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How cheap will electric cars get?
I'm a proud EV owner, but I did spend a pretty penny to get my current car. I often worry about paying such a high price when it's time to trade in or get a newer model. The dealership mentioned that they might be cheaper in the future, but how cheap will electric cars get?
Chanice Boyd · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
We love to hear that you love your EV. According to forecasters, you can expect
electric cars
to get as cheap as their gas-fueled counterparts in the future. That’s exciting news to people who have been discouraged by the high ticket prices of current electric cars. As stated in BloombergNEF (New Energy Finance), the cost of electric vehicles will drop to match gas models as early as 2026.
The price decline will be due to the cheaper production costs. It’s suggested that the tighter world governments get on emissions regulations, the more manufacturers and suppliers will have to shift their resources toward making electric cars.
Thus far, batteries have been the highest factor in determining the price of electric vehicles. They are costly. Still, the cost of battery production is regularly falling. This, combined with manufacturers who intend to make EVs cheaper, is one of the reasons you can count on a more reasonable price in the future.
Until then,
Jerry
can help you find out how you can cut costs and save money while you own your electric car. Jerry can shop around on your behalf to ensure that you have the best and cheapest policy available. You’ll get end-to-end support while the Jerry app gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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