In fact, those skeptical of EVs aren't willing to accept less than 353 miles of range, a recent study found.īut the average driver, with average commuting habits and only the occasional longer road trip, would do well with a 300-mile range battery, industry experts say.

Many consumers also believe they need 400 miles of range with an EV, or more. The electric car Nissan Leaf, at an electric vehicle charging station at Balboa Park. The used EV tax credit, which was introduced this year and applies to used EVs listed less than $25,000, could bring the cost of a used one down even more. But the average used EV cost around $38,000 in April, according to Recurrent. It's hard to gauge an EV's resale value, and some of the most popular EV models have depreciated more than others. Used electric cars are also gaining some traction. New EV tax credits of up to $7,500 might be able to help, for those cars with sticker prices capped at $55,000 (smaller vehicles) and $80,000 (pickups and SUVs). For now, there's a mad dash to secure battery supplies, and that has things volatile. Automakers and other industry stakeholders say they are racing to bring the cost of EV batteries down, and that will come with scale, improvements in the supply-and-demand crunch, and more raw material processing in the US.

Plus, most of the EVs that have hit the market so far have been luxury products and bigger vehicles.īut it's important to note that April's average EV price was down $10,096 from a year earlier. It's also true that EVs haven't yet hit scale (at least in the US), and EV batteries are generally a really costly component. Most US consumers have indicated they don't want to spend more than $50,000 on one if they opt to electrify.

It's true that the average price paid for a new EV hit $55,089 in April - higher than the average for a new gas-powered vehicle of $48,275, per Kelley Blue Book. Most consumers who aren't very familiar with electric vehicles or weren't early adopters have the perception that all of them are costly. The 2024 GMC Hummer EV, for example, could run at least $80,000.

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