As the automotive industry continues to grapple with the effects of the global semiconductor shortage and rising interest rates, a surprising silver lining emerges for consumers interested in electric vehicles (EVs). A recent study conducted by iSeeCars reveals that the overall prices of EVs have taken a significant plunge compared to the same period last year, with many desirable models now available at or even below their Manufacturer's Suggested Retail Price (MSRP).
According to the study, the average price of a new car currently stands at 8.5 percent above MSRP, a notable improvement from the 10.2 percent premium recorded in July of the previous year. This shift in pricing dynamics is attributed to a decline in new car demand as the global semiconductor shortage eases and interest rates see an uptick.
Consequently, dealerships are capitalizing on this shift by offering substantial discounts on EVs, which have become a particularly attractive option for eco-conscious consumers. One standout example of these alluring deals is the Hyundai Ioniq 5, a popular electric model known for its style and performance.
The study reveals that the average selling price of a new Ioniq 5 currently hovers around $51,289, slightly below the vehicle's MSRP of $51,551. However, many dealerships are taking it a step further, offering the Ioniq 5 for thousands of dollars below MSRP.
In a remarkable case, a Californian dealer is listing a new Ioniq 5 SEL AWD for an astonishing $40,785, marking an incredible $11,500 in savings compared to its MSRP.
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Similarly, the Kia EV6, which shares its chassis with the Ioniq 5, is also witnessing a surge in discounted offers across various dealerships.
In addition, prospective buyers can even find the Ioniq 6 at prices substantially below its MSRP. For instance, a brand-new Ioniq 6 SEL RWD is currently listed in Los Angeles with a markdown of $6,000 under MSRP. The iSeeCars survey also points out that several other electric models, such as the Volvo C40 Recharge, Volkswagen ID.4, and Cadillac Lyriq, are generally available for purchase around their MSRP.
However, with careful exploration and comparison, consumers may easily stumble upon even better deals that go below the MSRP threshold. Nevertheless, while the EV market presents numerous opportunities for substantial savings, there are still some exceptions.
iSeeCars highlights the Porsche Taycan as the electric model experiencing the most significant dealership markups, with an average selling price staggering $22,607 above its MSRP. Overall, the prevailing trend of falling prices and enticing deals on electric models signifies a golden opportunity for prospective EV buyers.
With dealerships vying for customers in the current market climate, environmentally-conscious consumers may find themselves driving away with their dream EV at an unprecedented bargain.