How much does an EV cost?

The price of an EV is a significant barrier to a more complete transition to electric vehicles in the U.S., experts said. The average price of a new electric vehicle in the U.S. is $56,910, according to the latest data from Kelley Blue Book, while the average price of a gas-powered car was $49,740 in late 2024.

How much does a Hyundai EV cost?

Hyundai has been working on all-electric vehicles since 1991, when the automaker developed the Sonata Electric Vehicle for testing. Its first commercially available EV was the Hyundai BlueOn, in 2010. The 2025 Equinox EV starts at $33,600, according to Chevrolet’s website.

How much does it cost to buy an electric car?

As steep tariffs threaten to drive up car prices and an incentive for buying electric vehicles nears its expiration date, electric vehicles and plug-in hybrids are becoming harder to afford. For those looking to make the switch to electric on a budget, there are just a few low-cost options. Here’s a look at those available for under $35,000.

How much does it cost to insure an EV?

A $7,500 tax credit for buyers of new electric vehicles and one worth $4,000 for used EVs expire in September. The higher price tag on EVs stems from expensive batteries and manufacturing. It can be pricier to insure an EV too — data collected by Insurify shows that EVs cost more than $4,000 to insure per year, 49% more than gas-powered cars.