6 Electric Cars the Middle Class Can’t Afford in 2024
The electric vehicle market is now open to the average earner, with Car and Driver reporting that several 2024 models are priced under $35,000 — and the Nissan Leaf is in the high $20,000s.
Tax credits and other incentives can bring qualifying models’ prices down even further. But on the other end of the price spectrum is a stable of EVs that are powerful, capable, luxurious — and completely out of the middle class’ reach, $7,500 credit or no $7,500 credit.
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“As the automotive world continues its inevitable shift towards electrification, one factor threatens to leave many consumers behind — price,” said automotive engineer and consultant William Green, who worked as a vehicle validation coordinator at McLaren, a transmission control engineer at Ricardo and a control and simulation engineer at Contract Innovation. “While the goal of sustainable transportation should be accessible to all, some of the latest electric vehicle offerings come adorned with luxury badges and six-figure price tags. Although these cars have advanced electric vehicle technology, they tend to have price tags most people can’t afford.”
Porsche Taycan
Some of the EVs middle-class buyers can’t afford are electrified versions of the gas-powered luxury European nameplates they could never afford in the first place.
“Porsche’s Taycan EV sedan starts well north of $80,000 even before options,” Green said.
In fact, the starting MSRP for 2024 is $90,900. The Taycan 4 Cross Turismo starts at $101,900, the Taycan 4S starts at $111,700 and the Taycan 4S Cross Turismo starts at $118,200.
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Audi e-tron GT
Porsche isn’t the only German luxury automaker whose EVs are beyond the budgets of most American earners.
“For the average middle-class buyer, electric vehicles, especially those with cutting-edge technology or by high-end brands, can be too expensive,” said Blake Shaw, automotive expert and writer for All About Wheels.
Her case in point is a beautiful and precision-crafted EV from Volkswagen’s luxury division.
“Due to their high-end features and performance, models like the Audi e-tron GT have price tags that keep middle-class people from buying them,” Shaw said.
The sleek, 523-horsepower executive vehicle starts at $106,500.
Mercedes-Benz EQS
Rounding out the trifecta of German luxury EVs that the middle class can only dream of buying is a six-figure sedan with 5.9-second 0-60 acceleration and a 350-mile range.
“The Audi e-tron GT shares its ultra-premium platform and pricing with its German cousin,” Green said. “Mercedes takes things a step further with the EQS — a technological marvel with a base price that crests $100,000.”
The EQS 450+ starts at $104,400, the EQS 450 4MATIC starts at $107,400 and the EQS 580 4MATIC starts at $125,950.
Rivian R1T
Luxury sedans and high-end performance sports cars aren’t alone in tantalizing middle-class buyers from a financial perch they can’t reach.
“Focusing on utility vehicles, price tags get no less daunting,” Green said. “Rivian’s first production model, the R1T electric truck, launched with a starting price of around $80,000.”
The up-and-coming American EV automaker has since lowered the MSRP of its R1T pickup, but with a $69,900 starting price, it’s still not in the cards for average earners.
Hummer EV Trucks and SUVs
Rivian by no means has the market cornered on big, pricey electric trucks.
“Not to be outdone, GMC resurrected its infamous Hummer nameplate as a brutishly capable — and expensive — EV that can option well past $100,000,” Green said.
There are four Hummer EV pickups with starting MSRPs ranging from $96,550 to $148,000.
Hummer also has a quartet of EV SUVs with starting prices ranging from $96,550 to $138,000.
Chevrolet Silverado
The electrified version of one of America’s most popular trucks shares a powertrain with the GMC Hummer pickup — and it has a similarly imposing price tag.
“New trucks are super expensive these days, and the few electric truck models out there are no exception,” said Ben Michael, director of auto at Michael & Associates law firm. “The 2024 Chevrolet Silverado EV, for example, has a starting MSRP of around $80,000. That is not within the budget of a middle-class buyer.”
Car and Driver puts it closer to $75,000, but Forbes says the higher-end Chevrolet Silverado EV RST First-Edition, due out this summer, will start at $96,495, which is a reduction from the $107,000 the automaker had originally planned to charge.
Photo disclaimer: Please note photo is for representational purposes only and may not reflect the exact make, model and year described.
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