The Average Electric Car Is 22% Cheaper Than a Year Ago
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The average price of a new electric vehicle has tumbled 22.4% in a year, bringing the price gap between EVs and all cars under $3,000.
A year ago, the availability of electric vehicles was limited, there were waitlists for certain models, and it was common for buyers to pay above the sticker price. That's all changed in 2023.
New model launches and ramped-up production have led to a glut of EVs and lower prices. The average transaction price of a new EV is down nearly $15,000 since September 2022, dropping from $65,295 to $50,683, according to Kelley Blue Book (KBB) data.
Tesla, which made half of all EVs sold in the U.S. last quarter, has aggressively slashed its MSRPs in 2023, contributing to much of the overall decline in EV prices and putting pressure on its competitors to make their vehicles more affordable.
