In a recent study conducted by iSeeCars, notable changes in the pricing dynamics of electric vehicles (EVs) have emerged, reflecting the impact of the global semiconductor shortage and shifting market demands. As interest rates rise and the semiconductor shortage gradually recedes, some electric models are now available at or below their Manufacturer’s Suggested Retail Price (MSRP), offering consumers unprecedented savings.
According to the study, the average price of new electric cars is currently 8.5 percent above MSRP, showcasing a noticeable improvement compared to July 2022’s figure of 10.2 percent. This decline in markups is attributed to dealerships’ willingness to sell certain EV models at competitive prices.
The Hyundai Ioniq 5, a desirable electric vehicle, has become particularly attractive for buyers seeking savings. On average, the selling price of the Ioniq 5 now stands at $51,289, just slightly below its MSRP of $51,551. Furthermore, some dealerships are offering significant discounts, with instances of the Ioniq 5 SEL AWD listed for as low as $40,785, representing a substantial $11,500 in savings compared to the MSRP of $52,285.
Similar opportunities for savings can be found with the Kia EV6, which shares the same chassis as the Ioniq 5. Numerous dealerships are now offering competitive deals on new units of this model. Additionally, the Ioniq 6, another electric model, can also be purchased for several thousand dollars under its MSRP, with one example found in Los Angeles listed at $6,000 below MSRP.
The study further highlights that some other electric models, including the Volvo C40 Recharge, Volkswagen ID.4, and Cadillac Lyriq, are being sold around their MSRP, with potential for better deals when shopping around.
However, the study also pointed out that the Porsche Taycan stands as an exception to the general trend, with the highest dealership markups observed among electric models. The average selling price for a new Taycan is reportedly $22,607 above its MSRP, indicating strong demand and limited availability for this high-end electric sports car.
As the automotive market adapts to changing conditions, consumers are advised to keep a vigilant eye on pricing trends and explore various options before making their electric car purchase decisions. With an array of EV models now available under MSRP, prospective buyers have the opportunity to secure attractive deals in this evolving landscape.
