Last week, the Tesla shareholder meeting brought some exciting product and battery news. Despite this, critics of electric vehicles (EVs) continue to argue that cost is the main reason they are not practical. However, the prices of new EVs are stabilizing, and used EV prices have dropped significantly.
Market analysis shows that used EV prices have fallen to the point where they are now lower than the prices of similar gasoline vehicles. For example, the average price of a used Tesla Model 3 is now lower than that of a BMW 3-Series from the same model year.
A recent consumer poll conducted by the Associated Press and public policy researchers found that cost is a major concern for many U.S. adults when considering an EV. Nearly 60% of respondents cited cost as a primary reason for not choosing an EV. This sentiment is particularly strong among older adults.
Leading up to the weekend, Tesla CEO Elon Musk discussed the importance of affordability and announced three new “amazing” Tesla EVs. However, there was no mention of the highly anticipated Roadster. Musk also mentioned that Tesla is still working on reducing the cost of its 4680 battery cells, which are intended to revolutionize the economics of EVs by making them cheaper than current supplier-made cells.
Overall, the decreasing prices of both new and used EVs are making them more accessible to the general public. Despite concerns about cost, the future looks promising for the EV market as technology continues to evolve and prices become more competitive. Stay updated on the latest green car and environmental news by following Green Car Reports on Facebook and Twitter. Don’t forget to sign up for their newsletter to receive daily updates straight to your inbox.