For years, automotive analysts have predicted that electric vehicles would become cheaper than their gasoline equivalents. They thought it would happen in the second half of the 2020s. BloombergNEF, for example, expected it to happen in 2026.
They weren’t far away.
Prices of electric vehicles have fallen significantly in recent years, but it is difficult to compare prices with fossil fuel vehicles because not all electric vehicles have a similar gasoline model.
BMW gave us one. The 2027 BMW 3 Series is available in gas and electric versions, and the electric vehicle is $4,400 cheaper.
The gas-powered M350 xDrive will set you back $65,900, while the electric i3 50 xDrive will cost $61,500; neither price includes destination charges. Both are equally powerful, similarly styled, and intended for similar wallets. The difference is that the electric vehicle is 6.7% cheaper.
Pedants will point out that there is a significantly cheaper petrol version of the 3 Series, although it doesn’t yet have an electric equivalent. The 2027 BMW 330 costs $49,900 and its upgraded xDrive version costs $51,900.
The two comparable vehicles are built on different platforms, with the EV i3 benefiting from BMW’s latest chassis and technology. The gasoline 3 Series makes do with a revised version of an existing platform.
For most people, the biggest difference will be the charging or refueling experience, but even then they are more similar than some might imagine.
Range for the new gas-powered 3 Series is likely similar to previous models, at around 450 miles per tank in all-wheel-drive form. The electric i3 will travel 468 miles on a full charge, and BMW says the vehicle’s quick charge is fast enough to restore 208 miles of range in 10 minutes. The difference may be noticeable to extreme truckers, but for most drivers it will be academic.
The conventional wisdom is that electric vehicles cost more upfront, even though they offer a lower total cost of ownership. But now electric vehicles are also taking over the purchase price.
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