Best Deals for Electric Vehicles (EVs)
Electric vehicle (EV) deals are becoming increasingly prevalent in today’s automotive market. These discounts and incentives are working to make electric cars more accessible to the general public. There is a substantial reduction in the prices of 10 different EV models compared to their initial sticker prices. Dealerships are now offering significant discounts, reducing the cost of their electric vehicles by thousands of dollars.
As the automotive industry grapples with the challenge of overestimating the demand for electric vehicles this year, dealerships are finding themselves with more electric cars on their lots. It’s taking longer for them to sell these electric vehicles compared to their traditional gasoline-powered counterparts.
This slower sales pace is typical as new products make their way into the market, but automakers are feeling the pressure as inventory accumulates. Dealerships are incurring higher floor plan costs to maintain excess inventory, especially given the prevailing high-interest rates.
However, this situation is advantageous for prospective buyers.
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Great Incentives for Buyers
Some of the most popular electric vehicles are now available at prices several hundred or even thousands of dollars below their manufacturer’s suggested retail price (MSRP). This significant reduction in prices is aimed at stimulating consumer demand.
In September, the average discount off the sticker price for vehicles overall was only 1.9%, which equates to roughly $928. While the auto retail market is recovering after the supply and demand imbalances seen during the pandemic, most vehicles are still being sold at or just slightly below MSRP.
On the flip side, certain electric vehicles saw dealership discounts as high as 12%, as reported by Edmunds. This means that some EVs were being sold at prices ranging from 1% to 12% below their original listing.
These discounts are particularly noteworthy considering that the average selling price of electric cars was around $50,683 last month. Additionally, electric vehicles are benefiting from an average of 9.8% in automaker incentives off the average transaction price, making many of them even more affordable.
Here are 20 electric vehicles currently available at prices below their sticker price, along with the discounts:
Audi e-tron GT
- Average sticker price: $118,777
- Average transaction price: $111,542
- Average discount: 6.1% or $7,235
- Average sticker price: $64,598
- Average transaction price: $62,353
- Average discount: 3.5% or $2,245
Ford F-150 Lightning
- Average sticker price: $78,116
- Average transaction price: $76,725
- Average discount: 1.8% or $1,391
Ford Mustang Mach-E
- Average sticker price: $56,895
- Average transaction price: $55,909
- Average discount: 1.7% or $986
- Average sticker price: $66,896
- Average transaction price: $65,046
- Average discount: 2.8% or $1,850
Hyundai Ioniq 5
- Average sticker price: $53,879
- Average transaction price: $52,993
- Average discount: 1.6% or $886
Hyundai Ioniq 6
- Average sticker price: $52,049
- Average transaction price: $51,465
- Average discount: 1.1% or $584
Hyundai Kona Electric
- Average sticker price: $38,323
- Average transaction price: $37,451
- Average discount: 2.3% or $872
- Average sticker price: $56,748
- Average transaction price: $54,917
- Average discount: 3.2% or $1,831
Kia Niro EV
- Average sticker price: $43,918
- Average transaction price: $42,685
- Average discount: 2.8% or $1,233
It’s interesting to note that some electric vehicles, such as the GMC Hummer EV, Cadillac Lyriq, and Chevrolet Bolt, were sold with slight markups over MSRP in September.
Please note that direct-to-consumer brands like Tesla, Rivian, and Lucid are not included in this data, as their pricing information is not publicly available.
For more recent updates in the automotive sector, check out this other article: Auto Market Update Week Ending Oct 21, 2023