7 countries where it is cheaper to buy an electric vehicle than in the US
As governments around the world push for the adoption of electric vehicles (EV), many have created incentives to take away some of the financial burden of buying a new vehicle.
In the United States, for example, federal tax credits of up to $7,500 are available on a wide range of electric vehicles and plug-in hybrid electric vehicles (PHEV). Some states also offer loans and incentives.
Not every electric vehicle is eligible for every credit or incentive. At the federal level, it will be phased out for manufacturers beginning in the second quarter following the quarter in which they surpassed 200,000 EV or PHEV sales.
The tax credit will be reduced by 50 percent over the next two quarters, followed by a reduction to 25 percent over the next two quarters. After that, the credit expires.
Also, you can only claim the loan if you have a tax liability, which is usually something higher-income buyers face.
Other countries have similar programs to make EV adoption more palatable to their populations.
Recently, researchers from Confused.com compiled a list of the cheapest and most expensive places to buy and EV. Benchmark was the starting price for a Tesla Model 3, $44,900.
Seven places where electric vehicles are cheaper than in the US
- Macau (special administrative region) – $40,382
- China – $41,653
- Romania – $41,814
- Japan – $42,287
- France – $42,907
- Norway – $43,440
- Switzerland – $44,570
Tesla, Inc.
The same website also found the top 10 countries where it is most expensive to buy an electric vehicle, again using the Tesla Model 3 as the benchmark.
- Singapore – $83,489
- Israel – $64,289
- Sweden – $62,773
- Czech Republic – $62,672
- Denmark – $62,562
- Luxembourg – $60,126
- Portugal – $60,030
- Taiwan – $59,800
- Netherlands – $58,991
- United Kingdom – $58,379
The Tesla Model 3 is one of the best-selling electric cars in the world, even as more automakers are pushing into space. The competition has become more robust in recent years with the introduction of the Chevrolet Bolt EV, BMW i3, Ford Mustang Mach-E, MINI Cooper SE and Volkswagen ID.4.