Electric trucks that cost less than $50,000 exist, but the selection is smaller than gas trucks at that price, and most require you to look at used models or wait for new releases from manufacturers still building out their lineups.

The cheapest new electric truck you can buy today is the Chevrolet Silverado EV, which starts around $39,900 before incentives. The Ford F-150 Lightning base model begins near $52,000, putting it just above the $50,000 mark for most buyers. If you are open to used trucks or smaller models, your options widen considerably — used Tesla Cybertrucks and Rivian R1Ts appear on the secondhand market, though at higher prices, and compact electric trucks from Hyundai and others are coming to the U.S. market in the next few years.

Price alone does not tell the full story. Electric trucks cost less to fuel and maintain than gas trucks over time, but the upfront cost is still higher. Federal tax credits of up to $7,500 can reduce the purchase price if you meet income and vehicle assembly requirements, though not all trucks and buyers may have access to. Your actual cost depends on where you live, whether you can charge at home, and how long you plan to keep the truck.

Key Takeaways

  • The Chevrolet Silverado EV is the most affordable new electric truck, starting around $39,900 before any tax credits or incentives.
  • Federal tax credits up to $7,500 can lower the purchase price, but you must meet income limits and the truck must meet domestic content rules.
  • Used electric trucks cost less upfront but have fewer options on the market and may have reduced battery range after years of use.
  • Charging at home saves money compared to public charging, so installation costs and your local electricity rates affect the true cost of ownership.
  • Electric trucks have lower fuel and maintenance costs over time, which can offset the higher purchase price within five to seven years for many buyers.

New Electric Trucks Under or Near $50,000

The Chevrolet Silverado EV is currently the entry point for new electric trucks. The base model starts at approximately $39,900 and offers around 200 miles of range per charge. Chevrolet has announced plans to build this truck at multiple U.S. factories, which helps it meet domestic content rules for the federal tax credit. If you may have access to for the full $7,500 credit, your out-of-pocket cost drops to around $32,400.

The Ford F-150 Lightning base model begins near $52,000, which puts it slightly above the $50,000 threshold. However, Ford frequently offers dealer incentives and rebates that can bring the effective price down. The truck offers around 240 miles of range in the base configuration. Like the Silverado EV, it qualifies for the federal tax credit if you meet the requirements.

Both trucks are full-size models with comparable towing and payload capacity to their gas counterparts, though range decreases when towing. Neither truck has a waiting list as long as it did in previous years, so you may be able to find inventory at dealerships rather than ordering months in advance.

How Federal Tax Credits Affect Your Final Price

The federal electric vehicle tax credit is worth up to $7,500 for trucks, but not every buyer and not every truck qualifies. To claim the credit, you must have a modified adjusted gross income below $300,000 (married filing jointly) or $150,000 (single). The truck itself must meet rules about where it is assembled and where its battery components come from.

As of 2024, the Chevrolet Silverado EV and Ford F-150 Lightning both meet the assembly and battery content requirements for the full credit. However, these rules change annually, and some trucks that may have access to last year may not may have access to this year. Before you buy, check the current rules on the IRS website or ask the dealer whether the specific truck you are considering qualifies.

The credit is applied when you file your taxes the year after purchase, not at the dealership. Some dealers offer point-of-sale credits that reduce your price when ready, but you still claim the full amount on your tax return. If the credit exceeds your tax liability, you do not receive the excess as a refund — the credit straightforward reduces what you owe.

Used Electric Trucks and What to Watch For

Used electric trucks are cheaper upfront but come with trade-offs. A used Tesla Cybertruck or Rivian R1T typically costs $45,000 to $70,000 depending on age, mileage, and condition. Used Ford F-150 Lightnings and Chevrolet Silverado EVs are beginning to appear on the secondhand market as early buyers sell or trade in their trucks.

Battery degradation is the main concern with used electric trucks. Most EV batteries retain 80 to 90 percent of their original capacity after five years of normal use, but this varies based on climate, charging habits, and how often the truck was fast-charged. A truck with 50,000 miles may have noticeably less range than when it was new. Ask the seller for the vehicle's battery health report if available, and have a pre-purchase inspection done by a mechanic familiar with electric vehicles.

Used electric trucks do not may have access to for the federal tax credit, so you pay the full secondhand price. However, some states and local utilities offer rebates for used EV purchases that can offset part of the cost. Check your state's energy office or utility company website to see what programs are available in your area.

Charging at Home and Operating Costs

The cost to charge an electric truck at home depends on your local electricity rate and the truck's battery size. A Silverado EV with a 200-mile range costs roughly $8 to $15 to fully charge at home, depending on whether you live in a state with cheap electricity (like Louisiana or Oklahoma) or expensive electricity (like California or Massachusetts). This translates to roughly $0.03 to $0.05 per mile, compared to $0.08 to $0.12 per mile for a gas truck at current fuel prices.

Installing a home charging station costs $500 to $2,500 depending on your electrical panel and whether you need an electrician to upgrade your service. Many utilities and state programs offer rebates of $500 to $1,000 toward installation. If you cannot charge at home, public charging networks like Electrify America, EVgo, and Tesla Superchargers charge $0.30 to $0.50 per kilowatt-hour, which raises your per-mile cost significantly.

Maintenance costs are lower for electric trucks because they have no oil changes, spark plugs, or transmission fluid. Brake pads last longer due to regenerative braking, which captures energy when you slow down. Tire wear is the main maintenance expense, and tires for electric trucks wear faster than for gas trucks because of the vehicle's weight. Budget roughly $150 to $300 per year for maintenance, compared to $500 to $800 for a gas truck.

Compact and Upcoming Electric Trucks

If you are willing to wait or consider a smaller truck, other options are coming. Hyundai announced plans to bring the Santa Cruz EV, a compact electric truck, to the U.S. market, with pricing expected to start below $40,000. General Motors is developing the GMC Sierra EV Denali Edition 1, which will be priced higher than the Silverado EV but offers more features. Volkswagen's ID.Buzz is not a truck but is an electric van that some buyers consider as a work vehicle alternative.

Startups like Lordstown Motors and Atlis Motor Vehicles have announced electric truck projects, but these companies have faced production delays and financial challenges. Before ordering from a startup, research the company's funding, production timeline, and customer service record. Established manufacturers like Chevrolet and Ford have the supply chains and dealer networks to support owners long-term.

Timing matters if you are waiting for a new model. Prices often drop after the first year of production as manufacturers build scale and competition increases. If you can wait six to twelve months, you may find better pricing or more options available.

Comparing Total Cost of Ownership

The purchase price is only part of what you pay. Over five years, an electric truck typically costs less to own than a gas truck, even though the upfront price is higher. A Silverado EV at $39,900 (before tax credit) costs roughly $0.12 to $0.15 per mile when you factor in fuel, maintenance, insurance, and depreciation. A comparable gas truck costs roughly $0.15 to $0.20 per mile. The gap widens if you drive more miles per year or if you live in a state with cheap electricity.

Insurance costs for electric trucks are similar to gas trucks, though some insurers charge slightly more because repair costs are higher when damage occurs. Get quotes from multiple insurers before you buy, as rates vary widely. Depreciation is harder to predict for electric trucks because the market is newer, but early data suggests they hold value better than gas trucks in states with strong EV adoption like California and New York.

If you drive fewer than 10,000 miles per year or plan to keep the truck for only three years, the fuel and maintenance savings may not offset the higher purchase price. A gas truck remains cheaper in that scenario. If you drive 15,000 miles or more per year and plan to keep the truck for five years or longer, an electric truck usually comes out ahead financially.

Frequently Asked Questions

Can I get a tax credit if I buy a used electric truck?

No, the federal tax credit is only for new electric vehicles. Used electric trucks do not may have access to. However, some states and utilities offer separate rebates for used EV purchases. Check your state's energy office or your utility company's website to see what programs are available where you live.

What happens to the battery after five years?

Most EV batteries retain 80 to 90 percent of their original capacity after five years of normal use. This means a truck with 200 miles of range when new might have 160 to 180 miles of range after five years. Battery degradation is slower in cold climates and faster in hot climates. Warranties typically cover the battery for eight years or 100,000 miles.

Do I need to install a home charger, or can I use a regular outlet?

You can charge from a standard 120-volt outlet, but it adds only 2 to 3 miles of range per hour, which is impractical for daily use. A 240-volt home charger adds 25 to 30 miles of range per hour and is strongly recommended if you own an electric truck. Installation costs $500 to $2,500, but many utilities offer rebates.

What is the difference between the Silverado EV and the F-150 Lightning?

The Silverado EV starts $12,000 cheaper and offers similar range and towing capacity. The F-150 Lightning has a longer track record and more dealer inventory. Both may have access to for the federal tax credit. The choice comes down to brand preference, dealer availability in your area, and whether you want the lowest upfront price or more features.

Will electric truck prices drop in the next year or two?

Prices have already dropped from 2022 to 2024 as production has scaled up. Further drops are likely as more models enter the market and battery costs continue to decline. If you can wait, waiting six to twelve months may give you more options and potentially lower prices. If you need a truck now, current pricing is reasonable compared to gas trucks when you factor in fuel savings.