Affordable Electric Vehicles Coming Soon
- Selina Barker
- May 28
- 3 min read
Updated: 3 days ago
It’s no secret or surprise that the price of an electric vehicle is outside the average consumer’s budget. EVs are new, tech heavy, and come with expensive add-ons like home charging ports. If you’re trying to save money on gas by buying an EV, it is going to take a lot of years and a lot of driving to make up for what you spent on it upfront.
Luckily for those consumers that are interested in EVs without the EV price tag, there are some more affordable options scheduled to come to the U.S. market within the next couple years.
Companies Need to Lower Prices
EVs are not exactly flying off the shelves these days. Even for those interested in driving electric, it’s just not worth it to replace their existing vehicle for such a hefty price.
“Shoppers could find great deals on electric cars and overstocked new cars from brands like Jaguar, Ram, Mitsubishi, Infiniti, and Land Rover.”
Demand isn’t keeping up with supply. EV manufacturing has boomed over the past few years while purchases have slowed to a trickle. Most people that wanted an EV have purchased one, and everyone else is either waiting for something more affordable or for their current vehicle to need replacing. Manufacturers are now looking to move EVs off their lots by lowering prices to target the largest American market – the average-income consumer.
Now, as “car companies look to capture mainstream buyers,” prices are decreasing, and some add-ons – like charging port installation – are being thrown into the package at no extra charge. Even as tax breaks tighten, EVs could become mainstream. While most drivers won’t give up their current day-to-day car in favour of something that can’t go as far between refills, many households are interested in an EV as a second or third alternate.
Another reason EVs are getting cheaper is due to overseas markets, for example China, producing budget-friendly electric vehicles. If those manufacturers find a way to sell in North America, they could seriously threaten the U.S. electric vehicle monopoly.
“...car companies look to capture mainstream buyers and fend off the threat of cheap, high-tech EVs from China.”
In order to entice a new, larger demographic of buyer, manufacturers will have to offer a lot more for a lot less money than what is currently available as an alternative to gas.
Affordable Options Coming Soon
Companies like Kia, Chevrolet, and Jeep have promised American consumers affordable electric vehicles within the next few years.
Jeep’s new electric vehicle, the next Renegade, was promised to cost $25,000 and come to North America in 2027. This price would make it the cheapest EV currently sold in the U.S., and make it about half of the average car price.
The Kia EV3 is an electric vehicle that could—for U.S. buyers—start at $27,500 if Kia can get it to qualify for a tax credit.
The Chevy Bolt was a popular EV from 2017 to 2023 that is expected to re-launch with a refresh this year and cost just under $30,000. GM’s VP of Batteries, Kurt Kelty, has said they have “plans to adopt lithium iron phosphate (LFP) battery technology to reduce the cost of its EVs by “up to $6,000,” which could explain the savings.
These companies and their competitors are all racing to undercut the market for the most affordable electric vehicle in order to be the first available for consumers who have been waiting for prices to drop before they buy.
“The entire auto industry is chasing more affordable electric vehicles. They need to move electric power to a new class of buyer, they're freaked out by the incursion of China's advanced EVs and they have tough fuel economy average targets to meet.”
While new vehicle prices continue to climb amidst uncertain tariff policies, rising inflation, and steep manufacturing prices, electric vehicles could be the most affordable new cars sooner than you think.
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