What is the average cost of buying an electric car?

On average, the purchase price of an electric vehicle is still higher than a gasoline vehicle – in 2023, the average purchase price of an EV could be up to $10,000 more than a comparable gas model – a difference that is shrinking over time. However, while electric cars generally have higher suggested retail prices, they offer a lower cost of ownership, thanks to how much money you can save on fuel and maintenance. There are also many financial incentives available to buyers of electric vehicles. Federal, regional, and even local incentives can lower the total cost. The best-known incentive is from the federal government, with a tax credit of up to $7,500 available for certain models, if you meet certain conditions. Many states also offer EV incentives that can further reduce your cost.You can research available incentives using the GreenCars Incentive Tool.