How Much Do New And Used Electric Cars Cost?

We're reviewing more and more electric vehicles here at the CarPro.  Some of the most recent examples being CarPro Show host Jerry Reynolds' reviews of the 2023 Mercedes-Benz ESQ 580,  2023 Kia Niro EV,  2022 Audi RS e-tron GT,  and  2022 Chevrolet Bolt. There is no doubt that EV popularity is on the rise, due to higher gas prices and the availability of more EVs in the market at various price points. 

How Much Is An Electric Car?

So let's talk costs. How much does it cost to buy an EV? Data from one of our favorite research websites, iSeeCars, shows that looking at upfront costs of electric cars vs gasoline cars, EVs cost an average of $11,000 more than their gasoline counterparts. Keep in mind that federal and state EV tax credits can defray some of those costs depending on the model. It's not just about the MSRP, however. 

Lower Ownership Costs

Consider, too, that EVs have lower maintenance costs because they don't need oil changes, new spark plugs, catalytic converters, or emissions-related equipment. Brakes get a "break" too.  The regenerative braking system on battery-powered cars also extends brake life. Add to that the cooling system for EVs is much simpler for regulating the car’s battery pack temperatures versus an internal combustion engine. As an example, the Texas Department of Transportation says the Ford F-150 Lightning targets 40% less maintenance costs over the vehicle's lifetime.

EV-Only Costs

Home Charging Stations

On the flip side, there are some added EV costs to consider as well, including buying a home EV charger.  Take it from our experience, Level 1 chargers don't cut it.  They just don't charge fast at all plugged into a home 110-volt.  For some perspective, iSeeCars says using a Level 1 charger it would take 20-40 hours to charge a Tesla Model S, depending on its battery capacity, range and state of charge. A Hyundai IONIQ 5 would take up to 43 hours to charge a depleted battery pack. 

Nissan EV owners can buy a Wallbox Pulsar Plus level 2 home charger and schedule installation through the NissanUSA.com. Credit: Nissan.

The most common home charging solution is a Level 2, 240 volt charger. It provides between12 and 60 miles of range per hour. (Level 2 is most often what you'll find a public charging stations.)  It can be installed in most homes by a professional electrician using either a 40 or 50 amp circuit, similar to electric home dryers.  Automakers like Nissan are teaming up with charging providers to help provide home solutions. The installation cost according to iSeeCars is between $500 and $2,000. It's determined by multiple factors, and some local tax incentives and rebates can help offset this cost, so make sure you check into home charger incentives that exist in your area.

Electricity 

EV owners don't pay for gasoline but they do have to pay for electricity for home charging.  But data shows electricity is cheaper the filling up at the gas station.  According to a recent iSeeCars analysis of electric cars vs. gas cars, the average American will spend $2,110 on gasoline to fuel their car each year, while the average annual cost of electricity to power their EV costs $616.  Costs vary of course and depend on a state’s electric rate and the number of miles driven per year.

The Audi e-tron and Electrify America. Credit: Audi.

New EV Pricing

Now a look at iSeeCar's data on the upfront costs of all available new and used EVs to help you find the EV that best fits your budget. Prices, ranked highest to lowest, range from near $31,000 to just over $126,000. Pricing reflects the average cost dealers are charging for each model. 

The most affordable vehicle on the list is the Chevrolet Bolt. The VW ID. 4 takes you into $50,000 territory, the Audi e-tron into $80,000 territory and the Audi e-tron GT crosses us into the triple digits.

Average Price of Used Electric Cars

If you're looking to buy an EV that's 1-3 years old,  here's a look at what those prices look like.  The Hyundai IONIQ is the least expensive on the list, followed by the Bolt EV and Nissan LEAF.

Ford Lightning and Electrify America. Credit: EA.

For more analysis visit iSeeCars.com.