Best Electric & Hybrid Car Deals For March 2025

Current Electric & Hybrid Car Finance & Lease: Top Picks

What Is the Best Deal on an Electric Car?

The best deal on an electric car in 2023 is the Chevrolet Bolt EV, with a starting price of $26,500 before incentives. The model also qualifies for the full federal tax credit of $7,500, if you have sufficient tax burden to absorb it, as well as any applicable state programs for electric vehicles.

With these incentives combined, a new Chevy Bolt EV with 259 miles of EPA range and impressive performance for an economy compact car can be purchased for well under $20,000. This price point is not something that any other EV models can claim, with the Nissan LEAF being the closest at around $28,000 but not qualifying for any federal incentives.

Is an Electric Car Right for Me?

Overall, an electric car is an expensive option with its high MSRP and potential installation costs for a charging station. But the tax incentives, lower overall energy costs compared to gas, unique ride, and lower carbon emissions make it an attractive option for those with a relatively short daily commute.

There a few more factors like vehicle range, overall cost of ownership, and local weather conditions that must be considered before deciding. Check out our article on how to prepare for buying an electric car.

Below we provide more details to help you decide if an electric car is right for you.

What is the Cost of an Electric Car?

The cost of an electric car is considerably higher than a traditional gas-powered car. On average, EVs are around $55,000 due to the relatively new technology and battery development. However, there are still plenty of options between $30,000 – $40,000.

The initial price for a new electric car can be intimidating, but keep in mind that the price can be negotiated. Many dealers will feel pressured to match prices and discounts at nearby dealerships, making it easier for you to get the best electric car deal.

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Electric Car Incentives and Tax Credits

One major benefit of electric cars is the numerous financial incentives available. There is a federal tax credit program that offers up to $7,500 on electric cars. There may also be additional local utility and state incentives on electric vehicles that could reduce the price even further. Here is a complete breakdown on electric car tax incentives.

What to Consider When Switching to an Electric Car

If you’re not sure if an electric car is right for you, here are some important considerations (more reasons why you should switch to an EV) to make before deciding:

• Plug-in Hybrid or All Electric. There is more variety in car models for a plug-in hybrid (PHEV), which initially runs on electric power before switching to a gas/electric hybrid mode. However, battery electric vehicles (BEV) are more efficient, quieter, have lower carbon emissions, and potentially overall lower costs.
• Charging Stations. A level 1 charging station, which is a standard household 120-volt outlet, can be used but the charging times are extremely slow (up to 24 hours) and generally not feasible if you use your car on a daily basis. A level 2 charging station, which is a 240-volt outlet like the one the dryer and oven use, can be installed in your home. It’s also a good idea to check around your area for public charging stations.
• Additional costs. Sometimes there are additional costs to EVs, like public charging stations fees, charging station installation, maintenance, and battery replacement. Even though you save on gas with an all-electric car, it’s important to remember the electricity bill will increase.

What to Look for When Buying an Electric Car

There are many factors to consider when shopping for a new electric vehicle. Getting the cheapest EV around doesn’t mean it’s the best deal or the right option for you. There are other important considerations to make when choosing a new EV:

• Driving Range. One of the most common complaints about electric cars is the limited driving range. The driving range for an electric vehicle is the distance it can travel before the battery needs to be recharged. On most EVs, the driving range is decent enough for short commutes or in a metropolitan area, but not ideal for road trips.
• Battery Life. Like any other device that uses a rechargeable battery, the efficiency and strength of its charge will decrease over time, or in this case, miles. Therefore, it’s important to consider the warranty on the battery and the replacement costs.
• Reliability and Warranty. Electric cars are still relatively new technology and a breakdown may end up being very costly. Parts could be hard to find, and finding someone to repair it could be even more difficult. That’s why it’s important to find a manufacturer with good reliability ratings or a generous warranty program.
• Technology Updates. EVs rely on a ton of technology, and the software must be updated for it all to be most effective. Some companies, like Tesla, will push over-the-air updates that add or enhance features at no additional cost. Look for EV manufacturers that have reliable, consistent software and firmware updates.