One asterisk: New EVs must now meet new manufacturing requirements in order to qualify, which will likely temporarily impact the availability of eligible EVs while supply chains catch up. The federal EV tax credit offers up to $7,500 for new EVs and, for the first time, $4,000 for used EVs, too. You can mitigate some of that cost by making use of tax incentives, which can shave thousands off an EV’s price tag. But the EV market is growing rapidly, and this price margin is expected to shrink considerably in the coming years as manufacturers produce more affordable models and battery technology (which is the most expensive part of an EV) improves. The average sticker price of a new electric car in 2021 was about $10,000 higher than the industry average, which includes both gas-powered and electric vehicles. ![]() A lot can determine your EV’s price tag-from fuel costs to maintenance-and whether you’ll save money in the long run. There are plenty of climate and air quality reasons to buy an electric vehicle, but is it cheaper to drive? It’s the deceptively complicated question that has befuddled car shoppers for years and with good reason.
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