Kelly Blue Book unveiled its new vehicle average transaction price recently. This reveals the average price paid for an EV in September was $50,683. This pricing is coming down from more than $65,000 a year ago.
Therefore based on the number, in September, the estimated average price paid for an electric vehicle was $50,683. The same goes down from $52,212 in August respectively. While the reduction in price trend is declining overall in line with the Tesla seems to continue to price cuts, as mentioned by Kelley Blue Book.
Electrek‘s Jameson Dow reported last week that Tesla’s Model 3 and Model Y are now at their lowest prices ever and explained that “drops have also affected the rest of the EV market, as Tesla’s dominant position as the market and brand leader in EVs, along with its previously industry-high margins, mean that it has more room to prevail in a price war against other manufacturers.”
In addition to this, both EV and gas car inventory started 2023 off at around 52 days supply. By that time, the EV supply dramatically rose, while gas cars sat between 52 and 58 days.
At the start of October, EV accessibility as measured by days supply was well above the industry average. Since product availability and EV production drastically increased. Also, the supply at the start of October was 97 days, the same is down from the peak inventory of approximately 111 days in early July.