If you’re looking for Black Friday deals on electric vehicles this year, you’re in luck. Electric vehicle prices in the United States fell again in October as new models hit the market.
An early Black Friday for electric vehicle buyers
According to a new report from Cox AutomotiveU.S. electric vehicle prices fell 2.3%, or $2,286, in October compared to September 2022.
October marks the second consecutive month of falling electric vehicle prices. The average price paid for a new electric vehicle fell $1,162 (-1.8%) in September to $65,291. In October, average prices for a new electric vehicle fell below $65,000 to $64,249.
While $64,249 isn’t necessarily cheap, it’s symbolic as supply chain bottlenecks ease and EV production capacity increases.
Meanwhile, overall New Vehicle Transaction (ATP) prices rose in October, remaining well above $48,000 ($48,281), barely below the ATH of $48,301 reached in August 2022. .
The increase was primarily driven by strong luxury vehicle sales, with growing demand for entry-level and mid-size luxury SUVs.
While EV prices fell for a first Black Friday, several other automotive segments saw prices continue to rise in October, such as subcompact cars (+8%), entry-level luxury ( +3%), full-size pickup trucks (1.6%) and full-size cars (+1.5%).
In terms of year-over-year (YOY) price changes, EVs are up 7.4%, which might seem high, but compared to other in-demand categories, it’s roughly consistent.
|Full-size pickup trucks||+9.9%|
|full size car||+8.0%|
|Luxury mid-size SUV||+6.0%|
|luxury full-size SUV||+5.6%|
Even though new EV prices remain above $64,000, that doesn’t mean you have to spend that much to drive a zero-emission vehicle.
Automakers are increasingly introducing low-cost electric vehicles to help promote widespread adoption. Here are some of the most cost-effective options currently available on the market:
And if you’re not ready to shop this Black Friday, next year’s selection should be even better, with several highly anticipated EV models slated to hit the market in 2023.
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