Electric vehicle prices are down 18% so far this month compared to April 2023. With most automakers launching aggressive discounts, many EVs are on fire sale right now. Some are even being offered for five-figure discounts.
After slashing prices throughout last year, Tesla’s best-selling Model 3 and Model Y are still dragging down overall EV prices. Seasonally adjusted prices are also down in all major market segments. Compact cars led the way (17.1%), followed by midsize (16%), pickups (15%), and SUVs (14%). Electric vehicles led the way, with many automakers offering double-digit percentage discounts to clear inventory for new models. For example, Ford cut Mach-E prices by up to $8,100 in March.
