But if you don’t shell out for one you’re a bad person.
One of the selling points for electric vehicles is that they’re supposedly so cheap to operate. After all, you don’t have to get oil changes, there’s no leaky radiator or a bad alternator, etc. plus electricity is so cheap compared to gasoline. There are a few things wrong with this reasoning, but one of the most glaring lately is just how expensive EVs have become.
Learn just how crazy supercar meets in California are these days here.
Some of us predicted this would happen as automakers felt demand for their electrified models increase. I’m not saying the whole of the recent price increases are driven by that, but I do believe that’s in part what’s going on. Another big factor is the recent law Biden signed, providing bigger tax breaks for certain EVs. Magically, prices on those models increased the same week.
The fact EVs are increasing in price faster than traditional cars has been established by an iSeeCars study. It concluded that since July of 2021, electric car prices skyrocketed a whopping 54.3 percent. That’s a crushing increase, especially as consumers are squeezed by price increases for food, utilities, and just about everything else. Inflation is rampant, so some reason that’s why a new Tesla or Ford EV costs more.
But then you compare that to the 10.1 percent price increase for internal combustion engine cars during the same period of time and things become clearer. So much for the affordability argument for EVs, which was always ridiculous but has become even more so.
Back in early August Ford wasted no time increasing the price of the F-150 Lighting $6,000 to $8,500. Many pointed out the timing was prodigious since Ford moved on it once the Inflation Reduction Act was sure to pass the House after squeaking through in the Senate.
Chevy jacked the price of the Bolt EV by $7,500 after the Inflation Reduction Act passed. That is, of course, coincidence because automakers have never taken advantage of government programs and fleeced taxpayers ever in their existence.
Another prime example of a recent EV price increase comes via the Ford Mustang Mach-E. Ford just revealed that for the 2023 model year, base prices will increase between $3,200 and $8,300. Going green just required more green from your bank account.
See the iSeeCars study here.