Tesla Model 3 Prices Dip Below BMW as EV Costs Decline, Yet Affordability Concerns Persist: This Week’s EV Roundup

Decline in Used EV Prices, Cost Concerns Deter Buyers, Tesla Updates: Top Auto Stories

Recent developments from Tesla's shareholder meeting included updates on products and batteries. Meanwhile, as the cost of new electric vehicles begins to stabilize, the price of used electric vehicles has significantly dropped. Additionally, potential EV buyers are often deterred by high costs. All this and more on Green Car Reports.

It was previously recognized that the transaction prices for new electric vehicles (EVs) were on a decline. Current market studies confirm that prices for pre-owned EVs have taken a sharp dive, now positioning them below the cost of similar gasoline-powered cars. A prime illustration is seen with the average prices of used Tesla Model 3s, which are currently lower than those of comparable recent model year BMW 3-Series vehicles.

Simultaneously, a comprehensive survey conducted by the Associated Press along with public policy experts indicates that price is the main deterrent for many Americans when it comes to electric vehicles (EVs). The data shows that almost 60% of participants identify high costs as the key factor preventing them from purchasing EVs, a sentiment that aligns with earlier findings which highlighted that cost concerns are more prevalent among the elderly.

Heading into the weekend, we summarized a couple of key points from Tesla's yearly shareholder gathering. CEO Elon Musk highlighted the critical nature of making products affordable and announced three forthcoming Tesla electric vehicles, described as “amazing.” However, he did not discuss the Roadster. Musk also disclosed ongoing challenges in reducing the expenses of Tesla's 4680 battery cells, which were touted as revolutionary in altering the financial dynamics of electric vehicles, to a level below the cost of cells produced by existing suppliers.

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Although the prices of new electric vehicles have been decreasing slowly over several months, 60% of Americans still consider the cost a major barrier to purchasing an EV.

Analysis of advertised prices shows that a recent-model Tesla Model 3 typically costs less than a comparable BMW 3-Series.

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Cells produced by Tesla, known as 4680 cells, have not achieved their promised objectives from the 2020 Battery Day of reducing battery costs by 50% and turning Tesla into a battery provider

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