These European Car Models That Will Have Massive Price Drops in 2024

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Prospective buyers intent on a new car will benefit from battery electric vehicle (BEV) options offered by European manufacturers, which are coming down in price this year. Disruptions to the supply chain and the speedier availability of new cars over the last few years will see prices of BEVs move closer to expectations, with models from Tesla, Audi, Fiat, Volvo and BMW seeing price drops in 2024.
As the world emerged from the pandemic lockdown quarantine, a market opportunity for car manufacturers was created. This allowed them to focus on selling BEVs and take advantage of the higher profit margins. The catch was that their total sales declined while they made more money. Now, we see manufacturers with internal combustion engines (ICE) that were backlogged by their more lucrative alternatives ready to get out of the factory door.
In key EU countries, government subsidies on purchases of BEVs are coming to an end, signaling manufacturers to lower prices. The demand for BEVs isn’t as high as for ICE options in all countries, and Germany, Norway and Sweden see consumers opting for the cheaper ICE alternatives. Drivers also haven’t yet entirely welcomed electric vehicles with open arms due to concerns over their safety, range and price – concerns that are also keeping BEVs from dominating the market.
Popular BEV models that will see price drops include the Tesla Model Y, Tesla Model 3, MG4, Skoda Enyaq and BMW i4. The Tesla Model Y was the best-selling electric vehicle in 2022 and 2023. It and the Model 3 saw greater sales success in France than in Germany. Given the factory supply shortages, manufacturers like BMW and Volkswagen must set their sights on maintaining market share rather than outselling the competition, leading to impending price drops.
Other BEVs to consider over the ICEs for their relative affordability include the Cupra Tavascan, Volkswagen ID.7, Renault 5 E-Tech, Kia EV9 and Hyundai Ioniq 5 N. Those on the fence about making that new car purchase this year might not want to wait too long, as companies are reporting more positive outlooks as we approach 2025 – meaning you won’t have too long to capitalize on the reduced sales prices. Evidence of this can be attributed to HSBC Global Research, which feels that the lowered pricing adjustment will be mostly confined to the BEVs, meaning these are the cars you’d want to prioritize in terms of saving money.