A report published by Recurrent in July 2024 found a number of listings for EVs under the $25,000 mark, with even more falling under the $30,000 mark.

Increased range

As manufacturers continue to invest in battery technology and vehicle design, the average range of battery electric vehicles (BEVs) has also steadily increased. Notably, in 2023, in a recent announcement the development of a solid-state EV battery that could have a 700-plus-mile range. This advancement could play a big role in boosting EV range.

The gradual advancements in technology will also help eliminate consumer range anxiety, where drivers worry about how far they can go before they are forced to find a charging station.