Electric Vehicle Price Drop

This week the Globe and Mail reported that both Nissan, GM and Mitsubishi have all recently dropped their prices, or are offering time limited incentives, on their plug-in electric vehicle models.

The new S version of the Nissan Leaf debuting next month will retail at $31,698.  Buyers in Ontario will receive $8,500 back from the provincial government lowering the price to $23,198.  The SV version, was the lowest-priced model in 2012 at $38,395, will now cost $34,998 and will include a Level 2 (240V) charger.

2013 Nissan Leaf (Source: Nissan USA)

2013 Nissan Leaf (Source: Nissan USA)

Likewise, General Motors is offering a $4,000 incentive in the US towards its plug-in hybrid electric Chevy Volt, which has both a gasoline engine and electric motor. Finally, Mitsubishi Canada is offering between $5,000 and $7,000 off two versions of its full battery electric i-MiEV bringing the base model down to $30,998, or $22,498 in Ontario and slightly higher in Quebec and B.C.

For those interested in making the leap to electric vehicles, now is a good opportunity to make the investment as prices have never been this low.  With the cost of refueling the vehicles in the sub $5 range for most consumers across the country, along with the reduced maintenance costs, some real savings can be had by choosing electric vehicles.  This is not to mention the added benefits of the high torque, quiet ride and low center of gravity.

Although there have been downward pressures in the cost of the lithium batteries that store the energy in these vehicles, the question remains how long these incentives can be offered as the batteries can make up to one third the cost of the vehicles.  Time will tell.

Sources: Globe and Mail, Mitsubishi Canada

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