EVs have long been popular with eco-conscious buyers looking to reduce their environmental footprint, but they’re also now available in nearly every vehicle class from cars to pickup trucks. And while EVs have a reputation for being more expensive to purchase than their gas-powered counterparts, that gap is shrinking year after year thanks to price cuts from automakers and federal incentives for eligible buyers.
But with all the different models, options and ranges available today, it can be difficult to know which EV is right for you and your budget. Fortunately, we’ve put together this guide to help you Compare prices of electric cars across all segments. We’ve included up-front costs, annual operating expenses and energy cost savings so you can determine which models are most affordable to own.
We’ve sorted the results by price to make it easier to identify the most economical models to consider, but the real key is to understand how your driving habits and region’s electricity pricing will affect your annual operating costs. To help you figure this out, we’ve created a calculator that takes into account your model’s efficiency, the average length of time drivers keep their vehicles and regional electricity rates, as well as maintenance costs per mile and charging habits.
Another factor that impacts EVs’ long-term running costs is battery degradation, with studies estimating an average of 2.3% degradation each year. This can be accelerated by certain factors, including frequent DC fast charging and extreme weather conditions. But with improved battery chemistries and newer technology, that figure is expected to decline over the coming years, bringing EVs closer to parity with internal combustion models.
Finally, it’s worth noting that many EVs can vary in how far they can go on a single charge thanks to their powertrains and battery configurations. This is reflected in their EPA-rated kilowatt-hours per 100 miles (kWh/100) rating, which works similarly to a car’s miles-per-gallon stat. For example, the 2023 Hyundai Ioniq 6 SE Standard Range is the most efficient EV you can buy with a 24 kWh/100 mile rating, while the cheaper Chevy Bolt EUV has a 29 kWh/100 mile rate.
Of course, the most important consideration is your own budget and priorities. If you want to drive a highway-ready EV with a big battery capacity, for example, there are several options that can do the trick, starting at just over $35,000 like the Tesla Model 3, Nissan Leaf or BMW i3. However, if you’d rather avoid range anxiety, we suggest focusing on models with a road trip-ready range of 200 miles or more, such as the 2023 Nissan Leaf S or the Honda Insight Plug-in Hybrid. This will also make sure you’re able to access the fastest DC fast charging stations in your area. This is the first step to avoiding the “range anxiety” that has kept some drivers from making the switch.