The current downturn in electric vehicle (EV) demand presents challenges across the automotive industry, from established manufacturers to emerging EV startups. Factors such as higher prices compared to traditional gas-powered vehicles, increased financing costs, and inadequate charging infrastructure have all contributed to stagnating EV growth in the United States.
However, amidst these challenges, there’s a silver lining for consumers seeking to purchase or lease an EV.
Recent findings from Kelley Blue Book reveal a notable decline in new EV prices, with a 10.8% decrease observed in January compared to the previous year. In December, EV transaction prices hit a 12-month low at $53,611.
Data from online car shopping platform CarGurus further underscores the favorable conditions for EV buyers. Compared to the previous year, EVs spend more time on the market while the opposite is true for internal combustion engine (ICE) vehicles. Additionally, the average list price for new EVs on CarGurus decreased by 9.1% year over year to approximately $60,000 in January.
The used car market reflects an even more significant drop in EV prices, with CarGurus reporting an average list price of around $38.7K for used EVs in January, representing a 20.6% decrease compared to the previous year.
Overall, these trends indicate that now is an opportune moment for consumers to explore EV options before market conditions stabilize and prices begin to rise again. Below, we highlight some of the top deals available for new EVs, considering incentives in the New York City metro area and excluding destination charges, which vary depending on the manufacturer and vehicle.
Hyundai IONIQ 5:
The Hyundai IONIQ 5 stands out as an affordable option in the crossover/hatchback segment, with a starting price of $41,800.
Current deals include a generous $7,500 discount and enticing financing terms of 0.99% for 48 months.
This electric vehicle has garnered positive reviews, with many praising its retro-futuristic design. Resembling the size of a Golf GTI, it offers ample space, a versatile hatchback cargo area, and a sleek interior.
While the IONIQ 5 doesn’t qualify for the federal EV tax credit, Hyundai provides its own $7,500 discount cash offer, effectively reducing the price to $34,300. It’s worth noting that this offer expires at the end of February.
Additionally, Hyundai extends attractive financing options, including a low APR of 0.99% for 48 months.
The images from the introductory event in Istanbul, Turkey, highlight the sleek design and futuristic appeal of the Hyundai IONIQ 5.
Tesla Model Y :
The Tesla Model Y emerges as a versatile choice in the EV market, boasting a starting price of $42,990.
Current deals include a $1,000 discount valid until March 1, along with attractive lease offers.
Renowned for its widespread presence on roads, the Model Y offers swift performance in a crossover format, with an optional third row for added versatility. Its minimalist, technology-driven interior, agile handling, and firm suspension contribute to a distinctive driving experience. Moreover, the Model Y excels in mobile connectivity features and benefits from Tesla’s extensive and user-friendly charging network, enhancing its appeal to consumers.
Despite any controversies surrounding CEO Elon Musk, the Model Y stands out in the competitive mid-size EV SUV segment. Its starting price has significantly decreased over the past year, and Tesla has further reduced it by $1,000 this month.
Images of the Tesla Model Y underscore its sleek design and innovative features, reinforcing its status as a popular and compelling choice in the EV market.
Kia EV9:
The Kia EV9 emerges as a full-size, three-row EV SUV with a starting price of $54,900.
Available deals include a $3,750 discount and competitive financing options of 3.25% for 48 months.
Revealed at the Seoul Mobility Show, the EV9 garnered attention for its spacious design, offering decent range of up to 270 miles, extendable to 304 miles. Its affordable starting price and resemblance to the iconic Toyota Land Cruiser SUV add to its appeal.
Similar to the Hyundai IONIQ 5, the Kia EV9 does not qualify for federal EV tax credits. However, Kia provides a partial credit of $3,750 off, along with 3.25% financing for 48 months. This cash-back offer expires on March 4, requiring customers to take delivery by then.
Images of the Kia EV9 showcase its bold design and highlight its potential as a leading contender in the EV SUV market.
Lucid Air Pure
The Lucid Air Pure emerges as a beacon of luxury in the electric vehicle market, boasting a starting price of $67,400, which includes a recent $7,500 price reduction.
This sleek vehicle, reminiscent of something out of science fiction, delivers exceptional performance with smooth power delivery and a chassis that strikes the perfect balance between luxury and sport. With its impressive straight-line speed and refined handling, the Lucid Air Pure offers a driving experience that is out of this world.
While the Lucid Air is renowned for its luxury and performance, its high price tag has resulted in dwindling demand, prompting Lucid to implement price cuts to attract more buyers. The recent reduction brings the entry-level Air Pure RWD within reach for more consumers.
It’s worth noting that the Lucid Air does not qualify for federal EV tax credits due to its high starting price. However, Lucid is offering lease specials starting as low as $699 a month for 36 months, with options for upfront payments.
Images of the Lucid Air Grand Touring highlight its futuristic design and luxurious features, cementing its status as a top contender in the luxury EV segment.
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