Top 10 electric cars currently experiencing the highest discounts

Electric vehicles have become increasingly popular as advancements in technology have made them more affordable and practical for everyday use. With the demand for big, expensive electric cars slowing down and federal incentives decreasing, dealers and manufacturers have ramped up discounts to entice buyers.

Since last summer, the electric vehicle market has been flooded with deals as cars continue to accumulate on dealer lots. Notably, the Tesla Model 3 and Model Y saw aggressive discounts from Elon Musk, setting off a chain reaction in the market. By the end of last year, electric cars were receiving significant discounts, with average incentives soaring to 9.8% of transaction prices.

Heading into this year, the trend of larger discounts continues, especially for the most expensive EV models. The changes to the requirements for the $7,500 electric vehicle tax credit have put pressure on dealers and manufacturers to lower prices further. As a result, affordability has become a crucial factor in determining the success of an electric car.

To help consumers navigate the current market, we’ve compiled a list of the best deals on electric vehicles based on data from Edmunds. These discounts do not include the $7,500 federal tax credit for qualifying vehicles. Some of the most discounted EVs in January include:

1. Mercedes-Benz EQE SUV: Average transaction price $82,171, Sticker price $92,173, Average discount $10,002.
2. BMW i7: Average transaction price $126,307, Sticker price $135,456, Average discount $9,194.
3. Volvo C40 Recharge: Average transaction price $52,701, Sticker price $61,647, Average discount $8,946.
4. Porsche Taycan: Average transaction price $127,700, Sticker price $134,314, Average discount $6,614.
5. Lexus RZ 450e: Average transaction price $59,746, Sticker price $64,238, Average discount $4,492.
6. Audi Q8 e-tron: Average transaction price $80,963, Sticker price $85,367, Average discount $4,404.
7. Volkswagen ID.4: Average transaction price $47,593, Sticker price $50,874, Average discount $3,281.
8. BMW i5: Average transaction price $81,466, Sticker price $84,670, Average discount $3,204.
9. BMW i4: Average transaction price $61,821, Sticker price $64,973, Average discount $3,152.
10. Hyundai Ioniq 5: Average transaction price $50,944, Sticker price $54,002, Average discount $3,058.

These discounts reflect the current landscape of the electric vehicle market, with manufacturers and dealers looking to attract a broader range of consumers by offering competitive deals on a variety of EV models. As more advancements are made in electric vehicle technology, we can expect to see further reductions in prices and more incentives to drive the adoption of electric cars.