Buying an electric car with at least three hundred miles of diversity is more convenient than ever. Several automakers, including Hyundai, Kia, and Tesla, now offer long-diversity electric cars (those with a diversity of at least three hundred miles) that are less expensive to buy than the average gas-powered car in the United States.
Electric vehicle prices have fallen especially in the United States after a series of competitive price cuts led by Tesla in recent years.
According to the latest data from Kelley Blue Book, average transaction costs for a new EV were down 9% in the first quarter compared to the first quarter of 2023. With lower costs, electric cars have taken a step forward like several long-term cars. Range models are now less expensive than average petrol cars.
Hyundai, Kia, and Tesla models with a range of at least three hundred miles cost less than popular gasoline cars like the Toyota Camry or Rav4.
When it comes to leasing, the gap is even bigger: Hyundai and Tesla EVs are up to 37% lower than Toyota and BMW models.
A new study from Bloomberg Green shows that the 2024 Hyundai IONIQ 6 is the most affordable electric vehicle. Hyundai’s IONIQ 6 is the cheapest electric vehicle, priced about 25% lower than the national average ($47,000) and with a range of up to 361 miles.
The IONIQ 6 starts at $37,500, but this is for the popular range model (240 miles). The SE model, with a range of up to 361 miles, starts at $42,500.
Hyundai’s IONIQ 6 was found to be the only electric vehicle that met prospective buyers’ average value, diversity, and charging goals, according to a recent report by the Boston Consulting Group. Buyers are looking for fast charging in less than 20 minutes, a diversity of at least 350 miles, and affordable value (less than $50,000).
At just $243 per month, the IONIQ 6 is particularly cheaper to lease than the Toyota Camry, which costs $346 per month.
Tesla’s Model 3 is the closest time to achieving the goals. The 2024 Tesla Model 3 starts at $38,990, while the Long Range AWD style starts at $47,740 with a range of up to 341 miles.
At $399 per month, the Tesla Model 3’s lease costs are much lower than the BMW 3 series, at $581 per month. Tesla’s Model Y, at $399 per month, is also cheaper than BMW’s X3, at $629 per month. month.
Hyundai’s upgraded 2024 Kona EV is one of the best cars on the market, starting at less than $33,000. Hyundai Kona EV rental costs are still lower than the gasoline model.
The next few years will prove that electric vehicles can work for most Americans. Prices are falling, charging stations are popping up, and batteries are running out every year.
A number of new long-range and electric cars are also hitting the market. After launching deliveries last month, Chevrolet’s Equinox EV is gaining customers.
GM claims that the electric Equinox EV is the “most affordable EV” in its elegance, with a diversity of more than three hundred miles. The Chevrolet Equinox EV (2LT) starts at $43,295, but the base styling (1 LT) will be available to order this year starting at $34,995.
With the $7,500 federal tax credits included, Equinox EV costs can drop as low as $27,495. Several automakers, such as Hyundai and Kia, pass on EV tax credits on a lease basis until production begins in the United States.
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Peter Johnson covers the automotive industry’s step-by-step transformation to electric vehicles. He is a seasoned investor, money writer, and electric vehicle enthusiast. His enthusiasm for electric vehicles, basically Tesla, is one of the main reasons he pursued a career in investing. . If he doesn’t tell you about his latest discoveries in the 10K, you can spot him enjoying the outdoors or exercising.