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EVs Get More Affordable

Report says many mass-market consumers would also seriously consider buying one.

May 8, 2024
EVs Get More Affordable

Though the average manufacturer suggested retail price of an EV is more than $2,200 beyond that of a comparable gas-powered car, incentives and tax credits can close that difference.

Credit:

Pexels/Cėsar Baciero

1 min to read


A newly released study says electric vehicles now cost less than gas-powered models when all the costs over an entire ownership are calculated.

That could bode well for flattening EV sales as the industry has struggled to convince mass-market consumers to switch from gas to electric.

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In fact, the J.D. Power report indicates more mass-market shoppers, or those whose median household incomes are under $150,000, say they’re very likely to consider an EV for their next purchase than any other auto consumer segment.

Though J.D. Power said the average manufacturer suggested retail price of an EV is more than $2,200 beyond that of a comparable gas-powered car, incentives and tax credits can close that difference. When those are taken into account, it said the average transaction price for consumers is just $83 beyond the comparable gas models.

EVs are also more affordable due to lower operating costs and increased 2024 Tesla residual values, J.D. Power said.

DIG DEEPER: EV Battery Rules Delay Debated

Originally posted on Auto Dealer Today

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