5 Major Discounts on Electric Cars You Can Get Right Now

Washington, D.C. Auto Show - 23 Jan 2023
Michael Brochstein / SOPA Images / Shutterstock.com

There’s nothing like a little competition to drive prices down. That’s what’s been happening in the electric vehicle industry as more automakers roll out EVs to compete with long-time market leader Tesla.

A more crowded playing field — combined with a hesitance on the part of many consumers to make the EV leap — has led some car manufacturers and dealers to offer deep discounts on EV models, CNN reported.

Earlier this year, Telsa itself cut prices on some of its models as much as 20% because so many cars were sitting on the lot. One trend driving the discounts is that early adopters of EVs already own one, which means the industry must now reach out to budget-conscious mainstream consumers, according to Joseph Yoon, consumer insights analyst at Edmunds.

Shifting market dynamics are borne out in current pricing strategies. As CNN noted, in September 2022 the average EV purchased in the U.S. (excluding Teslas) went for about $1,500 above the sticker price. A year later, the average EV went for about $2,000 below sticker price, according to Edmunds. In contrast, the average new vehicle of any type sold for only about $900 below its sticker price in September 2023.

These days, there are plenty of affordable EV models to choose from. On the low end of the spectrum, EVs such as the Nissan Leaf and Chevrolet Bolt EV are priced starting at less than $30,000. On the high end, prices start below $50,000 for EVs such as the Tesla Model 3.

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The average transaction price of a new EV was $59,739 in early 2023, according to Edmunds. But these prices don’t take federal EV tax credits into account — and credits can provide savings of up to $7,500.

If you’re considering buying an electric vehicle, here are five big discounts available now, according to Edmunds.

  1. Audi E-Tron GT: The average sticker price for this car is steep at nearly $119,000, including options. But you can score a discount of more than $7,200.
  2. Volvo XC40 Recharge: The average sticker price is about $61,000 and is selling with discounts that average around $7,750.
  3. Volkswagen ID: This car has an average discount of about $2,900 and an average sticker price of about $50,000.
  4. Nissan Ariya: The average discount on the Ariya is roughly $2,200 and it carries an average sticker price of about $50,000.
  5. Chevrolet Bolt EV: A starting price of $26,500 — aided by a $6,000 price reduction in 2023 — makes this “the cheapest EV you can buy, hands down,” according to Edmunds. And that’s before taking any EV tax credits into account.

If you’re just looking for a cheap EV regardless of discounts, here are three more with starting prices of less than $30,000 in 2023:

  • Chevrolet Bolt EUV: $27,800
  • Nissan Leaf: Starting price of $28,140
  • Mini Cooper SE: $29,900

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