Electric vehicle prices have come down significantly, with the top five most affordable EVs in Q1 all selling for under $41,000. Two Nissan EVs topped the list, while Hyundai, Tesla, and Toyota electric models rounded out the top five.
Nissan, Hyundai, and Tesla top most affordable EVs in Q1
According to Cox Automotive data, electric vehicle discounts reached nearly $6,000 in the first quarter. Average EV prices fell 9% in the first three months of 2024 and 3.8% from Q4 2023.
βNotably, lower EV prices have supported EV sales volume in the US, particularly for key Tesla models,β Stephanie Valdez Streaty, director of Industry Insights at Cox Automotive, explained.
Incentives on the Tesla Model 3 were 8.2% of ATP, or $3,778. As a result, Teslaβs Model 3 was among the most affordable EVs in the US in Q1.
Two Nissan models topped the list. Including discounts, the Nissan LEAF was the cheapest, selling for $27,956. Thatβs about 19% off from its average transaction price of $34,706.
Nissanβs electric SUV, the Ariya, was second, selling for $35,556, or 31% off its average transaction price ($51,438). Nissan Ariya sales surged 44.8% in Q1, with 4,142 units sold.
The Hyundai IONIQ 6 placed third, selling for an average of $40,547. With massive discounts introduced during the quarter, the IONIQ 6 sold for 22% off its average transaction price of $46,917.
Tesla Model 3 was fourth, selling for an average of $40,547, about 7% off its average selling price.
| Place | Most affordable EVs in Q1 2024 | Average selling price with discounts | % off average transaction price |
| 1 | Nissan LEAF | $27,956 | 19% |
| 2 | Nissan Ariya | $35,556 | 31% |
| 3 | Hyundai IONIQ 6 | $36,506 | 22% |
| 4 | Tesla Model 3 | $40,547 | 7% |
| 5 | Toyota bZ4X | $40,646 | 15% |
Rounding out the top five most affordable EVs in Q1 was Toyotaβs bZ4X, which sold for an average of $40,547. Like others on the list, Toyota has slashed prices on its sole EV to stay competitive.
And these are not the only automakers cutting prices with big savings opportunities. Ford lowered Mach-E prices by up to $8,100 in March. It also opened orders for the 2024 F-150 Lightning with up to $5,500 in savings on select trims.
Volkswagen is offering a massive $13,000 discount on the 2023 ID.4 AWD Pro S. Hyundaiβs IONIQ 5 and Kona EV are also on sale with new incentives.
BMW is offering new rebates with up to $7,500 off 2024 EV models. Meanwhile, the Kia EV9 and several Genesis EVs recently gained a new $7,500 discount offer.
If youβre in the market for a new electric vehicle, now may be the best time to start shopping. You can use our links below to find deals on some of the most affordable EVs available.
Source: Automotive News, Cox Automotive
