With the next wave of electric vehicles ready to roll out this year, a stiff pricing war is starting to take place. The latest shot comes from General Motors, which revealed this week that the 2014 Chevy Spark EV will have a starting price of $27,495. With the $7,500 government tax rebate, that means you could get the Spark EV for under $20,000, or lease it for just $199 a month.
Alas, unless you live in California or Oregon, the Spark EV remains out of your hands, at least for now. Those looking to sign a 36-month lease will have to fork over $999 at the signing, and will be limited to just 12,000 miles per year. With an EPA-estimated range of 82 miles per charge and an urban-focused sales pitch though, most drivers should have no problem staying under 12,000 miles a year.
The Chevy Spark EV joins both the Nissan Leaf and Fiat 500E with its $199 lease offering, but its the buying price that I’m excited about. The government rebate makes a lot more sense when it takes an almost $30,000 EV and turns it into a $20,000 EV, rather than a $40,000 hybrid into a $32,000 hybrid. This is a car that, thanks to the rebate, a younger person might actually be able to afford.
At this rate, electric vehicles could conceivably cost $20,000, without the tax rebate, in just a few more years. Maybe all those analysts yammering about lower battery prices knew what they were talking about after all?