Electric Vehicle Prices Plummet: 14 Percent Drop Compared To Last Year

15 Jun 2023 | Abstracted from Inside EVs

"The average transaction price for EVs was down 14 percent in May 2023...The preliminary estimate for the average transaction price of a new electric vehicle in May 2023 was $55,488, just about $158 more than the month before, but a remarkable $9,370 less than May 2022.

"The overall drop in average transaction price for EVs can be attributed to multiple factors. Buyers can qualify for up to $7,500 in the federal clean vehicle credit..."

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