Prices of e-cars have fallen by 18% in the past year due to aggressive campaigns by manufacturers

The prices of electric vehicles are down 18% so far this month compared to April 2023. As most automakers release aggressive discounts, many electric cars are on sale right now. Some of them are even available at five-figure discounts.

After cutting prices last year, Tesla’s best-selling Model 3 and Model Y are still dragging down overall electric vehicle prices.

“In particular, lower EV prices have supported US EV sales volume, particularly of Tesla’s key models,” explained Stephanie Valdez Streeti, Director of Industry Analysis at Cox Automotive.

According to the new data, EV prices fell 18.3% in April 2024, while non-EV prices were 13.1% lower than last year. Seasonally adjusted prices also declined in all major market segments. Compact cars led the way in decline (17.1%), followed by midsize (16%), pickups (15%) and SUVs (14%).

Electric vehicles are leading the way, with many automakers offering double-digit percentage discounts to free up inventory for new models. For example, Ford cut Mach-E prices by up to $8,100 in March.

This week Ford also opened orders for the 2024 F-150 Lightning, while introducing new price cuts on the electric pickup truck of up to $5,500.

Volkswagen is offering $13,000 off the price of the 2023 ID.4 AWD Pro S with a new lease deal to make room for the new 2024 model. Hyundai cut prices on the IONIQ 5 and IONIQ 6 earlier this year, undercutting much of the competition. Hyundai (including Kia) also has six of the ten most fuel-efficient electric cars in the US.

This month BMW introduced new rebates of $5,000 to $7,500 on 2024 models. Nissan is offering nearly $16,000 off the Ariya electric SUV. The Mercedes EQS is $19,442 off its average price of $104,747.

In the first quarter, average discounts on electric cars reached almost $6,000. According to Cox Automotive, average electric vehicle transaction prices are down 9% from the first quarter of 2023 and 3.8% from the last quarter. The data showed the average price paid for an electric car in the U.S. in March was $54,021, while the average transaction price for all cars was $47,735.

Photo: Unsplash

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