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.
Average Cost of New Electric Vehicles  
Rank Electric Vehicle Average New Car Price
1 Chevrolet Bolt EV $31,214
2 Chevrolet Bolt EUV $35,312
3 Nissan LEAF $36,339
4 MINI Hardtop $36,401
5 Hyundai Kona EV $40,341
6 Kia Niro EV $45,033
7 Volkswagen ID.4 $50,758
8 Tesla Model 3 $52,640
9 Hyundai IONIQ 5 $53,467
10 Kia EV6 $55,156
11 Volvo C40 $61,266
12 Mercedes Benz EQB $61,611
13 Volvo XC40 $61,611
14 Audi Q4 E-Tron $62,008
15 Ford Mustang Mach-E $62,219
16 Audi Q4 E-Tron Sportback $65,099
17 BMW i4 $65,806
18 Tesla Model Y $68,060
19 Genesis GV60 $69,928
20 Audi E-Tron $80,510
21 Genesis G80 $81,728
22 Ford F-150 Lightning $83,134
23 Audi E-Tron Sportback $85,222
24 Audi E-Tron S $94,517
25 BMW iX $100,400
26 Audi E-Tron GT $107,577
27 Tesla Model S $118,494
28 Mercedes-Benz EQS (Sedan) $124,024
29 Tesla Model X $125,264
30 Mercedes-Benz EQS (SUV) $125,529
31 GMC Hummer EV $126,239
The Chevrolet Bolt hatchback is the most affordable new electric car, with an average new car price of $31,214. 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 $35,312. 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, and the IONIQ 5 and Kia EV6 debuting for 2022.

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 Volvo C40, 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, and the Audi E-Tron S. The Ford F-150 Lightning debuted for 2022, and while starting MSRP begins at $39,974, 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 BMW iX, 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. The BMW iX all-electric SUV and 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.
Average Cost of Used Electric Vehicles  
Rank Electric Vehicle Average Used Car Price
1 Hyundai Ioniq Electric $30,903
2 Chevrolet Bolt EV $31,571
3 Nissan LEAF $33,449
4 Mazda MX-30 EV $36,532
5 MINI Hardtop $36,678
6 Chevrolet Bolt EUV $38,334
7 Hyundai Kona EV $38,594
8 BMW i3 $40,118
9 Kia Niro EV $41,859
10 Volkswagen Id.4 $49,039
11 Tesla Model 3 $54,897
12 Hyundai Ioniq 5 $55,194
13 Polestar 2 $57,186
14 Volvo XC40 $58,508
15 Kia EV6 $58,925
16 Volvo C40 $59,898
17 Ford Mustang Mach-E $62,012
18 Jaguar I-Pace $65,109
19 BMW i4 $67,163
20 Tesla Model Y $67,319
21 Audi e-tron $69,935
22 Audi e-tron Sportback $72,245
23 BMW iX $98,493
24 Audi E-Tron GT $107,149
25 Tesla Model S $107,608
26 Ford F-150 Lightning $108,075
27 Rivian R1T $109,928
28 Mercedes-Benz EQS $113,327
29 Tesla Model X $115,132
30 Porsche Taycan $137,912
31 Rivian R1S $143,151
32 Porsche Taycan $149,616
33 Lucid Air $158,403
34 Audi RS e-tron Gt $159,603
34 GMC Hummer EV $195,698
Given the heightened demand for electric cars and the shortage of new models, one- to three-year old used EVs don’t offer a great deal of savings compared to their new models. For example, the new Nissan LEAF has an average price of $36,339 while a lightly used version has an average price of $33,449. When you take the federal tax credit and incentives into account, a used version ends up being more expensive. 

There are also a number of instances where a lightly used version is priced well above its new version. Examples include the Ford F-150 Lighting, with a new version costing an average of $83,134 and a lightly used version costing an average of $108,075, and the GMC Hummer EV with a new version costing $126,239 and a used version costing $195,698. A new Chevy Bolt costs an average of $31,214 and a used version costs an average of $31,571. People are likely willing to pay a premium on a lightly used version they can get right away versus ordering a new model that would require a long wait.

Additional Cost: EV Charger Installation 

When considering the upfront cost for an electric car, EV owners need to factor in the cost of home EV charging equipment. Most EVs come with standard Level 1 charging cables that allow for charging from a standard wall outlet. However, these chargers only provide three to five miles of range per hour of charging. To put this charging rate into perspective, 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. 

The more common home charging solution is the Level 2, 240-volt charger, which can provide between 12 and 60 miles of range per hour. This level of charging is also what’s found in most public charging stations and can also be installed in most homes by a professional electrician using either a 40 or 50 amp circuit, similar to electric home dryers. Installation can cost between $500 and $2,000. The cost is determined by multiple factors, and some local tax incentives and rebates can help offset this cost, so be sure to research the home charger incentives that exist in your area.

Electricity Cost for EV Owners

Rather than filling up at the gas station, EV owners have to pay the electricity costs for home charging. During 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. This cost depends on the state’s electric rate and the number of miles driven per year.

Bottom Line

Not so long ago the only available electric cars were the the Chevrolet Bolt, Nissan LEAF, and Tesla Model S. Now there is an electric car available across multiple price points and vehicle types. 

And when it comes to cost, federal and state incentives, plus the savings on fuel costs and maintenance for EVs compared to gas-powered vehicles, make EVs a viable purchase decision for many consumers. 

More from iSeeCars:

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