Are electric bike prices getting cheaper anytime soon? Yes. Whew, got that out of the way, huh? The answer isn’t so simple as that, though. Continue reading, though, because the full answer is a good deal more interesting than a single word.
As e-bike technology advances, two things will happen in the market. E-bikes will become available at lower price points and the e-bikes at a given price point will improve in quality. The upshot is that either someone will be able to choose between spending less or getting more for their dollar. Put another way, a drop in e-bike prices isn’t necessarily the best solution, though it definitely helps.
Spending no more than necessary
We get it; very few of us have the unlimited resources of a Jeff Bezos or Elon Musk. Most of us aren’t just pinching pennies, we’re pinching dollars. And because buying an e-bike isn’t necessary the way paying our phone bill is, budgeting for it can be a challenge, which is why finding an affordable e-bike is the biggest factor in whether or not we buy an e-bike.
Based on our knowledge of the e-bike market, the least expensive e-bike we have reviewed—and are willing to recommend—is the Lectric Bikes XP Lite. With a price of $799, the XP Lite is an impressive achievement in cost management. This e-bike earned our trust as a result of a number of factors: Lectric has a history of making reliable e-bikes. Without that, we might not have looked deeper. They made some very strategic component and electronics choices, including: a smaller-than-usual motor and battery and a single-speed drivetrain. We know those to be effective ways to cut costs without cutting quality in a way that will risk the buyer’s safety. Yes, safety.
That’s the real question at stake when someone wants to find the least-expensive e-bike they can. Is the e-bike safe?
We’ve encountered e-bikes in mass-market stores for as little as $600. One touted suspension, a multi-speed drivetrain and a range of 60 mi. per charge. Our faith in that e-bike’s safety hovered near zero.
Same money, better value
The longer a factory makes a product, the less it costs to produce, in general. That is the principle that allows prices to drop on technology. Also, as new technologies emerge older technologies become less valuable, so their prices drop. This is why our smart phone costs less than half of what a good computer cost in 1993 and can do 1000 times as much. Similarly, some of the most affordable e-bikes on the market are spec’d with 7-speed drivetrains, but in 1993, 7-speed was top-of-the-line.
We are seeing a number of technologies trickle down in e-bikes. One of the most value-packed price points comes at $1800. Two years ago it was common to see e-bikes in this price range equipped with 7-speed drivetrains, mechanical disc brakes and a cadence sensor. Today, there are e-bikes on the market at this price point that have 8-speed drivetrains, hydraulic disc brakes and a torque sensor. Indeed, in 2024 we are beginning to see torque sensors on e-bikes retailing for less than $2000 for the first time. This is a significant upgrade for sub-$2000 e-bikes and serves as a great example of the sort of improvement we are likely to see in the future.
How long will it be until we are seeing mid-drive motors on e-bikes that go for $2000 or less?
The age-old question
To return to our original answer, yes, e-bikes will drop in price. That said, we are reaching a point of diminishing returns where shaving cost comes down to a manufacturer either eliminating features or safety. As with anything in life, if an e-bike sounds too good to be true, it is.
Here’s a way to consider if a brand seems to be promising too much: Compare that e-bike to a couple of the bigger consumer-direct brands like Rad Power Bikes, Lectric Bikes and Aventon, then pick a price point and compare. The bikes tend to show similar features at similar price points, which shows that if someone could make a less-expensive e-bike with all those features, they would.
Our goal is to be a clearinghouse of good information for shoppers. Goals aside, there are a great many e-bikes on the market and it will take time for us to get to them all. For the shopper looking at an e-bike we haven’t yet reviewed, try scrolling through our other reviews to see if we’ve reviewed another model by that brand. If we haven’t reviewed any e-bikes by that brand, it’s fair to wonder why, though being a new brand is a solid reason.
A final point to consider: Prices are coming down, but they aren’t coming down so quickly that someone should wait six months or a year to see how much better e-bikes will be. We’re well into spring at this writing and missing any more of it, or worse, missing summer, would be a shame. Saving money isn’t worth missing a season of riding.
So yes, prices for e-bikes will be coming down eventually! What other burning questions do you have for the Best Electric Bikes team? Let us know in the comments below!
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