Kelley Blue Book released its new vehicle average transaction price report today, and it shows the average price paid for an EV in September was $50,683, down from more than $65,000 a year ago.
Average EV prices are a lot cheaper now
In September, the average price paid for an electric vehicle was $50,683, down from $52,212 in August. The downward price trend overall falls in line with Tesla’s continued price cuts, notes Kelley Blue Book.
City Dwellers‘s Jameson Dow reported last week that Tesla’s Model 3 and Model Y are now at their lowest prices ever and explained that “drops have also affected the rest of the EV market, as Tesla’s dominant position as the market and brand leader in EVs, along with its previously industry-high margins, mean that it has more room to prevail in a price war against other manufacturers.”
Both EV and gas car inventory started 2023 off at around 52 days’ supply. Since then, EV days’ supply dramatically increased, while gas cars sat between 52 and 58 days.
At the beginning of October, EV availability, as measured by days’ supply, was well above the industry average as product availability and EV production rapidly increased. EV supply at the start of October was 97 days, down from the peak inventory of around 111 days in early July.
City Dwellers’s Take
EVs are rolling off the production lines in the US and filling up those previously pandemic-empty dealership parking lots. And it’s not a large supply of just a couple of options – 2023 saw the launch of around 15 brand-new EV models, according to Stephanie Valdez-Streaty, director of industry insights at Cox Automotive (Kelley Blue Book’s parent company).
More models that cost significantly less – and let’s not forget about the $7,500 federal tax credit – means more EV sales. That’s why EV sales in Q3 2023 saw a nearly 50% increase year over year.
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