Customers are now snapping up used Teslas for a little over $20,000, making electric cars more affordable for younger and blue-collar individuals. The perception of EVs as elitist playthings is changing.
Prices of electric vehicles are dropping due to increased competition, lower raw material costs, efficient manufacturing, and federal tax credits. Technology advances are making EVs more practical with over 300 miles range and faster charging times.
Carmakers like Tesla, Ford, General Motors, and Stellantis are planning to introduce electric vehicles priced as low as $25,000, further expanding the accessibility of EVs to a wider market segment.
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