As much as I love electric vehicles, their faults are not lost on me. Charging infrastructure lacks, service outside of warranty is costly, and most of all, they’re really expensive. Despite the hurdles facing EVs in 2022, a new Bank of America Merrill Lynch Car Wars study predicts that EVs, PHEVs and hybrids will make up 60% of new models in 2026. With so many new electric cars coming making debuts in 2023 and 2024, time is running out to prepare the masses for the big changes ahead.
Car Wars? More Like EVs Wars…
Every year, Bank of America Merrill Lynch releases their cleverly-named Car Wars report. The report leverages the bank’s access to big data to forecast automotive industry trends like no other. In the 2022 Car Wars Report, John Murphy, a senior auto analyst at Bank of America Merrill Lynch, told Automotive News that he expects automakers to launch roughly 245 new models over the next four years. That averages out to 61 new models per year — 50 percent higher than the average over the past two decades.
Why the flood of new car models? Simply put, new powertrains inspire new models. No one wants to retrofit a billion-dollar electric powertrain onto a decades-old chassis.
Market Share and Replacement Forecasts Draw Headlines
Analysists took the strategies of each major automaker into consideration and shared their market share forecasts for model year 2025. Notably, Stellantis and Nissan are forecast to lose market share despite funneling billions of dollars into new electrified models. General Motors, Honda and European brands are forecast to maintain steady market share in the U.S. market. With the upcoming Silverado EV, Cadillac Lyriq and Equinox EVs just around the corner, it’s not what automakers like to hear at such a crucial moment.
Graph via Automotive News
The automakers with the highest model replacement rate fared best in the Car Wars analysis. Ford, Toyota and the Korean automakers have the highest expected replacement rate, and therefore are expected to gain market share.
However it’s what Bank of America thinks about Tesla that’s drawing headlines.
Tesla Market Share Forecast: Massive Drop in a Few Short Years
202? Tesla Cybertruck: The next big thing, or a pipe dream?
In the annual Car Wars study, Bank of America Merrill Lynch senior auto analyst John Murphy predicts that Tesla’s EV market share will drop from over 70% today to just 11% in 2025. That’s the most pessimistic Tesla forecast we’ve seen in a few years, harkening back to when talking heads from legacy automakers regularly predicted doom and gloom for Tesla.
Why the forecasted 60% drop in market share? Murphy cites the massive push to electrification from the likes of Ford, General Motors, Hyundai and Kia. It’s not clear if Murphy considered the significance of Tesla’s Supercharger Network, top-notch over-the-air update capabilities and high brand loyalty in his forecast. What do you think?
Looking for EV sales numbers? July is here, and that means the second quarter of 2022 has come to an end. As automakers release their Q2 2022 EV sales numbers, be sure to check the latest updates and statistics at CarEdge’s EV market share and vehicle sales report.
2023 Will Debut Blockbuster Electric Cars
Of the new models introduced between 2023-2026, 60 percent will be either electric or hybrid while 40 percent will be internal combustion. Among notable 2023 electric cars just around the corner are electric trucks, sedans, and a whole lot of crossovers.
Chevrolet Silverado EV: With up to 400 miles of range, ultra-fast charging and massive vehicle-to-load power delivery, many truck buyers are passing up the F-150 Lightning and eagerly waiting for the Silverado EV.
Fisker Ocean: This electric crossover starts at under $40,000, and even the top trims will hit the market under $70,000. Experienced automaker Magna will assemble the Ocean. I’m a fan!
Chevrolet Equinox EV: Another electric crossover finalizing pre-production engineering is the Ultium-powered electric Equinox, which GM says will start around $30,000. Too good to be true?
Honda Prologue: Perhaps you’ve wondered where Honda’s electric vehicles are? There are none, at least not in the North American market. That’s all about to change next year when General Motors begins building the Prologue EV for Honda. Yes, you read that right!
Chrysler Airflow: The sleek Airflow concept is the vanguard of what Stellantis has on the horizon. This electric sedan is one of many Chrysler EVs to come, as the brand intends to go all-electric in just 6 years.
Rivian R1S: The R1T electric adventure truck is already hitting the road, but next year will see accelerated deliveries of a full-size SUV that the market craves, the R1S.
The Takeaway: The Threshold Moment for Electrified Powertrains Is Here
Headline-grabbing claims aside, this EV market share forecast is in line with much of the industry’s thinking. In fact, automakers are sure to hope that these numbers become reality, as they are actively investing a cumulative total of roughly $500 billion dollars in electrifying their lineups.
With high-stakes new electric cars in 2023, legacy automakers are definitely taking EVs seriously. Which 2023 electric car are you most excited about?
Outside of warranty, electric car battery replacement costs range from $15,000 to well north of $20,000 in a fully-electric vehicle. It’s true that batteries should be much more affordable a decade from now, but that’s a lot of money on the line. To protect your wallet, EV manufacturer warranties should be a top consideration for drivers looking to go electric.
Federal law requires automakers to warranty EV and hybrid batteries for at least eight years or 100,000 miles. California requires a 10-year, 150,000-mile warranty on EV and hybrid batteries. Still, EV battery warranties vary considerably, especially when it comes to degradation.
These are the best electric vehicle warranties in 2024. The top of the list was unexpected to say the least!
The Best EV Battery Warranty
Rivian (8 years or 175,000 miles)
Surprise! The best EV warranty is offered by Rivian for the all-new R1T electric truck and R1S electric SUV. Coverage includes all components inside the high-voltage battery and 70% or more of the battery capacity for 8 years or 175,000 miles, whichever comes first.
Drivetrain components are also covered for 8 years or 175,000 miles. It can be unnerving to purchase a vehicle from a startup like Rivian, so at least they’re offering the best battery warranty there is. Learn more about Rivian’s warranty here.
Tesla Battery Warranty
Tesla’s electric powertrain warranty is split into two tiers.
The Tesla Model S (starting at $99,990) and Tesla Model X (starting at $114,990) have 8 year or 150,000 mile electric powertrain warranties. Battery capacity retention is guaranteed to be at least 70% under warranty.
The Tesla Model 3 Long Range and Performance and all Tesla Model Y’s get an 8 year or 120,000 mile powertrain warranty.
The most affordable Tesla today is the Model 3 Rear-Wheel Drive, which gets an 8 year or 100,000 mile powertrain warranty.
The Best Battery Warranty For Affordable Electric Cars
Hyundai and Kia (10 years or 100,000 miles)
For electric cars under $65,000, you can’t beat Hyundai and Kia’s 10 year/100,000 mile EV warranty. The Hyundai EV warranty covers batteries, motors and powertrain components. There’s also the guarantee of at least 70% battery capacity retention. “While all electric-car batteries will experience degradation over time, ours will not degrade more than 70 percent of the original capacity during the warranty period.”
Hyundai’s warranty was a big consideration when I decided to purchase a 2022 Hyundai IONIQ 5 for my family. Learn more about the IONIQ 5, and the ups and downs of my own EV shopping experience.
Learn more about Hyundai’s electric vehicle battery warranty. You can find Kia’s EV warranty details here.
The Rest of the Gang: 8 year/100,000 Mile Battery and Powertrain Warranty
In 2024, it looks like the industry standard for EV manufacturer warranties is 8 years or 100,000 miles, whichever comes first. This manufacturer warranty applies to the following electric vehicles in 2024:
Ford Mustang Mach-E (70% battery capacity retention guarantee) see the details
Ford F-150 Lightning (70% battery capacity retention guarantee) see the details
Jaguar I-PACE (70% battery capacity retention guarantee) see the details
Lucid Air (70% battery capacity retention guarantee) see the details
Polestar 2 (70% battery capacity retention guarantee) see the details
Volvo XC40 and C40 Recharge (70% battery retention guarantee) see the details
Volkswagen ID.4 (70% battery capacity retention guarantee) see the details
Audi e-tron (70% battery capacity retention guarantee) see the details
Chevy Bolt (60% battery capacity retention guarantee) see the details
Nissan Leaf (70% battery capacity retention guarantee) see the details
Nissan Ariya (70% battery capacity retention guarantee) see the details
Toyota bZ4X (70% battery capacity retention guarantee) see the details
The Worst EV Battery Warranty in 2024
We hope that the Blazer and Equinox EVs have a better battery degradation guarantee than the Bolt!
I’m surprised that GM is continuing to settle for last considering their much-publicized push to electrify their entire lineup quickly. The Chevrolet Bolt and GMC Hummer EV have 8 year/100,000 mile battery warranties with a notable catch. The battery retention portion of the warranty will replace the battery if it falls below 60% of the original capacity under coverage. See the full details here.
Just a few months ago, Ford shook up the automotive industry and ignited rumors that brought anxiety for Ford dealers. Ford’s announcement to separate all-electric and internal combustion engine (ICE) sales was seen as a nod to Tesla, and a threat to the dealership model. Direct-to-consumer sales are in the works for the maker of the top-selling vehicle in America, and others are warming up to the idea. Who’s next?
Months later, other automakers have been cornered into taking a stance with regards to the future of their franchise dealership relationship. Volkswagen’s surprise revival of the Scout brand is the latest headline to force this conversation to the forefront. Mercedes, BMW and MINI are considering similar moves. What does it all mean for the consumer? Are car dealerships going away, or is the auto industry going through an inevitable transition?
Is the Golden Age of Dealerships Coming to an End?
In 2023, there are nearly 18,000 car dealerships in the United States. Despite all of the talk from automakers over the last several months, this figure has risen by 0.6% since last year. Take into account that dealer consolidations are also changing the game, 2023 is shaping up to be a turning point for dealerships.
Volkswagen Surprises Us With the Scout Revival
I don’t think anyone saw this coming. Last year, Volkswagen announced that it intends to revive the legendary Scout brand as an all-electric line of pickup trucks and SUVs. Volkswagen was already a leading force in the electrification of the industry, and has seen success with the ID.4 crossover in America. The revived VW Scout brand isn’t going to be a niche product with low sales volume. Scout will aim for 250,000 annual sales in America, with the first vehicles arriving off production lines in just four year’s time.
VW offered this sketch of a Scout truck concept
While overlanding enthusiasts were serving up plenty of skepticism for VW’s Scout ambitions, Volkswagen dealers were having a bit of a freak-out. Automotive News journalist Larry Vellequette said that the move was “enough to roil hundreds of U.S. dealers of the automaker’s eponymous brand over the last few weeks like nothing since the German automaker’s costly diesel emissions scandal.” Such a bold claim isn’t made lightly considering the long-lasting impacts of the 2015 dieselgate scandal.
Volkswagen of America CEO Scott Keogh told Automotive News what he was able to share publicly.
“Everything that I know has been reported and you have reported it,” Keogh said. “First and foremost, Scout is and always was a unique and distinctly American brand — big-time Americana — so it won’t be operated through the Volkswagen brand. In fact, it won’t be operated through Volkswagen Group of America. It will be operated independently.”
Dealers React to Volkswagen’s Scout Announcement
National Automobile Dealer Association CEO Mike Stanton reached out to Keogh in a letter. The letter urged VW of America to “quickly and clearly communicate Scout’s distribution plan to your dealers who have made significant investments to support VW’s business model and transformation to electrification.”
Stanton warned that “the longer your dealers go without information and answers to their questions, the more that speculation will fill the void.”
Concerns are amplified at the state level, too. North Carolina Automobile Dealers Association President Robert Glaser told Automotive News that “despite repeated assurances throughout the years by Volkswagen that its dealers are ‘partners’ in advancing and promoting VW products, this announcement produced instant dismay and concern among all VW dealers.”
Clearly, if Volkswagen wasn’t considering a direct-to-consumer sales model for at least some of their brands, they would have reassured their dealers swiftly. Now, all dealers can do is speculate and hope for the best.
Mercedes-Benz Slashes Dealer Numbers – Will It Happen Here?
One might approach comparisons between the U.S. and European automotive industries with reluctancy, but we’ve seen the connection time and time again. Take Mercedes-Benz for example. When Mercedes announced it would begin enabling level 3 autonomous driving under certain conditions in Germany, most dismissed it as a European experiment. Not even Tesla had pulled that off. Just months later, Mercedes-Benz shared their goal of bringing level 3 autonomy to American roads, where it will complement the dazzling new EQS electric luxury sedan.
Now, Mercedes has announced their intention to downsize their dealership network in Europe, and to a lesser extent elsewhere, for now. In the automaker’s homeland of Germany, Mercedes says that 15 to 20 percent of its dealers will be effectively let go. Globally, they plan to cut 10 percent of their dealerships. Right now, Mercedes says that there are no plans for ‘dealer consolidation’ in America.
Why is Mercedes-Benz cutting dealers from the brand? One of their fiercest and most recent competitors has risen to fame by adopting direct-to-consumer sales, and they want a bigger piece of the DTC pie. Tesla has managed to achieve 14% EV market share in Europe in just a decade, already having surpassed Mercedes when it comes to electric vehicles sales.
The Mercedes-Benz EQS features a wrap-around screen and 350 miles of range.
Consumers are REALLY tired of haggling with salespeople at dealerships. Tesla has shown that there are alternatives. Therefore, Mercedes-Benz is pursuing a direct-to-consumer “agency” sales model. They believe 80 percent of European sales will be direct-to-consumer by 2025.
In the dealer agency model, automakers invoice customers directly, and dealers receive a fixed fee for every vehicle sold.
BMW and MINI Pursue “Agency” Sales Model
Ford’s bold Model e plan doesn’t cut dealers outright. Instead, Ford Model e re-envisions the role of dealers as delivery centers for online sales. It sounds like BMW Group is a fan of Ford’s plan.
BMW Group executive Pieter Nota confirmed that both BMW and MINI are looking hard at pursuing an agency model in which authorized dealers are transitioned into a delivery and customer experience role. Nota told Automotive News that talks are underway.
“We are currently talking with our European dealers about a move to a genuine agency model,” Nota told Automotive News Europe.
Back in March, Germany’s Autohaus magazine reported that BMW plans to end MINI’s authorized dealer system in Europe in 2024 before doing the same for BMW in 2026.
When Will Direct-to-Consumer Sales Come to America?
Ford’s Model e plans aside, dealers continue to have a strong grip on auto sales in America. Tesla is the face of DTC sales in the U.S. for the time being. However, the tides are turning. It’s only a matter of time before European automakers bring their “agency” sales models to the U.S. Direct-to-consumer sales equal higher profits for automakers, and they’re not going to pass up the opportunity for some extra cash, especially as the costs of electrifying their lineups are approaching one trillion dollars. In other words, it’s not “if”, but “when”.
Electric vehicles are far from cheap, but many 2022 EVs come with free charging incentives that sweeten the deal. If you travel America’s interstates often, you’ll want to check out these free charging incentives. It adds up quickly!
Audi e-tron Free Charging: Electrify America
The new Audi Q4 e-tron includes 250kWh of complimentary charging at Electrify America. Audi e-tron GT buyers get three years of free charging at Electrify America. With an EPA-rated range of 241 miles with a 77 kilowatt-hour battery pack, you’ll be good to go for plenty of charging stops. The Q4 e-tron will take about 40 minutes to charge from 10% to 80%. The much pricier e-tron GT can do the same in as little as 22 minutes.
BMX i4 and iX Free Charging: Electrify America
The 2022 BMW iX SUV and i4 electric sedan will come with two years of 30-minute complimentary charging sessions at Electrify America charging stations. Depending on how much you travel, that could save you a few thousand dollars in public charging costs!
Chevrolet Bolt: Free Level 2 Charger Installation
This is a better deal than it sounds. Level 2 home charging is not cheap to install, unless you’re lucky enough to live where incentives abound. Chevrolet will cover standard installation of a Level 2 charging outlet for customers who purchase or lease a 2022 Bolt EUV or Bolt EV. Learn more here. Here’s our review of the 2022 Bolt and Bolt EUV.
The 2023 Fisker Ocean is looking like it will be a popular electric crossover once it arrives. Fisker has partnered with Electrify America, however it’s not been shared if there will be a complimentary charging incentive for Ocean drivers. Regardless, it’s an amazing vehicle (on paper for now). We’re big fans of the innovative Fisker Flexee lease program.
Ford F-150 Lightning Free Charging: Electrify America
2022 Ford F-150 Lightning Pro
Yes, the truck we’ve all been waiting for does come with 250 kilowatt-hours of free charging at Electrify America. That’s equal to about two and a half fill-ups, or enough to drive about 700 to 800 miles in the F-150 Lightning. Once the incentive expires, expect a big charging session at Electrify America to cost about $25-35 in the F-150 Lightning. Learn more about the 2022 F-150 Lightning here.
Ford Mustang Mach-E Free Charging: Electrify America
Just like the F-150 Lightning, Mustang Mach-E drivers will get 250 kilowatt-hours of free charging at Electrify America. That’s enough to have about three or four free charging sessions on your first road trip. Here’s our review of the 2022 Mustang Mach-E, which by the way is one of the top-selling EVs in America (but still far behind Tesla).
Genesis GV60 Free Charging: Electrify America
The Genesis GV60 is the upscale sibling to my very own Hyundai IONIQ 5, but it comes with an even better charging incentive. Genesis GV60 buyers will get free 30-minute charging sessions for three years at Electrify America.
Hyundai IONIQ 5: Electrify America
Hyundai and Kia have raced towards the top of the EV sales charts since launching their twin electric crossovers (some would argue they’re oversized hatchbacks). The Hyundai IONIQ 5 comes with two years of unlimited 30-minute charging sessions at Electrify America’s 800 stations nationwide. Electrify America is growing quickly, so it’s likely there are more than a few EA chargers along your most frequented routes.
I recently bought an all-wheel drive IONIQ 5 Limited, and I love it. Here’s how I bought one at MSRP (no markup!), plus all you ever wanted to know about the vehicle in this CarEdge review.
Kia EV6: Electrify America
Kia decided to do things differently when setting up their partnership with Electrify America. EV6 owners 1,000 kilowatt-hours of free charging at Electrify America stations. The EA incentive expires after three years. With the efficiency of the Kia EV6, 1,000 kWh of free charging is likely to be good for about 3,500 miles of driving. Full review of the Kia EV6
Lucid Air Free Charging: Electrify America
Lucid has EXTENDED their free charging partnership with Electrify America. Now, all Lucid customers who place their vehicle order before June 30, 2022 will get three years of free charging at Electrify America. Better get that wallet out! The Lucid Air starts at $77,400, however prices for top-level trims exceed $170,000. See the details here.
Nissan Leaf Free Charging: EVgo
America’s first mass-market electric vehicle, the Nissan Leaf, is still a solid bargain in 2022.
Drivers purchasing or leasing a new Nissan LEAF receive $250 EVgo charging credits, which could last you a while with the Leaf’s 150 to 226 mile range. Here are the details from EVgo.
Nissan Ariya Free Charging: EVgo
The first 10,000 customers who reserved a 2023 Nissan Ariya by January 31, 2022 get a $500 credit for EVgo’s growing network of charging stations. If you’re just now thinking about buying an Ariya, it’s a bit too late. Still, the Ariya is looking to be one of the nicest Nissan’s ever. Is it worth the price tag? Here’s what we think.
EVgo charging locations and roaming partners
Polestar 2 Free Charging: Electrify America
The Polestar 2 has several advantages over its competitors: it’s available now, starts under 50 grand, and features a no-haggle direct-to-consumer price. Another benefit of the Polestar 2 is a free charging incentive. The Polestar 2 comes with two years of free 30-minute charging sessions at Electrify America stations. That could save drivers thousands of dollars, depending on how many road trips you take.
Rivian Free Charging: Rivian Adventure Network
Although it’s fantastic that Rivian is building its own charging network (like Tesla did), it’s a bit of a letdown for Rivian buyers who hoped to get a free charging incentive at Electrify America. The map below is where Rivian plans to have Adventure Network chargers, NOT where they currently are. All buyers of the Rivian R1T electric truck and R1S electric full-sized SUV will get one year of free charging on the Rivian Adventure Network.
Note: This map reflects Rivian’s plans for the future of the Adventure Network.
The upside? This charging network will be specializing in rural destinations like National Parks, National Forests and the like. That will be transformative for charging in America.
Subaru Solterra: No Charging Incentive Yet
Despite announcing a ‘partnership’ with America’s third-largest charging network EVgo, there’s no free charging incentive for now. As mentioned above, EVgo has 800 public fast-charging locations and 1,200 Level 2 charging stalls spanning 68 metropolitan areas and 35 states.
Although we’re a Subaru household (prior to taking ownership of our new IONIQ 5), the Solterra EV’s range, charging speed and price are a real bummer. Here’s our full review of the 2023 Subaru Solterra.
Tesla Free Charging? Not Anymore
Back in the early days of the Model S, Tesla did offer insanely good free charging incentives on its young Supercharger network. From 2012 to 2018, some Tesla vehicles had free charging for life. If you’re looking for free charging or generous federal EV incentives, you’ll have to shop elsewhere.
Toyota bZ4X Free Charging: EVgo
The all-new Toyota bZ4X electric crossover takes an hour to charge (at a ‘fast’ charger), has merely okay range, and isn’t all that affordable, but at least you get one year of free charging at EVgo’s network of chargers. EVgo has 800 public fast-charging locations and 1,200 Level 2 charging stalls in 35 states. Here’s why we aren’t fans of the bZ4X. Just buy a RAV4 Prime! That’s probably what Toyota wants you to do anyway.
Volkswagen ID.4 Free Charging: Electrify America
The ID.4 has one of the best free charging incentives available today. Although the 2021 model year’s offer of three years of UNLIMITED free charging has ended, the 2022 Volkswagen ID.4 includes three years of free 30-minute charging sessions at Electrify America stations. With the 2022 model’s quicker charging rate and improved charging curve, this should be enough for most sessions to be free. Rarely will ID.4 drivers need to stay plugged in for more than 30 minutes at a DC fast charger. Full review of the VW ID.4
Volvo Free Charging: Electrify America
Buyers of the C40 Recharge and XC40 Recharge get 250 kilowatt-hours of free charging at Electrify America. But that’s not all: Volvo is also enticing drivers with a year of free access to Electrify America’s Pass+ membership, which offers charging at a discounted rate. The Pass+ membership offers charging at about 30% lower rates than using the network as a guest, but membership normally costs $4 per month.
CarEdge’s Take
Making the switch to an electric vehicle would be a no-brainer if they weren’t so darn expensive. It’s hard to find a cheap EV, but a few are out there. For many, free charging incentives are compelling enough to close the deal. Personally, I’ve saved a few hundred dollars in charging costs over the first few months of EV ownership by using my IONIQ 5’s Electrify America incentive.
This begs the question: would you rather have faster charging times, or longer range? Does stopping for 15 minutes every 200 miles sound better than stopping for 45 minutes every 300? Let us know what you think the future of EV charging should look like. One thing is for sure, EVs are coming to roads near you.
At a time when the average transaction price for a new vehicle is inching closer to $50,000, getting your money’s worth matters more than ever. Electric vehicles are popular, but they’re expensive. Most importantly, not all EVs are equal in terms of range, charging speed, and overall value for the money. These are the worst deals for a new electric car in 2022, plus some better alternatives on the market today.
Toyota bZ4X
Long the authority when it comes to hybrid powertrains, the world waited with great anticipation for the first all-electric Toyota. The automaker that brought us the legendary Prius collaborated with Subaru to engineer the 2023 Toyota bZ4X, and its sibling the Subaru Solterra (more on that below). The result is puzzling. At a time when Hyundai, General Motors and of course Tesla are bringing cars to market with fast-charging times under 30 minutes, Toyota jumps into the game with an electric crossover that takes a whole hour to charge under optimal conditions.
Okay, so it charges slowly. What about the Toyota bZ4X’s range? The front-wheel drive bZ4X is rated for 242 miles with the Limited trim, and 252 miles on the XLE. Upgrade to dual-motor all-wheel drive, and range suffers. The AWD Toyota bZ4X is EPA-rated for 222 miles on the Limited, and 228 miles with lower trims.
Pricing starts at $43,215 before incentives, and tops out at $49,995 for the bZ4X Limited all-wheel drive.
Here’s a summary of what the 2023 Toyota bZ4X offers:
Up to 200 miles of range added in one hour
Peak 150 kilowatt (FWD) or 150 kilowatt (FWD) charging
222 to 252 miles of range, depending on trim and motor configuration
Two different battery suppliers, depending on the trim selected
bZ4X pricing: $43,215 – $49,995
The bZ4X does qualify for the $7,500 EV federal tax credit
Subaru Solterra
I get why Subaru drivers love their cars. I’m a fan of the outdoorsy, all-terrain capable vehicles at an attainable price. Now that Subaru’s first electric vehicle has arrived, I’m heartbroken. It’s not a compelling EV, especially compared to the competition as a 2023 model.
Toyota’s new electric platform paired with all-wheel drive and the Subaru badge will set you back at least $46,220, and the Solterra Touring’s MSRP is a lofty $53,220. Range isn’t anything to brag about. In fact, it just might cause range anxiety from day one.
2023 Subaru Solterra
Price: $46,220 – $53,220
Range: 222 – 228 miles
Add up to 180 miles of range in one hour (peak 100 kilowatt charging)
8.3 inches of ground clearance (best in class)
X-MODE electric traction control settings
Perhaps if you don’t travel too far off the beaten path, the 2023 Subaru Solterra could be right for you. But that defeats the purpose of having a Subaru, doesn’t it?
When it comes down to the specs, looks and driving experience, the 2022 Volvo XC40 Recharge is not a bad car. Many owners love its zippy performance and Scandinavian looks. What’s not to like? The price paired with the range. The XC40 Recharge is not an affordable EV. With a starting price of $51,700 and most trim options ending up around $60,000, this Volvo’s price approaches that of its competitor: the Tesla Model Y.
Here’s what to expect from the 2022 Volvo XC40 Recharge:
223 miles of range
Up to 156 miles of range added in 37 minutes
Google operating system for infotainment
0-60 time of 4.7 seconds
Qualifies for the federal EV tax credit
Jaguar I-PACE
The I-PACE was one of the first electric vehicles to earn mainstream popularity in North America. When it arrived in 2018, range and charging capabilities were on-par with the best. What’s the problem then? Jaguar has not invested in powertrain upgrades for the I-PACE, and it has consequently fallen out of favor among EV buyers.
The 2022 Jaguar I-PACE starts at an MSRP of $71,200, plus destination and fees. What do you get for such a lofty price, other than the Jaguar brand?
234 miles of range
Add 187 miles of range (0 to 80%) in 45 minutes at a DC fast charger
0 – 60 time of 4.5 seconds
Qualifies for the federal EV tax credit
Lucid Air
Seasoned electric vehicle enthusiasts may be surprised to see the Lucid Air on this list of overpriced EVs, but hear me out. Although the newly-released 2022 Lucid Air starts at $78,900, you’d be hard pressed to find one in 2022 for under $150,000. Lucid’s design is sharp and sleek, and it’s certainly worthy of a luxury price tag. But if you want all the bells and whistles seen in Lucid’s commercials, brace yourself for sticker shock. The fully-loaded Lucid Air Dream Edition costs $169,900.
Within the electric luxury sedan segment, the Lucid Air makes the Tesla Model S look like a bargain. Although the base ‘Air Pure’ starts at $77,400, the Air Pure won’t be available until late 2022 at the earliest. If you’re looking for luxury, a glass roof, and insane performance, the Tesla Model S offers that and more at $99,990. Even with the federal EV tax credit factored in, the Lucid Air Dream Edition costs over $50,000 more, and stepping down to the Lucid Air Grand Touring at $139,900 will still cost 30% more than the Tesla.
At least you get some impressive specs with the Lucid Air, but the competition offers more value and a longer track record of build quality and electric powertrain performance. Still, the Lucid Air is the range king of all electric cars for now.
Price (for early 2022 availability): $139,900 – $169,900
Range: 406 to 520 miles on a charge
The fastest charging: adds up to 300 miles of range in 20 minutes
At CarEdge, we’re all about solutions. If you’re on the market for one of these overpriced electric cars, here are some more compelling EVs to take for a test drive.
Electric Crossovers
2022 Hyundai IONIQ 5
Why? For less than $50,000, this retro-styled EV sports a roomy cabin, decent range, and ultra-fast charging powered by the new e-GMP platform’s 800-Volt engineering.
Price: $44,875 – $56,200
Range: 256 to 303 miles
Charge time: Adds 180 – 200 miles of range in 18 minutes (230 kW charge speeds)
Why? If you love the Hyundai IONIQ 5’s specs and pricing, but aren’t a fan of the looks, chances are the Kia EV6 will be right up your alley. This sporty electric crossover is also powered by the new e-GMP platform’s 800-Volt architecture for the fastest charging available.
Price: $40,900 – $55,900
Range: 274 to 310 miles
Charge time: Adds 190 – 210 miles of range in 18 minutes (230 kW charge speeds)
Why? You’d be hard-pressed to find a dissatisfied Mustang Mach-E owner. This EV is on a much more sport-oriented suspension, with a family-friendly modern interior.
Price: $43,895 – $61,995
Range: 224 to 314 miles
Charge time: Charging improvement incoming via over-the-air update, but for now, the Mustang Mach-E adds 59 miles of range in ten minutes, and charging from 10%-80% takes about 45 minutes.
Why? This is still the best electric crossover on the market. Great efficiency, range and charging speeds paired with Tesla’s superior over-the-air update capabilities makes this EV the EV sales leader. If only it still qualified for the federal tax credit!
Price: $62,990 – $82,990
Range: 303 – 330 miles
Charge time: Add 200 miles of range in 15 minutes at over 1,200 Tesla Supercharger locations in North America.
Availability: Available now via Tesla’s direct-to-consumer sales, or pre-owned on CarEdge Car Search.
Does it qualify for the federal EV tax credit? No, not unless the tax credit is revised by congress.
Why? If you can find one at MSRP, the ID.4 is a solid choice for those opting for a more leisurely, less sporty EV. However, it has lost much of its appeal ever since the Hyundai and Kia electric crossovers hit the market with much faster charging.
Price: $41,230 – $52,500
Range: 249 – 260 miles
Charge time: Add up to 190 miles of range in 40 minutes
Why? Tesla’s first mass-produced model has matured into the gold standard among luxury EVs. It’s pricey, but sky-high resale value and frequent OTA updates make this Tesla a smart choice for those in the market for something larger than the more popular Model 3.
Price: $99,990 – $156,990
Range: 348 – 405 miles
Charge time: Add up to 200 miles of range in 15 minutes
Availability: Available now via Tesla’s direct-to-consumer sales, or pre-owned on CarEdge Car Search.
Does it qualify for the federal EV tax credit? No, not unless the tax credit is revised by congress.
Why? The first dedicated electric vehicle from Mercedes to make it to North America is something to behold. It doesn’t have the Tesla Supercharger network, but the interior is luxury on another level.
Price: $102,310 – $108,510
Range: 350 miles
Charge time: Add up to 200 miles of range in 20 minutes
Do you agree with this analysis, or did we miss the mark? Please, let us know in the comments below, or join us at the CarEdge Community to talk cars, deals and more. Our CarEdge auto experts are ready to take the headache out of your car buying experience.
States eligibile for below invoice pricing and 100% free delivery:
Alabama, Arkansas, Texas, Oklahoma, Florida, Georgia, Kentucky, Louisiana, Maryland, Delaware, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia.
What if I don’t live in these states? If you're outside these areas, don't worry! We're committed to making sure everyone can enjoy our deals. Although the delivery fee will not be waived, you can still purchase from CarEdge and either pay for shipping or coordinate pickup at a participating dealer.
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