Sustainability is ruling the automobile industry with some great innovations in electric vehicles. The EV market is undergoing rapid growth and in the future, we may see the most budget-friendly electric cars in use. Today let us discover EV forecasts, and predict how much will electric cars cost in 2025 and 2030.
How Much will Electric Cars Cost in 2025?
The estimated cost of an EV with a 200-mile range will be around $20,000, anticipated to undergo fluctuations. From the Electric Vehicle Forecast 2018-2025 table, we can see the price going down even making it more affordable in the future.
| Cost of EVs in dollars | Year | Estimated cost of EV with 200-mile range |
| 10,000 | 2018 | $35,000 |
| 20,000 | 2019 | $35,000 |
| 30,000 | 2020 | $33,000 |
| 40,000 | 2021 | $30,000 |
| 50,000 | 2022 | $29,000 |
| 60,000 | 2023 | $28,000 |
| 70,000 | 2024 | $25,000 |
| 80,000 | 2025 | $20,000 |
Average Cost of an Electric Car 2023
Since you have some idea of how much will electric cars cost in 2025, are you aware of the current average pricing range for new electric vehicles in 2023?
Firstly, let us know EVs come in different models, with some prioritizing performance, range, and innovative features, others emphasizing affordability and practicality, and a segment focusing on luxury, advanced technology, and sports car dynamics.
In the below table let us find out the average cost of a few Electric Vehicles and their models in the market
| Types of Electric Cars | Price range of some Electric Car models | Average cost |
| Electric Pickup Truck vehicles | Rivian $73,400 to $85,500. Ford EV $55,480 to $96,800 | $70,000 |
| Domestic cars | MINI Electric $30,900 to $36,000. Nissan Leaf $28,140 to $53,650 | $43,000 |
| SUV | Kia EV $54,500 to $73,900. Ford Mustang $42,995 to $59,995 | $60,500 |
| Luxury | BMW $105,700 to $124,200. Lucid Air $74,900 to $249,000 | $75,000 |
Also Read: 8 Best Electric Bikes Under 1500 Pounds in the UK
How much does an Electric Car Cost to Charge in 2023 Vs 2025?
On average, to charge an e-vehicle is around $5-$7.55, but there are multiple factors that should be taken into account for estimating the cost to charge in 2025.
To calculate the charging cost of an electric car, you multiply the local electricity rate by the vehicle’s energy efficiency. This yields the cost per 100 miles where you can determine the cost of fully charging the vehicle from zero to 100 percent. The cost per charge is calculated depending on battery size, which is multiplied by 0.125 to give the charge.
For example, the Chevrolet Bolt battery is 60 kWh and when multiplied by 0.125 you get 7.55.
Hence the cost per charge is $7.55.
The below table provides some popular EV car costs to charge in 2023.
Vehicle | Battery Size(kWh) | Cost per charge $0.125 per kWh |
|---|---|---|
Chevrolet Bolt | 60 | $7.55 |
Chevrolet Spark | 23 | $2.89 |
Fiat 500E | 24 | $3 |
Kia Soul | 27 | $3.40 |
Mercedes B Class | 28 | $3.50 |
Nissan Leaf | 30 | $3.76 |
Toyota RAv4 | 41.8 | $5.26 |
| Tesla Model S 60 | 60 | $7.55 |
| Tesla Model S 70 | 70 | $8.80 |
| Tesla Model S 90 | 90 | $11.30 |
The cost of installing a charging station, or Electric Vehicle Supply Equipment (EVSE), for electric cars ranges from $500 to $1,000.
Estimating the cost of charging an electric car in 2025 can vary based on several factors, including the electricity rates in your region, the efficiency of the electric vehicle (EV), and the charging method used. It also depends on the advanced batteries produced with good capacity hold and backup storage.
Here are some charging options that will determine the cost of charging an electric vehicle in 2025.
1. Home Charging
Home charging is typically the most cost-effective option. The cost per kilowatt-hour (kWh) of electricity varies by location, but it is often cheaper during off-peak hours.
On average, a full charge for an electric car with a range of 200 miles might cost between $8 and $15, depending on electricity rates.
2. Public Charging Stations
Public charging stations may have different pricing structures. Some charge per kWh, while others charge a flat fee for the session. Costs at public charging stations can vary widely, but they may be comparable to or slightly higher than home charging.
3. Fast Charging Networks
Costs per kWh or session fees can be higher, but the convenience of faster charging is often a trade-off for the additional expense.
Also See: Battery Electric Bus Vs Fuel Bus: Which is Better?
How Much will Electric Cars Cost in 2030?
You are already aware of how much will electric cars cost in 2025. Note that concerning government incentives, tax credits, and seasonal deductions, the cost of electric cars in 2030 could be approximately $35,000 or less. In the future, Clean Energy Transportation is set to experience a radical transformation driven by the global adoption of electric vehicles (EVs).
Factors Influencing Electric Car Costs in 2030
Examining current trends and industry developments, new models will be available, with different features, and in 2030, electric cars be affordable because of these factors.
1. Battery Costs
A factor contributing to the enhanced cost-effectiveness of electric cars is the substantial decline in battery costs due to rise in the production everywhere. The cost of battery packs is expected to decrease to around $105 per kilowatt-hour in 2025 and further decline to $70 per kilowatt-hour by the year 2030.
2. Technological Advancement
EVs, including enhancements in battery capacity, the efficiency of motors, regenerative braking systems, cybersecurity measures, autonomous driving features, and advanced sensors, collectively point towards a future where affordable EVs.
3. Government Incentives and Subsidies
Until 2032, individuals who purchase an electric vehicle (EV) in the country are eligible for a federal rebate of $7,500. Beyond federal incentives, the majority of states provide various forms of rebates, discounts, or tax credits to incentivize the purchase of electric cars. By 2030, these policies are expected to be more robust than ever, providing financial incentives, tax credits, and rebates to make electric cars not only environmentally conscious but also economically advantageous for consumers.
4. Advancements in Charging Structures
The charging infrastructure for electric vehicles is experiencing growth. In 2030, charging stations, including fast-charging options, will enhance the convenience of owning an electric car. The EV charging ports have grown to 55% since 2022. The abundant availability of charging stations will make this convenient for long journeys.
However, from the electric car price forecast data, as economies of scale improve, and technology matures, the overall cost of electric cars in 2030 is likely to become more competitive. It will range anywhere from $5000 to $7,000 less than the current rates depending on respective features and models.
Also, check out What Factors Affect the Electric Car Battery Replacement Cost?
Cheapest Electric Car in the USA
The Chevrolet Bolt EV is known as the USA’s most affordable electric vehicle that offers a commendable range on a single charge. The price starts at $26,500 and ranges depending on features.
It features a compact design, a modern interior, and advanced technology. Chevrolet has been committed to expanding its electric vehicle lineup, and future models, including the 2023 Bolt EV, may see an improvement in range, performance, and additional features. The built-in connections in the car for phone availability are like Apple car play and Alexa. The Dual level cord will allow for multiple charging options like 120v or 240v.
The BOLT EV could qualify for a Clean Vehicle Federal Tax Credit of up to $7,500. You are advised to consult with their tax, or accounting professional to determine personal eligibility based on household income.
We conclude by saying that as technology advances and economies of scale come into play, electric cars will likely become more accessible and cost-competitive. However, the choices of consumers will decide the future of the electric vehicle market in the years to come.
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1 Comment
Hi Olivia,
can you explain how you get the values of the very first column in the very first table?
it seems like a mistake, increasing year by year by exactly 10,000 $.
I wonder about the meaning of these value and what exactly it should tell me?
As the overall cost goes down and cheaper models are far more often sold than expensive ones, even the average price of all models sold altogether should decline, not increase.