Most Americans consider electric vehicles (EVs) luxury purchases, largely thanks to the Tesla brand. And while EVs currently cost more than traditional gas-powered cars, the average cost of an EV is plummeting.
Driving down the cost of EVs
Not all EVs qualify for these tax credits — they can’t be too expensive. Because of this, many automakers are driving down the costs of their EV offering so that buyers would be drawn to the additional savings.
This is why by next year, Tesla has said that its next-generation EV would cost somewhere between $25,000 and $30,000.
The EV manufacturing giant won’t be alone, however. More new EV models coming out in the next few years will cost under $30,000, with many coming in below the price of the average new car.
Both Fisker and Volkswagen are promising that they’ll offer EVs costing at least 30% below this average price point.
So while EVs might seem expensive today, soon they’ll be as affordable as any other car on the road.
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