Well if you have been thinking about Buying an electric vehicle now could be The time right now prices are falling so Fast they're almost as affordable as gas Powerered models the national average For a new electric vehicle right now is A little over $55,000 still pricey but that is a 9% Drop in prices over last year and that's Before factoring in a federal tax credit Meanwhile the national average price for A used electric vehicle has dropped to Less than $24,000 so that's a 27% Decrease over the same time last year And as of 2023 used cars are available For tax credits as well so let's dive Into this a little bit more with the Editor-in-chief of cars.com Jenny Newman So Jenny what's driving these falling Prices well there's been a a plateau in In EV sales over the last year or so and So we're seeing inventory build up both On the youth side and the new side which Means that there are deals to be had on Both new and used EVS let's talk about Those deals because to me you know the 55k we mentioned for a new EV that is Still that's way out of my price range How do the prices compare to gas powered Vehicles for new and Used well for new vehicles as you Mentioned 55,000 is a national average That is above what you would spend on a Traditional gas powered vehicle uh by
About that that average tends to be in The upper $40,000 so you know that's a significant Difference as you did mention though There are federal tax credits that do Help ease the pain to your pocketbook One other thing to consider is that to Move some of these vehicles especially On the new side automakers are offering Um really excellent um you know Financing as well as leasing deals to Really help move this inventory along One other area of course people should Be looking at is the use side uh we are Seeing huge interest in use used EVS on Cars.com in fact there's a 55% increase In used EV searches on our website Fascinating all right we were just Showing the graphic of those tax credits So $7,000 for new EVS $4,000 $4,000 for used um are those tax Credits going to change anytime Soon uh you could see more new used or New EVS being eligible for the federal tax Credit as more and more automakers are Building their are building plants and Battery uh manufacturing here in the US So as more automakers bring those plants To the US more of these EVS will qualify For the federal tax credit on the U side Uh we're not going to probably see an Increase in the $4,000 credit that's Available to Shoppers but you know
What's new for this year is that it is Available right at the dealership so you Don't have to wait any longer for uh you Know for April 15th to see if the tax Credit would be applied interesting Before we let you go somebody at Hall May be thinking you know I want to do This but I'm worried about the Infrastructure I'm worried about going On that long road trip and finding a Charging station um are are the concerns Surrounding infrastructure being Addressed they are being addressed it's A little slow I think for those of us Who are EV owners right now um we'd love To see more charging stations I myself And M an EV owner and with that increase In interest you are seeing uh more People at the charging stations but we Know that there are programs that are Well on their way to increase number of Public charging throughout the country As well as automakers coming together to To help Propel that forward so there's Movement there um that that concern Should ease but it is certainly a big Concern for Shoppers right now okay Jenny Newman it's been a lot of fun to Talk to you thanks
