The landscape of electric vehicles is ever-evolving. Every week there seem to be huge developments regarding the technology and performance that new electric cars can offer. Because of the constant innovation and the shift toward electric vehicles, electric cars are becoming more widely available. With the rise in the availability of electric vehicles, automakers are aiming to make these more accessible to more drivers. Prices for new electric cars are dropping, which can be good for drivers who want electric power and efficiency.
Why are prices coming down?
Much of the reason prices are decreasing is the increased competition within this segment. Within the last year, many automakers have not only committed to electric vehicles but have committed to putting an infrastructure in place to increase production. This, in turn, has allowed automakers to have more streamlined production, creating more competition. Altogether, companies then look to drop prices to bring more shoppers into a new electric car.
Another big factor in the price decrease is the expiration of tax credits available to the specific manufacturer. As noted by Consumer Reports, General Motors lost these EV tax credits. For Chevrolet in particular, they dropped the price of the 2023 Chevrolet Bolt and Bolt EUV because the federal tax credit expired. The new 2023 Chevrolet Bolt dropped $5,900, and the Bolt EUV dropped $6,300! That savings can help more drivers get the new electric car they have been dreaming of.
What models received drops in prices?
If you have been looking to buy a new EV, this could be the perfect opportunity. Automakers such as Chevrolet, Hyundai, and Nissan have all dropped prices on entry-level electric cars to help make sure more shoppers can get what they are searching for.
When you decide to consider a new electric vehicle, you will enjoy being able to save money on a modern and comfortable model. The latest models such as the Hyundai Ioniq 5, Kia EV6, Toyota bZ4X, and Volkswagen ID.4 keep the same prices. But, other models such as the Nisan Leaf and Hyundai Kona Electric got some juicy discounts. While these models are not the most advanced, they can still offer drivers electric efficiency.
What does the price drop mean for the future?
While the price drop is certainly a welcome surprise to shoppers, what will this drop do for the future of electric cars? First, with lower prices, more drivers will be able to get an electric vehicle. If the entry point for EVs is lower, they can become much more attainable for all drivers. More importantly, when electric cars become more common, the entire infrastructure will be improved, which can make driving an electric vehicle longer easier.
In addition to the fact that lower prices could result in more drivers coming into the space, lower costs of new electric vehicles could help bring higher-end features and technologies into entry-level models. Drivers can more easily shop for something that fits their needs and not worry about the financial repercussions.
While the pricing of EVs is still a bit higher than many gas-powered cars, this recent trend of price drops can be a sign of big things to come.
Cheaper electric vehicles can help drivers save money elsewhere
As drivers have been looking to learn more about EVs and efficiency, cheaper examples could help shoppers get precisely what they need. With the price of gas seemingly rising more and more each day, considering a new EV can be a good choice. Not only can you save money by not buying gas, but you won’t be on the hook for some of the routine maintenance that is often connected to gas engines.
There may be no better time to check out that new electric car you have been eyeing than now. Consider a great new EV today with the opportunity to save some of your hard-earned money.