Electric vehicles (EVs) have been gaining popularity, but a common concern for potential buyers is their price compared to gasoline-powered cars. This article examines the price differences across various vehicle categories, comparing average Manufacturer’s Suggested Retail Prices (MSRP) for both internal combustion engine (ICE) and electric models.
Price Comparison Across Vehicle Categories
Subcompact Cars
The average MSRP for ICE subcompact cars is around $22,627, while EVs average $31,895. Popular ICE models like the Kia Soul and Nissan Versa are significantly cheaper than the sole electric competitor in this class, the Mini Electric Hardtop.
Subcompact SUVs
The price gap widens in the subcompact SUV segment. The average gas model costs $28,990, while EVs average $40,917. Leading ICE models include the Honda HR-V and Chevrolet Trax. The Hyundai Kona Electric and Kia Niro EV represent the top-selling electric options.
Compact Cars
The price difference narrows slightly in the compact car category, with ICE models averaging $26,301 and EVs at $34,538. Popular ICE choices include the Honda Civic and Toyota Corolla. The BMW i4 and Polestar 2 are top-selling electric options, but at a premium price point. The Nissan Leaf, however, offers a more affordable EV option, especially when factoring in the federal tax credit.
Compact SUVs
This popular segment sees a significant price disparity. The average ICE model costs $35,722, while EVs average $53,048. The Toyota RAV4 and Honda CR-V dominate ICE sales. On the electric side, the Ford Mustang Mach-E and Hyundai Ioniq 5 lead the market.
Midsize Cars
The average midsize electric sedan costs $49,554 compared to $32,035 for ICE models. The Toyota Camry and Honda Accord lead in ICE sales. In the EV segment, the Tesla Model 3 is the dominant player, followed by the Hyundai Ioniq 6.
Midsize SUVs
Prices escalate in the midsize SUV category, with average ICE models at $48,916 and EVs at $72,046. The Ford Explorer and Subaru Outback are popular ICE choices. The Tesla Model Y leads EV sales, significantly outpacing the Cadillac Lyriq.
Large Cars
A substantial price gap exists in this segment, with average ICE vehicles priced at $49,988 and EVs at $72,240. The discontinued Dodge Charger and Toyota Crown were top ICE sellers. The Tesla Model S leads the large electric sedan market, followed by the Lucid Air.
Large SUVs
The price difference becomes even more pronounced in the large SUV segment, with gas versions averaging $78,774 compared to $101,145 for EVs. The Chevrolet Tahoe and Ford Expedition lead ICE sales. The Tesla Model X dominates the EV market, followed by the Mercedes-Benz EQS SUV.
Large Trucks
The average price for ICE large trucks is $64,784, while electric trucks average $76,475. The Ford F-150 leads in gasoline truck sales, followed by the Chevrolet Silverado 1500. In the electric truck segment, the Ford F-150 Lightning and Chevrolet Silverado 1500 EV hold the top spots.
Conclusion
While EVs generally have higher upfront costs compared to gas cars, factors like total cost of ownership, including fuel and maintenance savings, can make EVs a more economical choice in the long run. Considerations like range and charging infrastructure also play a role in the purchasing decision.
