Now is an exciting time for electric and hybrid vehicles, and the appeal of owning one continues to grow each day. Vehicle cost, selection and charging options are continually improving making these vehicles even more appealing. EVs also produce fewer emissions, are more energy-efficient, and quieter than the average fossil fuel vehicle. Plus, many offer a sporty ride that makes them fun to drive.
If you are currently in the market for an alternative fuel vehicle or want to learn more about them, we’ve included some facts below to help get you started.
- The average price of an EV in the United States has fallen 18.7% from $65,688 in August 2022 to $53,633 in July 2023 (source: insideevs.com). This is due to increasing availability of more affordable EV models and the declining cost of batteries.
- Hybrid cars are increasing in popularity because they often cost less to run and reduce or eliminate the carbon emissions associated with driving. Hybrid cars can run on gas or on a series of batteries or cells.
- EV inventory has also increased significantly in the past year, making it easier to find and purchase an EV. Available U.S. inventory has grown to nearly 91,000 units in June 2023, up 341% from 21,000 units 2022 (source: Cox Automotive). And more than 90 new EV models are expected to hit the US market through 2026 (source: AutoForecast Solutions). The availability of EVs still varies depending on the region and model.
- In Q2 2023, hybrid, plug-in hybrid, and battery-electric vehicles collectively accounted for 16% of light-duty vehicle sales in the United States (source: Wards Intelligence). A large portion of the sales increase was due to new manufacturer offerings across different market segments.
- EV Tax credits still apply, despite more stringent rules. Though eligibility requirements for tax credits have been tightened in recent year, the federal government may offer tax credits of up to $7,500 for the purchase of a new EV. A qualified used EV sold by a licensed dealer for $25,000 or less may also qualify for a maximum credit of $4,000. Visit fueleconomy.gov or check with your tax advisor to learn more about EV tax credit eligibility.
Penske Automotive Group has a wide selection of electric and hybrid vehicles to meet your needs. Click here to see what’s currently in inventory.