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It's never been cheaper to buy an EV. Here's why. [View all]
CLIMATE SOLUTIONS
It’s never been cheaper to buy an EV. Here’s why.
New electric car prices dropped $2,000 in the U.S. last month, bringing EVs close to price parity with gas-powered cars.
By Nicolás Rivero
March 18, 2024 at 6:30 a.m. EDT
The price of electric cars is plummeting so fast that they’re now almost as cheap as gas-powered cars. ... Since EVs first hit the market, car buyers have had to pay a steep premium if they wanted a car that ran on batteries instead of a gas engine. Two years ago, they would have paid about $17,000 more on average for a new electric car than for a new gas-powered car. But that gap has been rapidly closing, shrinking to $5,000 last month, according to data from Cox Automotive.
That’s an 11 percent markup over the average new car price last month — roughly similar to the price difference between picking the base model of some cars vs. the performance model that comes with all the bells and whistles. ... Tesla is setting electric vehicle prices so low, they’re almost even with gas-powered cars.
Of course, part of the reason EV prices are plunging is that consumers are not buying them as fast as dealers and automakers expected. As the industry moves beyond enthusiastic early adopters, it now faces car buyers who are concerned about charging infrastructure and high upfront costs.
So car dealerships are discounting electric cars on their lots. Average EV prices dropped $2,000 last month. “We’re going to continue to see price cuts or discounts just because there’s inventory and [dealers are] really trying to get these sold,” said Stephanie Valdez Streaty, director of Industry Insights at Cox Automotive. ... That’s good news for Americans in the market for a new car who might be considering going electric. “Price is always one of the top barriers for adoption, so I think getting down to price parity is key,” she said.
{snip}
By Nicolás Rivero
Nicolás Rivero joined The Washington Post as a climate solutions reporter in 2023. Previously, he covered climate change for the Miami Herald and Quartz. Twitter https://twitter.com/NicolasFuRivero
It’s never been cheaper to buy an EV. Here’s why.
New electric car prices dropped $2,000 in the U.S. last month, bringing EVs close to price parity with gas-powered cars.
By Nicolás Rivero
March 18, 2024 at 6:30 a.m. EDT
The price of electric cars is plummeting so fast that they’re now almost as cheap as gas-powered cars. ... Since EVs first hit the market, car buyers have had to pay a steep premium if they wanted a car that ran on batteries instead of a gas engine. Two years ago, they would have paid about $17,000 more on average for a new electric car than for a new gas-powered car. But that gap has been rapidly closing, shrinking to $5,000 last month, according to data from Cox Automotive.
That’s an 11 percent markup over the average new car price last month — roughly similar to the price difference between picking the base model of some cars vs. the performance model that comes with all the bells and whistles. ... Tesla is setting electric vehicle prices so low, they’re almost even with gas-powered cars.
Of course, part of the reason EV prices are plunging is that consumers are not buying them as fast as dealers and automakers expected. As the industry moves beyond enthusiastic early adopters, it now faces car buyers who are concerned about charging infrastructure and high upfront costs.
So car dealerships are discounting electric cars on their lots. Average EV prices dropped $2,000 last month. “We’re going to continue to see price cuts or discounts just because there’s inventory and [dealers are] really trying to get these sold,” said Stephanie Valdez Streaty, director of Industry Insights at Cox Automotive. ... That’s good news for Americans in the market for a new car who might be considering going electric. “Price is always one of the top barriers for adoption, so I think getting down to price parity is key,” she said.
{snip}
By Nicolás Rivero
Nicolás Rivero joined The Washington Post as a climate solutions reporter in 2023. Previously, he covered climate change for the Miami Herald and Quartz. Twitter https://twitter.com/NicolasFuRivero
3 replies
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