These 5 Electric Vehicles are Overpriced!

May 2, 2022
ev charging station

At a time when the average transaction price for a new vehicle is inching closer to $50,000, getting your money’s worth matters more than ever. Electric vehicles are popular, but they’re expensive. Most importantly, not all EVs are equal in terms of range, charging speed, and overall value for the money. These are the worst deals for a new electric car in 2022, plus some better alternatives on the market today.

Toyota bZ4X

Toyota bZ4X

Long the authority when it comes to hybrid powertrains, the world waited with great anticipation for the first all-electric Toyota. The automaker that brought us the legendary Prius collaborated with Subaru to engineer the 2023 Toyota bZ4X, and its sibling the Subaru Solterra (more on that below). The result is puzzling. At a time when Hyundai, General Motors and of course Tesla are bringing cars to market with fast-charging times under 30 minutes, Toyota jumps into the game with an electric crossover that takes a whole hour to charge under optimal conditions.

Okay, so it charges slowly. What about the Toyota bZ4X’s range? The front-wheel drive bZ4X is rated for 242 miles with the Limited trim, and 252 miles on the XLE. Upgrade to dual-motor all-wheel drive, and range suffers. The AWD Toyota bZ4X is EPA-rated for 222 miles on the Limited, and 228 miles with lower trims. 

Pricing starts at $43,215 before incentives, and tops out at $49,995 for the bZ4X Limited all-wheel drive. 

Here’s a summary of what the 2023 Toyota bZ4X offers:

  • Up to 200 miles of range added in one hour 
  • Peak 150 kilowatt (FWD) or 150 kilowatt (FWD) charging
  • 222 to 252 miles of range, depending on trim and motor configuration
  • Two different battery suppliers, depending on the trim selected
  • bZ4X pricing: $43,215 – $49,995
  • The bZ4X does qualify for the $7,500 EV federal tax credit

Subaru Solterra

Subaru Solterra 2023

I get why Subaru drivers love their cars. I’m a fan of the outdoorsy, all-terrain capable vehicles at an attainable price. Now that Subaru’s first electric vehicle has arrived, I’m heartbroken. It’s not a compelling EV, especially compared to the competition as a 2023 model. 

Toyota’s new electric platform paired with all-wheel drive and the Subaru badge will set you back at least $46,220, and the Solterra Touring’s MSRP is a lofty $53,220. Range isn’t anything to brag about. In fact, it just might cause range anxiety from day one. 

2023 Subaru Solterra

  • Price: $46,220 – $53,220
  • Range: 222 – 228 miles
  • Add up to 180 miles of range in one hour (peak 100 kilowatt charging)
  • 8.3 inches of ground clearance (best in class)
  • X-MODE electric traction control settings

Perhaps if you don’t travel too far off the beaten path, the 2023 Subaru Solterra could be right for you. But that defeats the purpose of having a Subaru, doesn’t it?

Here’s our full review of the Subaru Solterra.

Volvo XC40 Recharge

Volvo XC-40 Recharge

When it comes down to the specs, looks and driving experience, the 2022 Volvo XC40 Recharge is not a bad car. Many owners love its zippy performance and Scandinavian looks. What’s not to like? The price paired with the range. The XC40 Recharge is not an affordable EV. With a starting price of $51,700 and most trim options ending up around $60,000, this Volvo’s price approaches that of its competitor: the Tesla Model Y.

Here’s what to expect from the 2022 Volvo XC40 Recharge:

  • 223 miles of range
  • Up to 156 miles of range added in 37 minutes
  • Google operating system for infotainment
  • 0-60 time of 4.7 seconds
  • Qualifies for the federal EV tax credit

Jaguar I-PACE

Jaguar I-Pace EV

The I-PACE was one of the first electric vehicles to earn mainstream popularity in North America. When it arrived in 2018, range and charging capabilities were on-par with the best. What’s the problem then? Jaguar has not invested in powertrain upgrades for the I-PACE, and it has consequently fallen out of favor among EV buyers. 

The 2022 Jaguar I-PACE starts at an MSRP of $71,200, plus destination and fees. What do you get for such a lofty price, other than the Jaguar brand?

  • 234 miles of range
  • Add 187 miles of range (0 to 80%) in 45 minutes at a DC fast charger
  • 0 – 60 time of 4.5 seconds
  • Qualifies for the federal EV tax credit

Lucid Air

Lucid Air

Seasoned electric vehicle enthusiasts may be surprised to see the Lucid Air on this list of overpriced EVs, but hear me out. Although the newly-released 2022 Lucid Air starts at $78,900, you’d be hard pressed to find one in 2022 for under $150,000. Lucid’s design is sharp and sleek, and it’s certainly worthy of a luxury price tag. But if you want all the bells and whistles seen in Lucid’s commercials, brace yourself for sticker shock. The fully-loaded Lucid Air Dream Edition costs $169,900. 

Within the electric luxury sedan segment, the Lucid Air makes the Tesla Model S look like a bargain. Although the base ‘Air Pure’ starts at $77,400, the Air Pure won’t be available until late 2022 at the earliest. If you’re looking for luxury, a glass roof, and insane performance, the Tesla Model S offers that and more at $99,990. Even with the federal EV tax credit factored in, the Lucid Air Dream Edition costs over $50,000 more, and stepping down to the Lucid Air Grand Touring at $139,900 will still cost 30% more than the Tesla.

At least you get some impressive specs with the Lucid Air, but the competition offers more value and a longer track record of build quality and electric powertrain performance. Still, the Lucid Air is the range king of all electric cars for now. 

  • Price (for early 2022 availability): $139,900 – $169,900
  • Range: 406 to 520 miles on a charge
  • The fastest charging: adds up to 300 miles of range in 20 minutes
  • Luxury, but at significant cost

Here’s our full review of the Lucid Air.

Alternatives to Consider

At YAA, we’re all about solutions. If you’re on the market for one of these overpriced electric cars, here are some more compelling EVs to take for a test drive. 

Electric Crossovers

2022 Hyundai IONIQ 5

The 2022 Hyundai IONIQ 5

Why? For less than $50,000, this retro-styled EV sports a roomy cabin, decent range, and ultra-fast charging powered by the new e-GMP platform’s 800-Volt engineering.

Price: $44,875 – $56,200

Range: 256 to 303 miles

Charge time: Adds 180 – 200 miles of range in 18 minutes (230 kW charge speeds)

Availability: Available now. Check YAA Car Dealer Reviews to find the best dealers to work with.

Does it qualify for the federal EV tax credit? Yes!

Learn more with our in-depth review of the IONIQ 5.

2022 Kia EV6

Kia EV6

Why? If you love the Hyundai IONIQ 5’s specs and pricing, but aren’t a fan of the looks, chances are the Kia EV6 will be right up your alley. This sporty electric crossover is also powered by the new e-GMP platform’s 800-Volt architecture for the fastest charging available.

Price: $40,900 – $55,900

Range: 274 to 310 miles

Charge time: Adds 190 – 210 miles of range in 18 minutes (230 kW charge speeds)

Availability: Available now. Check YAA Car Dealer Reviews to find the best dealers to work with.

Does it qualify for the federal EV tax credit? Yes!

Learn more with our in-depth review of the EV6.

2022 Ford Mustang Mach-E

2022 Ford Mustang Mach-E

Why? You’d be hard-pressed to find a dissatisfied Mustang Mach-E owner. This EV is on a much more sport-oriented suspension, with a family-friendly modern interior. 

Price: $43,895 – $61,995

Range: 224 to 314 miles

Charge time: Charging improvement incoming via over-the-air update, but for now, the Mustang Mach-E adds 59 miles of range in ten minutes, and charging from 10%-80% takes about 45 minutes.

Availability: Available now. Check YAA Car Dealer Reviews to find the best dealers to work with.

Does it qualify for the federal EV tax credit? Yes!

Learn more with our in-depth review of the Mustang Mach-E.

2022 Tesla Model Y

2022 Tesla Model Y

Why? This is still the best electric crossover on the market. Great efficiency, range and charging speeds paired with Tesla’s superior over-the-air update capabilities makes this EV the EV sales leader. If only it still qualified for the federal tax credit!

Price: $62,990 – $82,990

Range: 303 – 330 miles

Charge time: Add 200 miles of range in 15 minutes at over 1,200 Tesla Supercharger locations in North America.

Availability: Available now via Tesla’s direct-to-consumer sales, or pre-owned on YAA Car Search.

Does it qualify for the federal EV tax credit? No, not unless the tax credit is revised by congress.

Learn more with our in-depth review of the Model Y.

2022 Volkswagen ID.4

Volkswagen ID.4

Why? If you can find one at MSRP, the ID.4 is a solid choice for those opting for a more leisurely, less sporty EV. However, it has lost much of its appeal ever since the Hyundai and Kia electric crossovers hit the market with much faster charging.

Price: $41,230 – $52,500

Range: 249 – 260 miles

Charge time: Add up to 190 miles of range in 40 minutes

Availability: Available now. Check YAA Car Dealer Reviews to find the best dealers to work with.

Does it qualify for the federal EV tax credit? Yes!

Learn more with our in-depth review of the ID.4.

Electric Luxury Sedans

2022 Tesla Model S

Tesla Model S

Why? Tesla’s first mass-produced model has matured into the gold standard among luxury EVs. It’s pricey, but sky-high resale value and frequent OTA updates make this Tesla a smart choice for those in the market for something larger than the more popular Model 3. 

Price: $99,990 – $156,990

Range: 348 – 405 miles

Charge time: Add up to 200 miles of range in 15 minutes

Availability: Available now via Tesla’s direct-to-consumer sales, or pre-owned on YAA Car Search.

Does it qualify for the federal EV tax credit? No, not unless the tax credit is revised by congress.

Learn more about the Model S.

2022 Mercedes-Benz EQS

Mercedes EQS EV

Why? The first dedicated electric vehicle from Mercedes to make it to North America is something to behold. It doesn’t have the Tesla Supercharger network, but the interior is luxury on another level. 

Price: $102,310 – $108,510

Range: 350 miles

Charge time: Add up to 200 miles of range in 20 minutes

Availability: Available now. Check YAA Car Dealer Reviews to find the best dealers to work with.

Does it qualify for the federal EV tax credit? Yes!

Learn more with our in-depth review of the EQS.

Do you agree with this analysis, or did we miss the mark? Please, let us know in the comments below, or join us at the YAA Community to talk cars, deals and more. Our YAA auto experts are ready to take the headache out of your car buying experience. 

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