According to the latest US automotive market pricing report by Kelley Blue Book (KBB), the average price paid for a new EV in March 2023 was $58,940, which is much higher than the average new-car transaction price of $48,008. This is despite Tesla’s recent price cuts, which have pushed the average EV selling price down this year and forced some rivals to follow suit.
The report also shows that the average price paid in March 2023 for a non-luxury vehicle in the US came in at just over $44,000, which is a $505 drop from February 2023. Meanwhile, consumers are still paying above MSRP for new luxury cars. While not all EVs are considered luxury cars, many are, and those that aren’t may still be priced more like luxury cars than their mainstream rivals.
The report emphasizes that the US automotive market as a whole finally saw average prices fall below MSRP in March, which is the first time it’s happened in almost two years. This is likely due at least in part to Tesla’s price cuts impacting the entire industry.
The KBB report suggests that pricier brands like Mercedes, Rivian, Lucid, and others have ramped up EV sales, which is beginning to marginally offset Tesla’s low-priced options. This could explain why the average price paid for a new EV was only up $313 in March 2023 as compared to February 2023.
Overall, the KBB report shows that the US automotive market is beginning to see prices fall below MSRP due to Tesla’s price cuts and increased competition from pricier brands. This could be a sign of a healthier market in the future, as more consumers are able to purchase EVs at more affordable prices.
FAQ
Q1: Are electric car batteries recyclable?
A1: Yes, electric car batteries are recyclable.
Q2: Are electric car chargers free?
A2: It depends on the charger and the location. Some electric car chargers are free, while others may require a fee.
Q3: Can electric car batteries be rebuilt?
A3: Yes, electric car batteries can be rebuilt with the right tools and knowledge.
