It’s not a great time to get a deal on a car. Prices are high. Inventory is low. Some models are backordered. Dealers aren’t likely to negotiate. Interest rates on loans are higher.
The average new car price in the U.S. was $45,927 in March, according to Kelley Blue Book. If you could get a $7,500 tax credit on a new car, it would help, right?
With gas prices going through the roof, more people are looking to electric cars. There are more electric models to choose from than ever, and lots of them are eligible for a federal tax credit of up to $7,500.
How to Find EV Charging Stations Near You
There’s nothing easy about the IRS tax code, so before plunking down the price of a new EV, check with a tax professional and read up on it first. The credit only applies to the first 200,000 eligible vehicles sold by an automaker, and companies like Tesla (TSLA) and GM (GM) have already passed that point. Plug-in hybrids also can qualify for the credit, so Toyota (TM) is approaching the 200,000 limit, too.
There may also be state and local tax credits or incentives for an EV purchase where you live.
Here are 30 electric cars now available new on the U.S. market as of April 2022. There are economical ones, SUVs, trucks and luxury cars for every taste. We included their sticker price followed by the cost if you got the full federal tax credit.
Nissan Leaf
- Starts at: $27,400
- After $7,500 tax credit: $19,900
- Horsepower: 147
- Combined fuel economy: 111 MPGe
- Estimated range: 149 miles
Nissan
Mini Cooper SE
- Starts at: $29,900
- After $7,500 tax credit: $22,400
- Horsepower: 181
- Combined fuel economy: 110 MPGe
- Estimated range: 114 miles
MINI USA
Chevrolet Bolt EV
- Starts at: $31,500
- After $7,500 tax credit: Does not qualify
- Horsepower: 200
- Combined fuel economy: 120 MPGe
- Estimated range: 259 miles
Chevrolet
Mazda MX-30
- Starts at: $33,470
- After $7,500 tax credit: $25,970
- Horsepower: 143
- Combined fuel economy: 92 MPGe
- Estimated range: 100 miles
Mazda
Chevrolet Bolt EUV
- Starts at: $33,500
- After $7,500 tax credit: Does not qualify
- Horsepower: 200
- Combined fuel economy: 115 MPGe
- Estimated range: 247 miles
Chevrolet
Hyundai Kona Electric
- Starts at: $34,000
- After $7,500 tax credit: $26,500
- Horsepower: 201
- Combined fuel economy: 120 MPGe
- Estimated range: 258 miles
Hyundai
Kia Niro EV
- Starts at: $39,990
- After $7,500 tax credit: $32,490
- Horsepower: 201
- Combined fuel economy: 112 MPGe
- Estimated range: 239 miles
Kia
Volkswagen ID.4
- Starts at: $40,760
- After $7,500 tax credit: $33,170
- Horsepower: 201
- Combined fuel economy: 99 MPGe
- Estimated range: 260 miles
Volkswagen
Kia EV6
- Starts at: $40,900
- After $7,500 tax credit: $33,400
- Horsepower: 167
- Combined fuel economy: 117 MPGe
- Estimated range: 232 miles
Kia
Hyundai Ioniq 5
- Starts at: $43,650
- After $7,500 tax credit: $36,150
- Horsepower: 168
- Combined fuel economy: 110 MPGe
- Estimated range: 220 miles
Hyundai
Ford Mustang Mach-E
- Starts at: $43,895
- After $7,500 tax credit: $36,395
- Horsepower: 266
- Combined fuel economy: 103 MPGe
- Estimated range: 247 miles
Ford
Audi Q4 e-tron
- Starts at: $43,900
- After $7,500 tax credit: $36,400
- Horsepower: 295
- Combined fuel economy: 95 MPGe
- Estimated range: 241 miles
Audi
Tesla Model 3
- Starts at: $44,990
- After $7,500 tax credit: Does not qualify
- Horsepower: 283
- Combined fuel economy: 132 MPGe
- Estimated range: 272 miles
Shutterstock
Polestar 2
- Starts at: $45,900
- After $7,500 tax credit: $38,400
- Horsepower: 231
- Combined fuel economy: 107 MPGe
- Estimated range: 270 miles
Polestar
Tesla Model Y Long Range
- Starts at: $53,940
- After $7,500 tax credit: Does not qualify
- Horsepower: 480
- Combined fuel economy: 122 MPGe
- Estimated range: 330 miles
Tesla
Volvo XC40 Recharge
- Starts at: $55,300
- After $7,500 tax credit: $47,800
- Horsepower: 402
- Combined fuel economy: 85 MPGe
- Estimated range: 223 miles
Volvo USA
BMW i4 eDrive40
- Starts at: $55,400
- After $7,500 tax credit: $47,900
- Horsepower: 335 hp
- Fuel economy: 109 city / 108 highway
- Estimated range: 301 miles
BMW
Volvo C40 Recharge
- Starts at: $58,750
- After $7,500 tax credit: $51,250
- Horsepower: 402
- Combined fuel economy: 87 MPGe
- Estimated range: 226 miles
Volvo
Audi e-tron
- Starts at: $65,900
- After $7,500 tax credit: $58,400
- Horsepower: 402
- Combined fuel economy: 78 MPGe
- Estimated range: 222 miles
Audi USA
Rivian R1T
- Starts at: $67,500
- After $7,500 tax credit: $60,000
- Horsepower: 600+
- Combined fuel economy: 70 MPGe
- Estimated range: 260+ miles
Rivian
Jaguar I-Pace
- Starts at: $69,900
- After $7,500 tax credit: $62,400
- Horsepower: 394
- Combined fuel economy: 76 MPGe
- Estimated range: 234 miles
Jaguar
Rivian R1S
- Starts at: $72,500
- After $7,500 tax credit: $65,000
- Horsepower: 600+
- Combined fuel economy: N/A
- Estimated range: 260+ miles
Rivian
Lucid Air Pure
- Starts at: $77,400
- After $7,500 tax credit: $69,900
- Horsepower: 480
- Combined fuel economy: N/A
- Estimated range: 406 miles
Lucid
Porsche Taycan
- Starts at: $82,700
- After $7,500 tax credit: $75,200
- Horsepower: 321
- Combined fuel economy: 79 MPGe
- Estimated range: 200 miles
Porsche
BMW iX xDrive50
- Starts at: $83,200
- After $7,500 tax credit: $75,700
- Horsepower: 516
- Fuel economy: 86 city/87 hwy
- Estimated range: 324 miles
BMW
Tesla Model S
- Starts at: $94,990
- After $7,500 tax credit: Does not qualify
- Horsepower: 670
- Combined fuel economy: 120 MPGe
- Estimated range: 405 miles
Tesla
Tesla Model X
- Starts at: $98,940
- After $7,500 tax credit: Does not qualify
- Horsepower: 670
- Combined fuel economy: 102 MPGe
- Estimated range: 348 miles
Tesla
Mercedes EQS
- Starts at: $102,310
- After $7,500 tax credit: $94,810
- Horsepower: 329
- Combined fuel economy: 97 MPGe
- Estimated range: 350 miles
Mercedes-Benz
Audi e-tron GT
- Starts at: $102,400
- After $7,500 tax credit: $94,900
- Horsepower: 469
- Combined fuel economy: 82 MPGe
- Estimated range: 238 miles
Audi
GMC Hummer EV Pickup
- Starts at: $110,295
- After $7,500 tax credit: Does not qualify
- Horsepower: 1,000
- Combined fuel economy: N/A
- Estimated range: N/A
GM
Other EVs Coming Soon:
Toyota
Toyota’s new bZ4X starts at $42,000, but is currently available only in some states and in extremely limited quantities, according to Toyota. Toyota is also reaching the threshold of EV sales this summer that will disqualify the company for the federal tax credit, Electrek reports.
The 2022 Ford (F) F-150 Lighting is on the market starting at $39,974, but Ford has closed orders for it for 2022. Ford EVs are still eligible for the $7,500 tax credit.
Subaru’s Solterra, starting at $44,995, is coming this year.
The Mercedes-Benz EQE is coming in the mid part of this year, priced around $85,000-$100,000, according to Consumer Reports.
Genesis will start delivering its GV60 EV this year, priced somewhere around $55,000, according to Car and Driver.
Later in 2022, look for the Fisker Ocean (FSR), Lexus RZ and the VinFast VF8 and VF9.
The Cadillac Lyriq comes in early 2023.
Also in spring 2023 Chevy expects to release its Silverado EV and in fall 2023 the Chevy Equinox.
In late 2023, California electric vehicle startup Indi will launch its first model, the Indi One.
Tesla's Cybertruck is now planned for 2023 at the earliest, and look for the Tesla Roadster in 2024.
PlugStar has a shopping assistant to help you find an EV that fits your needs and budget. You can search for incentives in your area by plugging your Zip Code into this tool at Electricforall.org.
Sources: Consumer Reports, Edmunds, FuelEconomy.gov, Electrek, Visual Capitalist.
