The price of a BMW electric car varies depending on its model. The Cost of the BMW Electric Car spans a wide range, ranging from under $30,000 to well beyond $100,000 before factoring in any potential tax credits. Here’s the price breakdown for every available EV on the market today. Considering making the switch from gas to electric? It’s a smart move, but it’s essential to establish a budget beforehand. The price variations between different electric car models can be significant, so having a clear budget in mind will help you make an informed decision.
While many electric vehicles (EVs) continue to carry higher price tags compared to similar gasoline-powered counterparts, this gap is gradually narrowing with each passing year. When factoring in expenses like fuel costs, maintenance, and purchase incentives, the disparities in pricing diminish or even disappear altogether. Moreover, most electric cars and SUVs are still accompanied by various buying incentives at the federal, state, local, and utility levels, largely thanks to provisions outlined in the Inflation Reduction Act of 2022.
BMW Electric Car’s Price List
Know the cost of the BMW electric car in the time of 2023 and 2024’s additions
For the 2023 models:
- 2023 BMW iX xDrive50: Starting at $84,100
- 2023 BMW iX M60: Starting at $105,100
- 2023 BMW i4 eDrive40: Starting at $55,900
- 2023 BMW i4 M50: Starting at $67,300
- 2023 BMW i7: Starting at $119,300
- 2023 BMW 5 Series Plug-in Hybrid: Starting at $56,400
- 2023 BMW i3 Series Plug-in Hybrid: Starting at $43,300
For the 2024 models:
- 2024 BMW i7 All-Electric Luxury Sedan:
- i7 eDrive50: Starting at $105,700
- i7 xDrive60: Starting at $124,200
- i7 M70: Starting at $168,500
- 2024 BMW iX: Starting at $88,095, with the higher-performing M60 model priced above the xDrive50 trim.
- 2024 BMW i4: Starting at $53,195 and up to $70,695 depending on the trim and options.
- 2024 BMW i5: The base 2024 eDrive40 model starts at $66,800.
The Average Cost of the BMW Electric Car
As previously mentioned, electric cars generally come with a higher price tag compared to their gasoline-powered counterparts. While some electric models from manufacturers like Nissan or Chevy may fall within the $30,000 range or lower, you should anticipate spending more on a new EV than on a new gas-powered vehicle on average. This is primarily due to the advanced technology utilized in electric vehicles, both under the hood and in the cabin. While this technology provides drivers with benefits such as enhanced performance and immediate torque, it also contributes to the higher price point. In fact, according to Kelley Blue Book, electric cars from 2021 were priced around $10,000 higher than the industry average. Additionally, you need to factor in the expenses associated with installing a charging station at home or paying for public charging facilities in your area, such as those around Park Ridge.
However, there are ways to mitigate the higher cost of owning an electric car. Depending on the specific EV you purchase, you may qualify for various state and federal tax credits that can significantly reduce your overall expenditure. Moreover, you’ll eliminate expenses like oil changes and visits to the gas station.
The good news doesn’t end there – according to U.S. News & World Report, the price gap between electric and gas-powered cars gradually narrowing each year. This trend is attributed to the increasing prevalence of EVs in the market and the decreasing costs associated with their production and maintenance. Generally, electric vehicles also incur lower maintenance expenses over time than their traditional counterparts.
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