The foremost electric SUVs in the US market have experienced a substantial reduction in cost due to the implementation of the Inflation Reduction Act (IRA), effectively resulting in a $7,500 rebate at the point of purchase.
As of 2023, the two most prominent electric vehicles (EVs) in the US market, ranking first and third in sales according to Kelley Blue Book, are the Tesla Model Y and the Chevy Bolt EV/EUV, both of which are SUVs.
Although the Model Y outpaces the Bolt significantly in sales figures (394,497 compared to 62,045), the Bolt surpasses the Model Y in terms of affordability, particularly when considering the base model, making it a highly cost-effective EV.
This is further underscored by a price comparison provided by Edmunds.
SUV Tesla Model Y Price With EV Tax Credit
The 2024 Tesla Model Y, when factoring in the $7,500 electric vehicle (EV) tax credit, is priced at $38,130 for the rear-wheel drive configuration, representing Tesla’s most affordable Model Y setup with an EPA-estimated range of 260 miles.
Tesla specifies that “eligible customers” can avail themselves of the $7,500 discount at the time of delivery, applicable to both cash and loan transactions.
The tax credit is applicable to up to two vehicle purchases per year, directly reducing the purchase price, provided the car’s cost is below $80,000.
For the long-range Model Y with dual-motor all-wheel drive, offering an EPA-rated range of 310 miles, the post-tax credit price is $43,130.
Notably, the $7,500 Inflation Reduction Act (IRA) tax credit is also applicable to Tesla leases, which typically feature lower monthly payments compared to loans.
Chevy Bolt Price
The adjusted price of the Chevy Bolt, factoring in the $7,500 electric vehicle (EV) tax credit, is approximately $19,500 (please note the correction from the initially stated $18,500) for the base Bolt EV 1LT trim available at dealerships in Los Angeles.
The Manufacturer’s Suggested Retail Price (MSRP) for this model is around $27,000.
This places the cost at an exceptionally competitive level for a new electric vehicle (EV) with a rating of 259 miles of range.
At the upper end of the spectrum, the slightly larger 2023 Bolt EUV Premier Redline Edition experiences a reduction from an MSRP of approximately $39,000 to about $31,500 with the application of the $7,500 federal credit.