EVs Hit Avg Transaction Price Of $66K In US, Gas Car Prices Also Rise

It's arguably becoming common knowledge that electric cars have higher starting prices than similar gas cars, and it's one of the reasons many people who may want to own an EV haven't yet moved forward. Now, we see stories online that the average price of an EV in the US has risen to $66,000, which may cause people to reconsider buying an electric car.is an increase of over 13 percent compared to a year ago.

The average new car transaction price goes up most months, and that's been especially true amid the aftermath of the COVID-19 pandemic and other global turmoil. According to KBB, the average new car transaction price in the US rose to $48,043 in June 2022, which is a 12.7 percent rise year over year.

As you can see, while EV average transaction prices are up significantly, they're following the same increase we're seeing in the automotive market as a whole. This doesn't make it any easier for people to afford a new electric car – or any car for that matter – but it does suggest that whether you buy an EV or a gas car, you're likely to pay much more today than in the past.

With gas prices out of control, buying a gas car probably isn't the best idea right now. You'll be paying much more for the car, as well as much more for the fuel. Coming up with the extra $18,000 for the EV will most likely be a major challenge for many folks, but it could be well worth it over the long term.

Electric cars offer substantial savings over gas cars, especially if you do most of your charging at home. EVs also require less maintenance than their gas-powered cousins, so there are savings to consider on top of the price of"fuel."

Source: Car News Wire (carnewswire.net)

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