Electric vehicle prices are tumbling. Here's how they now compare with gas-powered cars.
CBSN
Prices on electric vehicles are tumbling as dealership lots are filling up with more models amid cooling consumer demand. The result is that EV prices, in some cases, are approaching those of gas-powered cars, after adding in federal tax credits.
The average price of a new EV in May was $56,648, according to Kelley Blue Book, or about 15% lower than two years earlier, when the average price was $65,000. Meanwhile, used EV prices plunged to $28,767 last month, representing a 42% decline from $40,783 a year earlier, according to iSeeCars.
Prices are falling, in part, because EV sales have hit a plateau in the past year or so, Jenni Newman, the editor-in-chief of Cars.com, told CBS News. Still, the sticker prices on EVs tend to be higher than those of gas-powered cars, although that gap is narrowing as dealers cut prices on electric-powered vehicles.
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