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Experts are predicting an 'EV-plosion' of cheap, electric cars — here's how low prices could get

The EV market is booming, and there are a lot of exciting upcoming models.

The EV market is booming, and there are a lot of exciting upcoming models.

Photo Credit: iStock

In 2022, electric vehicle (EV) sales were on the rise but mostly remained popular for buyers with a large budget, with many consumers still finding them too expensive. Several of Tesla's models were among the most popular EVs across the U.S., and Car and Driver reported it as the bestselling luxury auto brand.

Why 2023 is the year of the EV

Thanks to the Inflation Reduction Act (IRA), many EV buyers will now qualify for all or part of a $7,500 EV tax credit when they go for a new EV. And Tesla and other carmakers have lowered their prices. 

So, as the numbers of EV models available skyrocket and the price of EVs naturally goes down, when the tax credit is considered, many more EVs will soon enter the mainstream, in what Tech Crunch called the "EV-plosion."

What're some of the most exciting upcoming electric vehicles?

The EV market is booming, and there are a lot of exciting upcoming models. Many higher-priced EVs don't qualify for the IRA tax credit — they need to have an MSRP of less than $55,000 unless they're trucks, vans, or SUVs (which can be eligible at prices up to $80,000). But the growth of the lower-cost EV is electrifying.

One exciting new prospect is the 2024 Chevrolet Equinox EV, which should be relatively affordable with a starting price close to $30,000. Once the $7,500 tax credit is factored in, it would come at a reasonable starting price of $22,500. This compact electric SUV will have an enormous range of 250 miles estimated between charges (or up to 300 miles with higher-priced options), so there is no need for any range anxiety.

The Fisker Ocean is a stylish SUV that its maker has released in Europe and just kicked off deliveries in the United States. The base model has an estimated range of 250 miles and a base purchase price of $37,499 — not too shabby.

New purchases might not qualify for the $7,500 IRA tax credit under rules for new cars put into service after April 18, but the car could qualify if leased. And, if you're willing to spring for a pricier version, one of the most exciting options in company's soon-to-be available lineup has a solar roof, which could add 1,500 to 2,000 miles of driving every year. 

There are other upcoming electric vehicles that may or may not qualify for the IRA tax credit based on price or other criteria, though they are still generating plenty of excitement. 

Tesla has yet to release its official price for its Cybertruck, for example. However, this all-electric pickup is clearly one of the most anticipated EV releases of 2023.

According to Tesla, the Cybertruck will have an enormous range of up to 500 miles between charges and will be able to go from zero to 60 mph in as little as 2.9 seconds.

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