Existing Electric Vehicles and those coming soon are out of reach for people. While Electric Vehicles pay you back over time, the upfront investment is exorbitant. Not only will you pay for the vehicle itself, factors such as Auto Loan Rates, charging costs at home and at public, maintenance, insurance costs, etc. are to consider. It is reported that the average transaction price for an electric vehicle is $62,876, according to January 2022 Kelley Blue Book data.
While the Biden Administration wants more EV cars on the road, which sets a target of at least 50% of EV car sales shares in the U.S. by 2030, this might be a bit challenging since EVs on sale or those coming soon are costly and a bit out of reach for some people.
An EV from a mainstream automaker would still cost too much. The 2023 Toyota bZ4X’s starting price is $42,000, a Hyundai Ioniq5 starts at just over $43,000. The cheapest EV in the market might be the Nissan Leaf with a starting price of $27,000.
Right now, Electric cars are still a luxury for most people, and not for an average person. However, there are reports that say Honda and GM are working together to make more affordable EVs to help more people go electric.
