, making it one of the cheapest battery vehicle options in the U.S. market. After incentives, the Chevrolet EV would cost less than $20,000, but the incentive is no longer available since this EV sold more than 200,000 units, but there are still state incentives available for this vehicle, like the $2,000 California Clean Vehicle Rebate.

    2023 Nissan Leaf

    Figure 4: 2023 Nissan Leaf – Source: Nissan

    The 212 miles driving range 2023 Nissan Leaf is another one of the lowest-priced battery-electric vehicle options in the U.S. market eligible for the $7,500 federal EV tax credit and state incentives. With an initial cost of $27,800, you could acquire the Nissan Leaf for around $20,000 after incentives, a great investment towards your future, featuring lower driving costs and TCO.

    2023 Mini Cooper Hardtop 2 Door

    Figure 5: 2023 Mini Cooper – Source: Kelley Blue Book

    Another one of the cheapest battery-only electric vehicle options in the market is the 2023 Mini Cooper Hardtop 2 door. This EV features a driving range of 114 miles and an initial cost of $23,400. Since the EV is eligible for the federal EV tax incentive, its overall cost would be a little more than $15,000. This EV comes in a 4-door version for around $24,000 and a convertible version for $28,400.

    How about the Luxury EV models?

    Luxury EVs comprise the majority of battery-powered electric vehicle models in the market. The most affordable options start at $50,000 and go up to around $66,000. High-end luxury EVs start from a little less than $70,000 and go up to $100,000 and more. These are some of the best options for 2023.

    2023 Genesis GV60

    Figure 6: Genesis GV60 – Source: InsideEVs

    The Genesis GV60 is the first electric battery vehicle released by this automaker. This EV features an All-Wheel Drive (AWD), generous equipment, and a driving range of 248 miles. The cost starts at $58,890 for the Advanced model and $67,890 for the performance model, this means that after incentives the price starts at $51,390 for the AWD and $60,390 for the performance model.

    2023 GMC Hummer EV Pickup

    Figure 7: 2023 GMC Hummer EV Pickup – Source: GMC

    The 2023 GMC Hummer EV Pickup is expected to be a super cruise pickup full electric vehicle featuring four-wheel steering, acceleration from 0 to 60 mph in 3 seconds, and 1,000 horsepower. The price for this Hummer starts at $110,595, but there will be available versions going from $80,000 to $100,000. This means that the cost after incentives ranges from over $70,000 to a little above $100,000.

    2023 Tesla Model S

    Figure 8: 2023 Tesla Model S – Source: Ccarprice

    The 2023 Tesla Model S is the newest version of this luxury sedan, featuring an expected driving range of 350 – 400 miles, an acceleration of 0 to 60 mph in just 2 seconds, and a luxury interior. The price for this Tesla full-electric vehicle model starts at $100,000, but different versions may go up to $135,000, so you could expect the cost to go from $92,500 $127,500 after incentives.

    What Is the Price for the Most Expensive EVs?

    Figure 9: Aspark Owl – Source: AutoSprint

    Luxury full-electric vehicle models feature costs going anywhere from $50,000 up to more than $100,000, however, there are more expensive options that include the exclusive high-end luxury EVs, sports cars, supercars, hypercars, and other high speed electric car options. These are designed for the most exclusive tastes and deepest pockets.

    Some of the best pure electric vehicle options featuring a cost above the regular luxury EV include the Porsche Taycan Turbo S ($180,000), the Lucid Air Saphire (up to $179,000), and the new Tesla Roadster ($200,000 – $250,000). These high-end luxury EVs go above the price of regular luxury vehicles, but they are still priced under a million dollars.

    The most exclusive and expensive pure EV models in the market include supercars, hypercars, sports cars, and other similar options that cost far more than $1,000,000. Some remarkable pure-electric vehicles under this category include the Deus Vayanne ($2 million), the Lotus Evija ($2.3 million), the Rimac Nevera ($2.1 million), the Nio EP9 ($3.48 million), and the Aspark Owl ($4 million).

    Are There Additional Costs to an EV?

    On top of the initial investment for your new rechargeable electric vehicle, there are other expenses to consider under the TCO for the vehicle. These include the driving cost, repairing & maintenance for the vehicle over its lifespan, and the battery replacement cost. These additional costs add up to the overall TCO for your BEV, however, TCO for EVs is usually lower than for ICE vehicles.

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