EV Price Reductions: Perfect Time for Consumers to Make a Purchase

The EV market in the US, which comprises traditional automakers and new entrants, has faced certain impediments. High cost compared to gasoline-driven cars, expensive financing solutions, and insufficient charging infrastructure have suppressed its growth. However, the current scenario is highly advantageous for consumers interested in purchasing or leasing an electric vehicle (EV).

Kelley Blue Book recently discovered a dip in the prices of new EVs by 10.8% compared to last year's prices in January. In December, the prices fell to $53.6K, marking a one-year low. Similarly, CarGurus, the online automobile buying platform, established an increase in the number of days EVs stayed in the market compared to the decrease seen for Internal Combustion Engine vehicles. The average price tag for a new EV on the platform decreased by 9.1% year over year to approximately $60K as of January. As a result, consumers currently have a golden opportunity to purchase discounted EVs before the return of typical market prices.

The Hyundai IONIQ 5, an affordable crossover and hatchback, is one of the options for potential consumers. With a friendly starting price of $41.8K, limited time offers include a $7.5K discount and an attractive 0.99% financing for 48 months. This Hyundai vehicle has received commendable reviews for its fantastic retro-futuristic design. It takes inspiration from a Golf GTI and offers a spacious interior, practical hatchback cargo area, and classy interior design. Despite its unavailability for the federal EV tax credit, Hyundai's discount drops the vehicle’s price to $34.3K till the end of February.

Another all-around performer is the Tesla Model Y, which is a speedy crossover vehicle with an optional third-row seat. Boasting a minimalist, tech-centric interior, the vehicle offers quick steering and a distinctly firm drive. It also provides a comprehensive array of mobile connectivity features and an uncomplicated charging network. This global bestseller's starting price significantly decreased over the past year, and Tesla discounted it by another $1K this month.

For full-grown adults looking for comfort, the Kia EV9 is an ideal blend of features. Kia's starting price is relatively affordable at $54.9K, given it's a full-size, three-row EV SUV with a considerable range between 270 and 304 miles. Kia offers a $3.75K discount and a 3.2% financing offer for 48 months. It is best to take delivery by March 4 to avail these benefits.

On the luxury front, Lucid Air Pure stands out due to a recent price cut of $7,5K, setting the new starting price at $67.4K. The vehicle offers an extraterrestrial design and performance, blending luxury and sport. Currently, leasing specials with upfront payments for this luxury EV are as low as $699 a month for 36 months.

Despite the setbacks faced by the EV market, these price reductions present prospective EV consumers with an opportune time to invest. New models entering the market and competitive deals further tip the balance in their favour. Big names and newcomers in the EV industry are offering attractive financing and pricing options, making it an ideal time to welcome an EV into the garage.