Electric vehicle prices have come down significantly, with the top five most affordable EVs in Q1 all selling for under $41,000.
Two
Nissan EVs topped the list, while Hyundai, Tesla, and Toyota electric models rounded out the top five.
Nissan, Hyundai, and Tesla top most affordable EVs in Q1
According to
Cox Automotive data, electric vehicle discounts reached nearly $6,000 in the first quarter. Average EV prices fell 9% in the first three months of 2024 and 3.8% from Q4 2023.
“Notably, lower EV prices have supported EV sales volume in the US, particularly for key Tesla models,” Stephanie Valdez Streaty, director of Industry Insights at
Cox Automotive, explained.
Incentives on the Tesla Model 3 were 8.2% of ATP, or $3,778. As a result,
Tesla’s Model 3 was among the most affordable EVs in the US in Q1.
Two Nissan models topped the list. Including discounts, the
Nissan LEAF was the cheapest, selling for $27,956. That’s about 19% off from its average transaction price of $34,706.
Nissan’s electric SUV, the Ariya, was second, selling for $35,556, or 31% off its average transaction price ($51,438). Nissan Ariya sales surged 44.8% in Q1, with 4,142 units sold.
