For years, automotive analysts have been predicting that electric vehicles would become cheaper than their gas-powered equivalents. They figured it would happen sometime in the latter half of the 2020s. BloombergNEF, for example, expected it to happen in 2026. 

They weren’t far off.

EV prices have dropped significantly in the last few years, but it has been hard to compare prices with fossil fuel vehicles because not every EV has a like-for-like gas-powered model. 

BMW has given us one. The 2027 BMW 3 Series comes in both gas and electric versions, and the EV 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 similarly powerful, similarly styled, and aimed at similar pocketbooks. The difference is the EV is 6.7% cheaper. 

Pedants will point out there’s a significantly cheaper gas-powered 3 Series trim, though it has no electric equivalent yet. The 2027 BMW 330 is priced at $49,900, and its upgraded xDrive trim costs $51,900.

The two comparable vehicles are built on different platforms, with the EV i3 benefiting from BMW’s newest chassis and technology. The gas-powered 3 Series makes do with an overhauled version of an existing platform. 

For most people, the biggest difference will be the charging or refueling experience, but even there they’re more similar than some might expect.

The range of the new gas 3 Series is likely similar to previous models, or about 450 miles per tank in all-wheel-drive guise. The electric i3 will travel 468 miles on a full charge, and BMW says the vehicle’s fast charging is speedy enough to replenish 208 miles of range in 10 minutes. The difference might be noticeable to extreme road warriors, but for most drivers, it’ll be academic.

The generally accepted wisdom is that EVs have cost more up front, even if they’ve delivered a lower total cost of ownership. But now EVs are gaining the upper hand on purchase price, too.