Electric vehicle (EV) enthusiasts have reason to rejoice as market conditions align to offer a favorable environment for those considering EV purchases. From established automakers to emerging EV contenders, the decline in EV demand has presented a unique opportunity for consumers, marked by significant price reductions, enticing financing options, and competitive lease offers.
Despite being faced with headwinds such as elevated prices compared to traditional gas vehicles, higher financing costs, and concerns over charging infrastructure, EV manufacturers are responding with strategic moves to stimulate demand. A recent report by Kelley Blue Book highlighted a notable 10.8% year-over-year decrease in new EV prices in January. Additionally, December witnessed EV transaction prices dropping to $53,611, representing the lowest point in the past 12 months.
CarGurus, an online car shopping site, supported these findings, revealing that the number of days EVs spend on the market has increased compared to internal combustion engine (ICE) vehicles. The average list price for new EVs on the platform also registered a 9.1% year-over-year decline in January, settling around $60,000.
The used car market, often a barometer for consumer trends, displayed an even more pronounced shift. CarGurus reported an average list price of approximately $38.7K for used EVs in January, indicating a substantial 20.6% reduction compared to the previous year.
As the market experiences this unique phase, consumers are presented with an opportune moment to explore the EV landscape before prices stabilize and potentially increase. Several enticing deals have emerged, offering a range of choices for prospective buyers.
Top EV Deals in the Market:
- Hyundai IONIQ 5
- Starting Price: $41,800
- Deals: $7,500 off, 0.99% financing for 48 months
- Hyundai’s IONIQ 5, though not eligible for the federal EV tax credit, presents an attractive option with a $7,500 discount cash offer until the end of February. Hyundai is also offering appealing financing options with 0.99% APR for 48 months.
- Tesla Model Y
- Starting Price: $42,990
- Deals: $1,000 discount till March 1, lease offers
- Tesla’s Model Y, known for its versatility, innovative features, and a robust charging network, is available at a starting price of $42,990. Tesla has further slashed the price by $1,000 this month, making it an enticing option.
- Kia EV9
- Starting Price: $54,900
- Deals: $3,750 off, 3.25% financing for 48 months
- Kia’s EV9, a full-size, three-row EV SUV, offers a starting price of $54,900. While it doesn’t qualify for federal EV tax credits, Kia is providing a $3,750 discount and 3.2% financing for 48 months.
- Lucid Air Pure
- Starting Price: $67,400 (new price)
- Deals: $7,500 price cut (included above), lease offers
- Lucid’s Air Pure RWD, known for its luxury and performance, now starts at $67,400 following a $7,500 price cut. Lucid is also offering lease specials as low as $699 a month for 36 months.
Consumers interested in making the transition to electric vehicles have a window of opportunity with these compelling deals. Industry experts suggest that this buyer-friendly phase may not last, urging interested parties to seize the moment before market conditions normalize and prices potentially rebound.
