Although new electric vehicles (EVs) have had a higher sticker price than gasoline-powered cars, new EV prices are falling. Research from Kelley Blue Book shows that new EV prices are down almost 20% from June 2022. With EV sales accounting for 7% of U.S. car sales this year, going electric is more affordable than ever.
EVs offer clear environmental and ownership benefits, producing fewer emissions over the life of the vehicle compared to internal combustion cars and trucks, but your local source of electricity is an important factor to consider. If your energy comes from burning fossil fuels, an EV will contribute to CO2 emissions. With fewer moving parts and no dirty combustion, electric vehicles are less expensive to own and maintain.
But the cost of new EVs remain a barrier for many. Several electric cars and compact SUVs are available for under $40,000, and some qualify for up…