How Much Does The Chevy Volt Cost Compared To A Tesla?

General Motors Company (NYSE: GM) just released the final pricing for the 2016 Chevrolet Volt, and the new model is surprisingly affordable.

Falling Price

Buyers who are entitled to the full $7,500 federal tax credit for electric vehicles will pay only $26,495 for the new Volt, and Californians who are entitled to an additional state tax credit could pay under $25,000. The newest Volt model is prices $1,200 lower than the 2015 model, and the Volt is slowly creeping into the $25,000 price range (after tax credits) of similar hybrid models offered by Ford Motor Company (NYSE: F), Honda Motor Co (NYSE: HMC) and Toyota Motor Corp (NYSE: TM).

Powering Up

One of the 2016 Volt’s top selling points is its large battery, which allows drivers to make 50-mile trips before the gasoline engine is needed. In the past, Chevrolet has pointed out that most Americans’ daily commutes are less than 40 miles.

Related Link: Was Tesla's Powerwall Battery Factored Into The Stock Price?

If drivers rarely venture farther than 50 miles, they could theoretically go months at a time without needing to fill up the gas tank. Even with gas prices much lower than years past, drivers can save precious time and money filling up on gas.

“The next-generation Chevrolet Volt delivers more technology, the ability to drive further between gas fill-ups and now with even more value to our customers. It’s what our loyal Volt owners told us they wanted,” Chevrolet director Steve Majoros said in a statement.

Tesla Alternative

The new Volt could be a potential alternative to consumers who cannot afford the luxurious Tesla Motors Inc (NASDAQ: TSLA)'s Model S electric car. Before factoring in tax credits, the 2015 Model S is priced at around $70,000, more than twice the cost of the $33,995 2016 Volt.