Prices Are Coming Down For Electric Cars: Tesla Model 3 Vs The Rest
Hong Guang MINI EV: a far cry from a Tesla Model 3 but also incredibly cheap.
The Tesla Model 3 is the hottest EV in the world. But there are plenty of cheaper alternatives. That includes used EVs and a dirt-cheap electric made by a GM joint venture.
According to data from Cox Automotive, the average price of electric cars was $55,600 in 2019 down from $64,300 in 2018.
Still out of reach for most Americans but headed in the right direction.
The key to cheaper EVs is battery tech. Elon Musk recently announced his goal of a $25,000 Tesla in three years. That could happen if battery prices fall below $100/kilowatt hour = cheaper battery packs = cheaper EVs.
Until that happens, used EVs offer a cheap alternative in the U.S. Chevy Bolts, for instance, can be had for well under $20K with a range of 238 miles. (Used Teslas tend to be relatively pricey, on the other hand.)
There are less expensive new EVs too like the 150-mile-range version of the Nissan Leaf.
It’s worth noting that GM is selling, via its joint venture with SAIC-GM-Wuling Automobile Co, the best-selling EV in China, beating even the Tesla Model 3. Price is a big factor. The Hong Guang Mini EV is priced between about $4,200 and $5,700 and offers a range of up to 106 miles.
*Typical used price (under 40,000 miles) based on estimates at CarGurus. New 2020 Chevy Bolt with ... [+] 259 miles of EPA-estimated range starts at MSRP $37,495. **High-end 2020 Nissan Leaf S Plus gets 226 miles of range and starts at about $38,200
Here are four less expensive electric vehicles with an EPA rated battery range of over 200 miles available in the U.S:
Tesla Model 3 — base model: $37,990 for the Standard Range Plus. Autopilot, which allows the car to steer, accelerate and brake automatically for other vehicles and pedestrians, is included in the price. Note that there is no federal tax credit for the Model 3 anymore.
Chevy Bolt EV — one of the best bangs for the EV buck: both used Bolts (see table) and new Bolts can be a good deal. GM offers intermittent heavy discounting on new Bolts (the 2020 Bolt ups the range to 259 miles from 238 miles on previous years). But used Bolts listed on sites like CarGurus are worth checking out. Remember, the Bolt is still a relatively new EV — it’s first model year was 2017. The Chevy Bolt has lost its federal tax credit, however.
Hyundai Kona EV: this SUV is garnering a lot of good reviews. This does come with the full $7,500 federal tax incentive, though it’s not seeing the aggressive discounting that the Chevy Bolt is.
Kia Niro EV: though not included in the table above, the EV version of the Kia Niro hatchback has an MSRP from about $39,000 and an EPA-rated range of 239 miles. It is also eligible for the full $7,500 federal tax credit.
Tax Credits:
Federal tax credit: Check out the federal tax incentive guide for all EVs, The guide shows which EVs are no longer eligible and which are active. Basically, EV makers that have been around a long time like General Motors and Tesla have seen the incentives expire, while carmakers new to the EV market are eligible.
State tax credits: some states offer additional credits. For example, California offers rebates ranging from $2,000 to $4,500 for pure EVs.
Leases: Leases are very popular for EVs.
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NOTES:
(1) Fast charging or DC fast charging is also called Level 3 charging. This should not be confused with the much slower Level 2 chargers you often see outside stores in shopping malls. Tesla can use DC fast chargers via an adapter. Tesla also has its own vast Supercharger network that is available only to Tesla cars.
(2) The 2021 Chevy Bolt is due soon with preorders possibly as soon as this month.
The Chevrolet Bolt is one of the best EV deals because of heavy discounting by GM and decent pricing on used Bolts.
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