Last month, the average price of an electric vehicle in the US reached $66,000, an increase of more than 13% over the previous month. It’s a little disheartening considering that lower EV pricing had been promised, but the price increase itself isn’t the complete picture.
The cost of electric vehicles continues to be one of the key criticisms. Even with subsidies, the majority of consumers cannot afford them.
Fair enough, most new cars are not a wise investment for the majority of people, and EVs are targeting the new car market. However, many automakers that entered the EV market started with more premium segments, which is another element that makes electric vehicles on average more expensive.
On top of everything else, there is currently unchecked inflation that is driving up the cost of everything, even electric vehicles. A new study from Kelley Blue Book that tracks national average car pricing is now available. The average EB price has grown 13.7% to $66,000, according to their report:
When compared to May and a year earlier, the average cost of a new electric vehicle (EV) climbed in June by 3.8% and 13.7%, respectively. According to estimates from Kelley Blue Book, the average cost of a new electric car is over $66,000, which is significantly more expensive than the industry standard and more in line with luxury than mainstream costs.
Although it is a large year-over-year increase, the price increase for the whole car market, which increased 12.7% to $48,043 last month, is consistent with this trend.
Since gas-powered vehicles are available in a far wider range of models and categories than EVs, which again tend to be more premium and luxury models, the $18,000 average price difference is obviously not a good comparison.
However, after gas savings are taken into account, the average cost of ownership is very close.
The average transaction prices for each brand were disclosed by KBB, and Tesla has increased by about 12% in the past year:
However, it’s interesting to note that Tesla’s average sale price is very competitive with those of other luxury automakers like BMW.
In This Article...
What is currently the most affordable electric vehicle to buy?
The 2023 Chevrolet Bolts EV and EUV, with a starting price of $26,595, are now the most affordable all-electric vehicles you can purchase following a $5,900 price reduction ahead of its summer production start date. As an additional value offering to help offset GM’s loss of government rebates that rival EVs can still receive, parent manufacturer GM now promises to assist consumers with the expense of installing a 240-volt home charger. Do not worry if you purchased a Bolt EV or EUV between 2020 and 22 or in 2022; Chevrolet will offer reimbursements that are retroactive.
The 2023 models are virtually the same as the 2022 models, which had newer looks, save from the decreased price. The upright front end with “high-eye daytime running lights and turn signals with lower-set headlamps” is the major visual change for the 2022 Bolt EV. It has new seats inside, and the instrument panel has been updated with a standard 10.2-inch touchscreen and an optional 8-inch gauge display. Toggle and button designs are used in a new shifter. A rear cross-traffic alert, a 360-degree camera system, and adaptive cruise control are optional but the majority of safety technology is standard. The Bolt EV also comes with a dual-level charge line that can be utilized with either a 120-volt household outlet or a stronger 240-volt home outlet, like as what you might see for a clothes dryer. DC fast-charging capabilities is now a standard feature. The Bolt’s 200-horsepower electric engine and 65-kilowatt-hour battery remain as its powerplant.
The Bolt EUV, which made its debut in 2022, uses the same platform and powertrain but has an additional 6 inches in length, more interior room, a little less range, and costs a little more. Chevy claims that despite how similar the two Bolts appear, they do not share any external sheet metal. The EUV is the first Chevy to offer GM’s Super Cruise driver-assist technology for hands-free driving on suitable roads; it’s a $2,200 option and only available on the more expensive Premier trim level. Interior style and features are identical. The EUV offers a dual-level charge wire and standard fast charging, just like the Bolt EV. View the models side by side.
How long will a battery in an electric vehicle last?
An electric vehicle obtains its power straight from a large pack of batteries, as opposed to internal combustion engined cars, which get their energy from burning gasoline or fuel.
These resemble an enlarged version of the lithium-ion (Li-ion) battery in your smartphone; however, electric vehicles (EVs) use packs made up of thousands of individual Li-ion cells that cooperate to power the vehicle. Electricity is utilized to change the batteries’ chemical composition while the car is charging. These modifications are then reversed when the vehicle is in motion to create electricity.
Electric car battery technology
While driving, EV batteries go through cycles of “discharge,” and they “charge,” when the car is plugged in. The battery’s ability to keep a charge is affected by how often you repeat this operation. As a result, the distance between charges and the time between trips are reduced. The majority of manufacturers offer a battery guarantee of five to eight years. A battery for an electric vehicle, however, is currently expected to last 1020 years before needing to be replaced.
It’s surprisingly easy to understand how a battery and the car’s electric motor function together.
The wheels are driven by electric motors that are connected to the battery. When you step on the gas, the car immediately supplies the motor with power, which progressively uses up the energy stored in the batteries.
When you release the accelerator, the automobile starts to slow down by turning its forward momentum back into power thanks to the fact that electric motors can also function as generators. This effect is amplified if you apply the brakes. By recovering energy that would otherwise be lost during braking, regenerative braking increases battery life and extends the travel distance of an automobile.
Electric car battery lithium-ion
Electric vehicles and a variety of portable electronics employ lithium-ion (Li-ion) batteries, a type of rechargeable battery. Compared to normal lead-acid or nickel-cadmium rechargeable batteries, they have a higher energy density. As a result, the size of the battery pack as a whole can be decreased by battery makers.
The lightest of all metals is lithium. However, lithium-ion (Li-ion) batteries only have ions and not lithium metal. Ions are atoms or molecules having an electric charge brought on by the loss or gain of one or more electrons, for those who are unsure of what an ion is.
In addition to being safer than many alternatives, lithium-ion batteries must also have safety precautions in place to safeguard consumers in the unlikely case of a battery failure. To protect the batteries during frequent, rapid charging sessions that take place quickly, manufacturers, for example, install charging protections in electric vehicles.
How long does an electric car last?
You should be aware that EV batteries are getting cheaper in case you ever need to replace one. According to McKinsey, the price of replacing batteries decreased by nearly 80% between 2010 and 2016, from $1000 to $227/kW. According to Fast Company, costs may fall to less than $100/kWh by 2030.
But once your battery’s warranty expires, price becomes a consideration. The battery of each EV sold in the country is covered by a warranty for at least 8 years and 100,000 miles. Furthermore, Kia and Hyundai offer 10-year, 100,000-mile guarantees. Additionally, many manufacturers, including as BMW, Tesla, and Nissan, will provide replacement battery packs if their capacity falls below 60 to 70 percent.
In the end, driving an EV should give you many years and thousands of miles of enjoyable environmental travel. When your utility can provide clean energy while having the least negative influence on grid resources, you can automatically power up your EV with the help of the suitable charging option, such as the JuiceBox smart charger. As a result, you’ll not only prolong the lifespan of your EV and protect its most priceless component, but you’ll also save money and preserve limited resources.
What are the drawbacks of electric vehicles?
Finding charging stations, waiting periods, greater starting expenses, a shorter driving range, and potentially pricey battery pack replacements are some of these drawbacks.
Is insurance less expensive for electric vehicles?
Insurance for an electric vehicle could be more expensive than insurance for a conventional gas vehicle. Due to their higher cost and more complicated equipment, electric cars may be more expensive to fix or replace after an accident. For those whose policies include comprehensive and collision insurance, this could result in higher rates. Higher insurance premiums can be mitigated, though, by tax breaks and long-term fuel and maintenance savings.
How long do the batteries on a Nissan LEAF last?
Depending on where you are and what you do, you’ll receive a specific timeline for your car. Extreme heat, frequent recharging (such as twice or three times a day), and city driving all hasten the battery’s depletion. The Nissan LEAF was designed to endure as much of these typical battery killers as possible, so you would have to be very rough on your car before you saw a significant change.
The Nissan LEAF was designed to travel up to 107 miles a day on a highway without recharging. You may travel up to 90 miles in even the busiest metropolitan traffic without having to worry about running out of juice. The battery will eventually lose power, but the amount of mileage you obtain will steadily decrease. The erosion will probably only have a minimal impact on you because the ordinary American will travel significantly less than the daily maximums. When you take care of your car, the Nissan LEAF battery should last between 8 and 10 years.
Gas or electricity for charging?
Both filling up with gasoline and utilizing a public charging station are much more expensive than charging an EV at home. That’s a crucial point to keep in mind in this situation.
Most US homes spend close to 14 cents per kWh on average, however in California and New York, this cost can quadruple during times of high demand. On the other hand, Oklahoma offers that price for as little as 10 cents. The average price is still $0.14 per kWh, which is significantly less expensive than gas. Just keep in mind that some areas have higher costs.
Using the same calculations as earlier, you can anticipate paying under $15 on average to drive 300 miles in an electric car if it costs $4.85 to get 3.9 liters of power to travel 100 miles. Since the average EV has a 300-mile range, recharging the battery costs roughly $15. For $15, you can’t put 300 miles on a gas-powered car.
A 131 kWh battery powers the new Ford F-150 Lightning EV truck. If you pay $0.14 per kWh at home, it will cost $18.34 to fully charge your truck’s battery. Though slow and taking longer than 8 hours to fully charge at home using a level 2 charger, it is still less expensive than gas.