Looking to buy an electric vehicle right now? So is everyone else, apparently. In-stock dealer inventories of EVs are sparse at best, if not completely decimated, despite a lofty average transaction price north of $66,000. But don’t lose hope – there are relative bargains that price below $66,000, sell at close to MSRP, and are available for delivery sooner than later.
Chevrolet Bolt EV and EUV
Based on our latest survey of current dealer inventory, the Bolt EV and EUV are the most available electric vehicles in the nation. Couple that with our review this week calling the Chevy Bolt the best Value EV in America. However, many of these vehicles are “in transit,” “reserved,” “sale pending,” or otherwise immediately unavailable. Good news is that the wait time for vehicles in transit appears to be on the short side, measured in days and weeks rather than months.
Chevrolet started advertising huge rebates on its 2022 Bolt lineup shortly after announcing a $6,000 price cut for the 2023 models. A new Bolt EV can now be had for as little as $26,595 after a $5900 rebate, while a rebate of $6,300 on a Bolt EUV drops its net cost down to $28,195 before tax, license, and any state incentives.
We found a number of dealers advertising their inventory at MSRP before rebates, a welcome sight in a market where the average transaction price of a non-luxury vehicle is $1,017 over MSRP. Our latest analysis of data from new car pricing websites aligns with the figures we’re seeing in online dealer inventories, with the fair value of a 2022 Bolt EV/EUV averaging to $335 below MSRP before rebates are applied. That’s the best we’ve seen in months for any electric vehicle.
Prefer to lease? If so, Chevrolet continues as the king of low-cost EV leases by offering the Bolt EV at $219/month for 36 months, $2,849 due at signing, which calculates to an average monthly cost of $292 before tax and license. Their Bolt EUV lease deal comes in slightly higher with an average monthly cost of $315/month. Both offers undercut factory lease terms for the Nissan LEAF S ($382-$438/month), Hyundai Kona Electric ($380/month), Mazda MX-30 ($355/month), and Nissan LEAF SL Plus ($544-$587/month) by a noticeable amount. Look for deals on a Chevrolet Bolt EV or Bolt EUV in your area.
2022 Chevrolet Bolt EV: MSRP $32,495 (1LT). 5-passenger, 4-door crossover. Range: 259mi. Cargo space: 16.6 cu ft; 57 cu ft with rear seats down. 0-60 mph: 6.5s.
2022 Chevrolet Bolt EUV: MSRP $34,495 (LT). 5-passenger, 4-door crossover. Range: 247mi. Cargo space: 16.3 cu ft; 56.9 cu ft with rear seats down. 0-60 mph :6.7s.
The ID.4 has been essentially nonexistent in dealer inventories for much of the year, that is until recently as 2022 models of the ID.4 started arriving at VW showrooms across the nation. It’s now among the most available electric vehicle by our observations, and supply is expected to further improve this fall with the recent start of ID.4 production in Chattanooga, Tennessee.
As far as pricing, we ran across two dealerships – Orr VW in Texas and O’Meara VW in Colorado – that are discounting the ID.4 by over $1,000. Extraordinary, considering most other Volkswagen retailers list their stock at MSRP, and data we’ve gathered from various new car pricing websites indicates an average markup of $663. Variance is worst in the San Francisco/San Jose area, where fair price estimates range from $339 below MSRP to a painful $4,561 over MSRP – so buyers in that area really need to shop around and negotiate to avoid being fleeced. Check VW ID.4 availability and pricing in your area.
2022 Volkswagen ID.4: MSRP $42,525 (Pro S RWD), $50,705 (Pro S AWD). 5-passenger, 4-door SUV. Range: 280mi (Pro RWD), 245mi (Pro S AWD). Cargo space: 30.3 cu ft; 64.2 cu ft with rear seats down. 0-60 mph :7.7s (RWD), 5.7s (AWD). Qualifies for $7,500 Electric Vehicle Federal tax credit.
Thinking about ordering a base Model 3 but don’t want to wait until the end of the year to take ownership of it? Check out the BMW i4 eDrive40, currently in stock at many dealerships with more on the way. Unlike GM or Tesla, BMW electrics are still eligible for the $7,500 Federal EV tax credit, which reduces the cost of the i4 from its $56,395 MSRP down to $48,895, just $455 more than the Model 3. Besides a quicker delivery time, that extra $455 for the i4 buys another 34 miles of EPA-estimated range (301 miles, versus 267 miles for the standard range Model 3) and an arguably more versatile hatchback configuration. What is sacrificed, however, is half the cargo capacity behind the rear seats, no frunk, and driving/parking assistance features that are standard on the Model 3 but not included in the i4 eDrive40 base price.
Feel the need for speed? There’s the i4 M50, the all-wheel-drive version of the i4 that blasts from zero to 60 in 3.7 seconds. That’s about a half second quicker than Tesla’s Model 3 Long Range, and six-tenths slower than the Model 3 Performance. Coincidentally (or maybe not), its cost after applying the $7,500 Federal EV tax rebate and adding driving assistance and parking assistance options nets to $62,200 – about halfway between Tesla’s Model 3 Long Range and Performance versions. While the straight line performance and pricing of the i4 M50 seem to be on par with its Tesla rivals, its 270-mile range is not, so it will roll to a stop 45 miles short of the two comparable Model 3 versions when it depletes a full charge.
From a dealership pricing standpoint, we didn’t find a single dealer that strayed from MSRP on its website – a policy that seemed to have been adopted by BMW retailers across the nation few years back, shortly after we started hunting for and tracking dealer discounts on electric vehicles. So, turning to data gathered from new-car pricing websites for guidance, the fair price on an i4 eDrive40 seems to average at just $298 over MSRP. Variance was worst in – you guessed it – the San Francisco/San Jose area, with prices ranging from an $852 discount to a $4,117 markup. Look for the best BMW i4 prices in your area.
2022 BMW i4: MSRP $56,395 (eDrive40), $67,300 (M50). 5-passenger, 4-door liftback sedan. Range: 301mi (eDrive40), 270mi (M50). Cargo space: 10 cu ft. 0-60mph: 5.5s (eDrive40), 3.7s (M50). Qualifies for $7,500 Electric Vehicle Federal tax credit.
Hyundai IONIQ 5: This rolling work of art is getting harder and harder to find on the lot. We estimate that it now represents less than 5% of all available new EVs in dealer inventories, thanks in part to prime-time commercials starring Jason Bateman. Most Hyundai dealer websites we track that once listed their IONIQ 5 stock at MSRP are now declaring market adjustments of at least $3,000 or adding dealer-installed options of up to $5,000. And guess what? We, the public, are simply paying it. Apparently, the car is that good. Data from new car pricing websites confirms this with an average fair value price that has risen to $3,569 over MSRP. All that said, we did find some dealers bucking the trend, including Larry H. Miller Hyundai in Arizona (all IONIQ 5 stock listed at MSRP) and Mission Hills Hyundai in the Los Angeles area (MSRP plus a $1,495 “protection package”). Find the best Hyundai IONIQ 5 prices near you.
Kia EV6: Rather than relying on star power to sell its flagship electric vehicle, Kia chose to employ a robo-dog to tug at our heartstrings, first during the Super Bowl and then in the months following during prime-time TV slots. Must have worked, because like its retro-styled platform sibling (IONIQ 5), buyers have driven the fair market value of the EV6 higher and higher – now at an average $4,297 markup by our estimation, and that’s on top of a $500 increase in MSRP across all trim levels. In-stock vehicles are scarce, but there are a few out there that can be had for a reasonable price. For example, Classic Kia in Texas is advertising an EV6 at only $90 over MSRP, and Doral Kia in Florida is listing an EV6 at MSRP plus a $999 dealer fee. Check Kia EV6 prices in your area.
Genesis GV60: The Genesis GV60 is Hyundai Motor Group’s latest model based on their E-GMP platform to reach American shores, and it’s the priciest, with an MSRP that starts at $59,985. Distribution is currently limited to California, Connecticut, New York, and New Jersey. Genesis of the North Shore in New York and Genesis of Santa Monica in Los Angeles are currently listing their stock at MSRP, but if history repeats itself, dealer prices will ratchet up in the coming months as awareness of the model builds. Genesis of Stevens Creek in the San Francisco/San Jose area already has a jump on that trend and is listing every GV60 they have with a $7,000 “market adjustment.” Check Genesis GV60 availability and pricing in your area.
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