The cheapest electric trucks available right now

The Chevrolet Silverado EV and Ford F-150 Lightning are the two mass-produced electric trucks you can actually buy today, and both have base models under $40,000 after federal tax credits. The Silverado EV starts around $39,900 before incentives. The F-150 Lightning's base model hovers near $55,000 before credits but drops significantly with the federal $7,500 tax credit, bringing effective cost closer to $47,500 — still the lowest-priced electric truck with a real truck bed and towing capacity.

The Chevrolet Equinox EV is technically cheaper (starting around $35,000), but it's a compact crossover, not a truck — it has no truck bed and limited cargo space. If you need an actual truck bed and hauling capability, the Silverado EV is your lowest-cost option. The Rivian R1T and GMC Sierra EV Denali exist but start well above $70,000 even after credits.

Pricing and availability shift frequently by model year and region. Check the manufacturer's website and your local dealer inventory before making a trip, because stock varies widely by state and some trims sell out months ahead.

Key Takeaways

  • The Chevrolet Silverado EV is the cheapest electric truck with a real bed, starting under $40,000 before any tax credits.
  • The Ford F-150 Lightning's base model qualifies for the full $7,500 federal tax credit, bringing the effective price to around $47,500.
  • Federal tax credits depend on where the truck is assembled and where you buy it — not all models may have access to in all states.
  • Used electric trucks are rare and hold their value, so buying new often costs less than used models from two or three years ago.
  • Charging infrastructure and electricity costs in your area will affect the real cost of ownership over time.

How federal tax credits actually work for electric trucks

The $7,500 federal tax credit is not a rebate you get at the dealer — it's a tax credit you claim on your federal return the year you buy the truck. You need to owe at least $7,500 in federal income tax to use the full amount. If you owe $4,000, you can only claim $4,000 of the credit. If you owe nothing, you get nothing.

Some dealers now offer point-of-sale credits, meaning they explore the $7,500 directly to your purchase price instead of making you wait until tax time. Ask your dealer whether they participate in this program — it changes the math significantly because you pay less upfront instead of waiting for a refund.

The credit also has assembly and price caps. The truck must be assembled in North America, and there are income limits ($300,000 for joint filers buying a truck). Check the IRS website or your manufacturer's site for the current rules, because Congress has changed these requirements multiple times and may change them again.

Comparing the Silverado EV and F-150 Lightning on real costs

The Silverado EV's advantage is price: the base model is genuinely cheaper before and after credits. It comes with a smaller battery (170 miles of range) and less towing capacity (4,500 pounds), but if you're buying on budget, those limits may not matter for your actual use.

The F-150 Lightning costs more upfront but offers more range (240+ miles on the base model) and higher towing capacity (10,000 pounds). If you tow regularly or drive long distances, the extra range and power justify the higher price. If you mostly drive locally and tow occasionally, the Silverado EV saves you money both at purchase and over time because it's lighter and more efficient.

Both trucks may have access to for the federal credit, but availability varies by region. Some dealers have Silverado EVs in stock; others have F-150 Lightnings. Check what's actually available near you before comparing specs, because a truck you can buy this month beats a cheaper truck you'd wait six months for.

Used electric trucks and why they're often more expensive

The used market for electric trucks barely exists yet. The F-150 Lightning launched in 2022, and the Silverado EV in 2024. Most owners keep them because charging infrastructure is still building out and resale value is uncertain. When used models do appear, they often cost nearly as much as new ones because demand exceeds supply.

A three-year-old F-150 Lightning with 40,000 miles might sell for $45,000 to $50,000, while a new base model with the federal credit costs around $47,500. You lose the warranty, gain mileage, and save almost nothing. Buying new makes financial sense right now.

This will change as more trucks age out of warranty and more people sell them, but that's still several years away. If you're shopping used, compare the actual price of available used trucks against new models with credits before assuming used is cheaper.

What affects the real cost of ownership

Electricity costs vary dramatically by region. In states like Louisiana and Oklahoma, charging costs roughly one-third of gasoline per mile. In California and Hawaii, it's closer to gasoline prices. Check your local utility's rate for off-peak charging (usually late night or early morning) because that's when most truck owners charge at home.

Home charging installation costs $500 to $2,500 depending on your electrical panel and whether you need an upgrade. Some states and utilities offer rebates for Level 2 charger installation, which can cut this cost in half. If you rent or live in an apartment, home charging may not be an option, and public charging networks are less developed for trucks than for sedans.

Maintenance is lower than gas trucks — no oil changes, fewer moving parts, and regenerative braking means brake pads last longer. Tire wear is higher because electric trucks are heavy, but this is a minor cost compared to fuel savings. Battery degradation is slow (most lose 5 to 10 percent capacity over eight years), and most manufacturers warranty the battery for eight years or 100,000 miles.

Where to find inventory and current pricing

Chevrolet's and Ford's official websites show which dealers have trucks in stock and let you filter by trim, color, and features. This is faster than calling dealers individually. Both sites also show the current manufacturer's suggested retail price (MSRP) and available incentives by region.

Edmunds and Kelley Blue Book list used inventory and current market prices, though used electric truck listings are sparse. If you find a used truck, use these sites to check whether the asking price is realistic compared to new models with credits.

Some dealers mark up electric trucks above MSRP because demand is high and inventory is low. If a dealer is charging $5,000 over MSRP, shop around — other dealers may have the same truck at sticker price or below. Don't let scarcity pressure you into overpaying.

Range, charging time, and whether they fit your driving

The Silverado EV's base model has 170 miles of range; the F-150 Lightning's base model has 240 miles. Both are EPA estimates, meaning real-world range is usually 10 to 20 percent lower in cold weather or at highway speeds. If you drive 50 miles a day and charge at home overnight, either truck works. If you drive 200 miles daily, you'll need to charge during the day or plan routes around public chargers.

Home charging on a standard Level 2 charger (240 volts) adds 25 to 30 miles of range per hour. A full charge from empty takes 8 to 12 hours. DC fast charging at public stations adds 200 miles in 30 to 45 minutes, but these chargers are less common in rural areas and cost more per kilowatt-hour than home charging.

Before buying, map your typical driving routes on PlugShare or the manufacturer's app to see where public chargers are located. If you live in an urban or suburban area with charging infrastructure, an electric truck is practical. If you live in a rural area with few chargers and drive long distances regularly, a gas truck or plug-in hybrid may be more realistic right now.

Frequently Asked Questions

Can I get the $7,500 tax credit if I lease instead of buy?

Leasing rules are different and more restrictive. Some leased electric trucks may have access to for a $7,500 credit that the leasing company applies to your monthly payment, but income limits are lower and the truck must meet additional requirements. Ask the dealer whether the specific truck you're leasing qualifies before signing.

What happens to the battery after 10 years?

Most electric truck batteries retain 80 to 90 percent of their capacity after 10 years under normal use. Manufacturers warranty the battery for eight years or 100,000 miles (whichever comes first), and replacement costs $5,000 to $15,000 depending on the truck. Battery costs are falling, so replacement will likely be cheaper in the future if you need it.

Are there cheaper electric trucks coming soon?

Chevrolet, Ford, and others have announced cheaper models in development, but "coming soon" often means two to four years away. If you need a truck now, the Silverado EV is your cheapest option. If you can wait and want to see what launches, check manufacturer announcements annually.

Do I need a special license or permit to own an electric truck?

No. Electric trucks are registered and licensed like any other vehicle in your state. Some states offer special license plates for electric vehicles, which may may have access to you for carpool lane access or parking discounts, but these are optional perks, not requirements.

What if I can't charge at home?

You can use public chargers, but it's slower and more expensive than home charging. If you rent or live in an apartment, ask your landlord or property manager about installing a charger. Some states require landlords to allow charger installation. If that's not possible, calculate whether public charging costs fit your budget before buying.