EV prices in July were higher month-over-month but lower year-over-year – and the Tesla Model 3 price was up an eyebrow-raising 30% from January, reports Kelley Blue Book.
The average transaction price (ATP) for an EV in July was $56,520 (and remember, folks – the $7,500 tax credit isn’t reflected in the ATPs). That’s higher than June but lower year-over-year by 1.5%.
The average incentive package offered with a new EV in July was over 12% of the transaction price, the highest level in more than three years. That’s also around twice the level seen in July 2023, when typical incentive packages were equal to 6.0% of the ATP.
EV incentives in July were 73% higher than the industry average, and there are also higher inventory levels, both of which tip the scales in favor of buyers. However, high loan rates and strict credit conditions are restraining potentially robust industry sales.
Average transaction prices at Tesla continue to rise after dropping to near the industry average in December 2023. In July, Tesla ATPs were $59,593, up 11% from a year ago and at the highest point since February 2023. The success of the Cybertruck is pulling Tesla prices higher, although Model 3 and Model Y prices have risen steadily through the year.
In July, the ATP for Model Y was $52,055, up 5% from January, while Model 3 was $53,878, up 30% from January, when Model 3 ATPs were $41,531. The Model Y and Model 3 are the top-selling EVs in the US market.
But keep in mind that there are plenty of great EV deals still to be had right now:
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