If you’re in the market for a new electric vehicle, chances are good you’ll be able to find one at a bargain price this spring. EV prices have sunk as demand has lagged, and many models are eligible for a $7,500 federal tax credit that can drastically cut their sticker prices. In fact, a recent analysis by Kelley Blue Book found that the average transaction price of an electric vehicle dropped to $55,167 this quarter, down 3.8% from the previous period and 9% year-over-year.
That’s thanks largely to Tesla, which has been slashing its Model 3 prices and sparking a price war in the process. But the discounts aren’t limited to the luxury EV market, with Toyota’s bZ4X and Kia’s Niro EV seeing steep drops in their average advertised prices on CarGurus over the past 12 months.
Regardless of where you shop, it’s easy to find an EV for under $30,000 that will get you from point A to point B. And with a growing network of fast chargers, you can fill up at gas stations and get back on the road again in no time.
What’s more, the cost of electric Discount electric vehicles power has gotten cheaper, too, compared to traditional gasoline. That’s a key reason why most buyers now choose an EV over a gas-powered vehicle, and it’s something that even frugally-minded car shoppers are beginning to notice.
Early EV buyers tended to be wealthy Americans who were buying them as status symbols and a way to do their part for the planet, but more mainstream automakers have since launched a host of models designed to appeal to a wide range of budgets. In addition to the affordable options, there are a number of high-end EVs competing with Tesla’s Model S and X, and they’ve all been heavily discounted over the past year.
The Hyundai Kona EV, for example, has an advertised price of $36,990 in Los Angeles, representing a 17% discount off its $80,195 sticker. And if you’re looking for an EV that’s truly spectacular, there’s the battery-powered BMW iX, which can travel 321 miles on a charge and turns its glass sunroof into a transparent window at the touch of a button. Just make sure the vehicle you’re interested in qualifies for a rebate or incentive, and be sure to check out GreenCars’ EV Incentive Tool for up-to-date listings. You’ll also want to confirm that it meets the federal government’s requirements for where and how its batteries and other components are sourced. That’s especially important for leases, which can include the full EV tax credit as an upfront discount instead of applying it at tax time. You’ll also need to consider whether state or local EV incentives apply, too.