How Much Should You Pay for a New Electric Small SUV in 2023?
Small electric SUVs are taking over the world. Thousands of drivers are switching from gas to electric, thanks to the wide variety of options available. Brands like Tesla, Ford, Hyundai, and Kia produce competitive small electric SUVs. What does a good new small electric SUV cost in 2023?
Average small electric SUV cost in 2023
Electric compact sport utility vehicles can cost anywhere from $38,995 to $59,650 (if you count luxury models). Most mainstream models have starting prices between $38,995 and $47,740. Many popular small electric SUVs like the Tesla Model Y are eligible for the federal electric vehicle tax incentive, significantly reducing the EV’s overall cost.
Most popular small electric SUVs have an average price of around $45,556 (based on five of the most popular models). These vehicles have a median price of around $43,367, with the Volkswagen ID.4 on the cheaper end of the spectrum and the Tesla Model Y on the more expensive end.
If you’re looking for an excellent new small electric SUV, expect to pay over $43,000 before taxes, additional fees, and incentives. Electric models are notably more expensive than internal combustion engine models because of their complex powertrain systems.
The jury isn’t out yet on whether EVs can last as long as ICE SUVs. Still, thousands of drivers accept the value propositions of small electric SUVs like the Tesla Model Y, Ford Mustang Mach-E, and Hyundai Ioniq 5.
Why do drivers like small EV SUVs?
Drivers enjoy small electric SUVs because they tend to deliver exciting amounts of torque. New small electric sport utility vehicles often come with the industry’s latest tech and features.
Part of the big push for electrification concerns the industry’s commitment to reducing carbon emissions produced by vehicles. Aside from producing fewer carbon emissions, electric vehicles also come with plenty of ownership perks as models that exist on the cutting edge of automotive technology. Lower refueling costs are obviously another considerable benefit.
The Hyundai Ioniq 5 has received recognition for its pleasant driving experience. Tesla’s Model Y gets credit for its enjoyable acceleration. EVs aren’t just better for the environment than ICE vehicles; they can also be more pleasing to own.
What are the best small electric SUVs on the market for 2023?
Based on sales, the 2023 Tesla Model Y is the best small electric SUV on the market. It costs around $40,240 after the federal electric vehicle tax incentive. Model Ys sprint from 0-60 miles per hour in just 5.0 seconds. However, the Performance configuration can go from 0-60 miles per hour in 3.5 seconds.
Tesla’s Model Y base models get an estimated 279 miles of driving range. Another of the best small electric SUVs for 2023 is the Hyundai Ioniq 5, which starts at $41,450. With the standard range battery, it makes 168 horsepower and 258 lb-ft of torque while traveling up to 220 miles per charge. Hyundai’s popular EV won the World Car of the Year award for 2022.
Small electric sport utility vehicles are more popular than ever before. If the EVs can prove reliable, they have the potential to overtake more affordable ICE small SUVs as the most popular vehicles in the world.