If you are looking for Black Friday deals on electric vehicles this year, you’re in luck. EV prices in the US dropped again in October as new models hit the market.
An early Black Friday for electric vehicle buyers
According to a new report from Cox Automotive, US electric vehicle prices dropped by 2.3%, or $2,286, in October compared to September 2022.
October marks the second straight month EV prices have fallen. The average price paid for a new electric vehicle fell by $1,162 (-1.8%) in September to $65,291. In October, average prices for a new EV dropped below the $65K mark, settling at $64,249.
Although $64,249 is not necessarily cheap, it is symbolic as supply chain bottlenecks ease and EV production ability expands.
Meanwhile, overall new vehicle transaction prices (ATPs) increased in October, remaining well above $48,000 ($48,281), only slightly lower than the ATH of $48,301 reached in August 2022.
The increase is primarily due to solid luxury vehicle sales, with rising demand for entry-level and mid-size luxury SUVs.
As electric vehicle prices fell for an early Black Friday, several other auto segments saw prices continue rising in October, such as subcompact cars (+8%), entry-level luxury (+3%), full-size pickup trucks (1.6%), and full-size cars (+1.5%).
Regarding year-over-year (YOY) price changes, electric vehicles are up 7.4% which may seem high, but compared to other in-demand categories, it’s about in line.
|Full-size pickup trucks||+9.9%|
|Luxury mid-size SUV||+6.0%|
|Luxury full-size SUV||+5.6%|
Even though new electric vehicle prices remain over $64,000, that doesn’t mean you have to spend that much to drive a zero-emission vehicle.
Automakers are increasingly introducing lower-priced EVs to help promote widespread adoption. A few of the most cost-effective options on the market right now include:
And if you’re not ready to purchase this Black Friday, next year’s selection should be even better, with several highly-anticipated EV models set to hit the market in 2023.
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