Why Are Electric Cars So Expensive?

As of July 2023, the average price of an electric car is $53,469, about 10 percent higher than a comparable gasoline-powered vehicle (averaging $48,334). But, that’s only part of the story. Select electric vehicles, starting in January 2024, can receive up to a $7,500 drop in price when you buy one of these new vehicles from a dealership.

Why are electric cars so expensive near Montebello? Maybe they aren’t. Another thing to consider is the overall costs of ownership. According to Consumer Reports “…total ownership cost savings [actually] can more than make up for an electric vehicle’s typically higher purchase price”.

A new Chevy Bolt might not be so expensive for you to own in Los Angeles after all. Read our guide where we answer, “Why are electric cars so expensive?” The answer might surprise you.

Are Electric Cars Expensive Compared to Gas-Powered Cars?

EVs are not necessarily more expensive than gas-powered cars. That could definitely be true with the very affordable Chevy Bolt EV or EUV. Comparing them side by side with sticker prices does make it seem like electric cars are more expensive with all other factors being equal. But, there are many hidden savings when you buy an EV.

See some of them here:

• State Incentives: Depending on the state in which you reside and buy your EV, you could claim some state incentives to lower your EV price. For California, that’s the Clean Vehicle Rebate Project.
• Federal Tax Credits: Starting in 2024, the federal government’s federal tax incentive changed to allow dealerships to reduce the price of a full EV by as much as $7,500. EVs must meet strict standards, so find out if any of the Chevy EVs qualify!
• Running Costs: A kilowatt of power, even when charging on the grid, is much less than a gallon of gas. In general, it costs 60 percent less to charge your EV compared to filling up a gas tank! Your actual results may vary.
• Maintenance Costs: EV drivetrains consist of a battery pack, an electric motor, and very little else. You won’t need to pay for oil changes, new sparkplugs, transmission service, fuel filters, and other things that go along with gasoline-powered maintenance.
• EV as a Home Generator: Some EVs can double as a home generator in the event of a power outage on the electrical grid during or after a storm. That’s a handy feature!

According to the same Consumer Reports study noted earlier, “The typical total ownership savings over the life of most EVs ranges from $6,000 to $10,000, CR found. The exact margin of savings would depend on the price difference between the gas-powered and EV models that are being compared.”

Over the long run, you can expect to save $6,000 to $10,000 on new vehicle ownership for as long as you own your EV around Alhambra. How about that!

Test Drive a New Electric Vehicle for Sale in Monterey Park

Ready to see one of these fantastic EVs in person? Climb into the driver’s seat of a new Chevy Bolt EV, or perhaps a Blazer EV or Silverado EV. Be sure to call (323) 406-9104 or contact us online to schedule a test drive whenever you’re ready.

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