10 Electric Vehicles That Have Seen Major Price Decreases So Far In 2024
In 2024, electric vehicle manufacturers are slashing prices across the market, driven by various factors including economic conditions and supply chain challenges. One significant reason behind this trend is the bloated inventory of electric vehicles, prompting automakers and dealers to offer substantial discounts, often exceeding double-digit percentages.
With the market potentially reaching peak car prices, manufacturers are reevaluating their strategies, considering the introduction of less expensive models. The revenue generated from higher-end EVs has supported the research and development of early models, allowing companies to target a broader audience of more skeptical buyers who may have been hesitant to embrace electric vehicles at their previous price points.
In order to give you the most up-to-date and accurate information possible, the data used to compile this article was sourced from various manufacturer websites and other authoritative sources, including MotorTrend, and fueleconomy.gov. The Models below have been ranked based on their overall discount.
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If you’re looking to dive into a practical and enjoyable EV, these lease deals for May should get you interested in making the jump.
10 Tesla Model X, Model Y, and Model S
MSRP cut by $2,000
The new prices
are $44,990 for the
Model Y
, $72,990 for the
Model S
, and $77,990 for the
Model X
. Prices for the
Model 3
and
Cybertruck
remain unchanged. This latest price adjustment is part of Tesla’s strategy to balance production with demand, a point that’s been highlighted by CEO Elon Musk on social media. Musk noted that frequent price changes are necessary to maintain this balance.
Tesla Model X, Model Y, and Model S Pricing Over Time
|
Tesla Model X |
Tesla Model Y |
Tesla Model S |
|
|
2020 |
$79,990 |
$48,000 |
$69,420 |
|
2021 |
$79,990 |
$41,990 |
$69,420 |
|
2022 |
$120,990 |
$65,990 |
$104,990 |
|
2023 |
$79,990 |
$43,990 |
$74,990 |
|
2024 |
$63,990 |
$31,490 |
$66,490 |
The move comes as Tesla faces growing competition from other automakers such as Ford and General Motors, which are investing heavily to produce more affordable EVs. This competitive pressure has contributed to a decline in Tesla’s market share of U.S. EV sales from 80-percent between 2018 and 2020 to 55-percent in 2023. Previous significant price cuts, including reductions of up to $20,000 on some models last year, and a temporary $1,000 discount on the Model Y, have affected Tesla’s profit margins, reportedly causing concern among investors.
Range and Efficiency Figures
|
Tesla Model X |
Tesla Model Y |
Tesla Model S |
|
|
MPGe (Combined) |
100 MPGe |
117 MPGe |
122 MPGe |
|
kWh/100 Miles |
34kWh/100 miles |
29kWH/100 miles |
28kWH/100 miles |
|
Range |
335 miles |
310 miles |
402 miles |
9 BMW i4 and i5
$5,000 rebate plus loyalty discount
The 2024 BMW i4
and i5 EV sedans come with a $5,000 rebate. Additionally, BMW provides loyalty discounts to current and former owners or lessees: $1,000 for the
i4
, and $1,500 for the
i5
.
BMW i4 and i5 Pricing Over Time
|
BMW i4 |
BMW i5 |
|
|
2023 |
$52,000 |
Not in production |
|
2024 |
$52,200 |
$66,800 |
Leasing options offer even greater savings, with a $7,500 lease credit for the i4 and i5. Combining these lease credits with loyalty discounts could result in nearly $9,000 off the i4 and i5 models, presenting a compelling opportunity for customers looking to get into BMW’s luxury EV lineup.
Range and Efficiency Figures
|
BMW i4 |
BMW i5 |
|
|
MPGe (Combined) |
120 MPGe |
105 MPGe |
|
kWh/100 Miles |
28kWh/100 miles |
32kWh/100 miles |
|
Range |
276 miles |
295 miles |
8 Ford F-150 Lightning
Price cut by $5,500
for several F-150 Lightning trims
amid a push to match production with customer demand. The most notable price drop is for the extended-range
F-150
Lightning Flash model, which sees a reduction of $5,500, bringing its price down from $75,590 to $70,090. The XLT and Lariat models also receive price cuts, with the XLT now starting at $65,090 (a $2,000 reduction) and the extended-range Lariat at $79,090 (a $2,500 reduction). The prices for the base Pro model and the top-trim Platinum remain unchanged at $57,090 and $87,090, respectively.
Ford F-150 Lightning XLT Pricing Over Time
|
Ford F-150 Lightning XLT |
|
|
2022 |
$39,974 |
|
2023 |
$49,995 |
|
2024 |
$65,090 |
These price adjustments accompany several midyear updates to the Lightning, including the addition of a vapor injection heat pump system for better battery temperature management and an updated instrument cluster display for enhanced charging information.
Ford has also made its towing technology package standard on all trims except the Pro model and included the Blue Cruise hands-free driving system on the upper trims. These changes follow Ford’s earlier announcement to scale back production of the F-150 Lightning starting April 1, as the company continues to align its manufacturing output with market demand against evolving expectations for EV sales growth.
Range and Efficiency Figures
|
Ford F-150 Lightning |
|
|
MPGe (Combined) |
70 MPGe |
|
kWh/100 Miles |
48 kWh/100 miles |
|
Range |
320 miles |
25 Cheapest Electric Vehicles To Consider In 2024, Ranked Based On Range And Price
These are 25 electric vehicle options that offer the best value without compromising range abilities.
7 Nissan Ariya EV
Price cut by $6,000
Nissan has reduced the prices of its 2024 Ariya EV by up to $6,000, with the base model now starting at $39,590, down from $43,190. This price cut comes as the EV market becomes increasingly competitive, following similar moves by other manufacturers like Ford.
The 2024 Ariya offers a range of trims with varying features and battery capacities. The front-wheel-drive Engage trim with a 63.0-kWh battery pack is the entry-level model. For $41,190, buyers can upgrade to the Venture+ trim, which includes an 87.0-kWh battery pack, extending the range from 216 miles to 304 miles.
Nissan Ariya EV Pricing Over Time
|
Nissan Ariya EV |
|
|
2023 |
$43,190 |
|
2024 |
$39,590 |
(Data was collected from Nissan and MotorTrend)
Higher trims such as the Evolve+ and Empower+ are priced at $44,190 and $47,690, respectively, also featuring the larger battery. Additionally, Nissan’s dual-motor, all-wheel-drive e-4ORCE system, available on select trims, costs around an extra $4,000. The top-tier 389-hp, all-wheel-drive e-4ORCE Platinum+ model now starts at $54,190 after a $6,000 price reduction.
Range and Efficiency Figures
|
Nissan Ariya EV |
|
|
MPGe (Combined) |
103 MPGe |
|
kWh/100 Miles |
33kWh/100 miles |
|
Range |
304 miles |
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6 Hyundai IONIQ 6
Purchase incentive of $7,500
making the 2024 IONIQ 6
significantly more affordable with a new special cash offer. The automaker is providing a $7,500 purchase incentive on all trims of the 2024 IONIQ 6, effectively lowering the starting price from $37,500 to just over $30,000. This incentive makes the IONIQ 6 one of the most cost-effective electric vehicles on the market, substantially cheaper than the new Tesla Model 3 Highland.
Hyundai IONIQ 6 Pricing Over Time
|
Hyundai IONIQ 6 |
|
|
2023 |
$41,600 |
|
2024 |
$37,500 |
This price reduction means the IONIQ 6 is nearly $10,000 less expensive than the Tesla Model 3. The 2024 IONIQ 6 was already $4,100 cheaper than the previous year’s model, and Hyundai attributes these savings to improved production efficiencies and scaling up their EV manufacturing. Bypassing these savings onto consumers, Hyundai is enhancing the competitiveness of its EV offerings in the market.
Range and Efficiency Figures
|
Hyundai Ioniq 6 |
|
|
MPGe (Combined) |
140 MPGe |
|
kWh/100 Miles |
24kWh/100 miles |
|
Range |
361 miles |
5 BMW i7 and iX
Purchase incentive of $7,500
with the i7 sedan
and
iX SUV
both receiving a $7,500 rebate. This incentive was available either as a loan credit when financing through BMW Financial Services or as a “NON FS Credit” for cash purchases and financing through other sources, making these luxury EVs more accessible to a wider range of buyers.
BMW i7 and iX Pricing Over Time
|
BMW i7 |
BMW iX |
|
|
2022 |
Not in production |
$83,200 |
|
2023 |
$119,300 |
$84,100 |
|
2024 |
$105,700 |
$87,250 |
Like the i4 and i5, BMW provides loyalty discounts to current and former owners or lessees, with $3,000 off the i7. Leasing options present even greater savings, with a $9,900 lease credit available for both the i7 and iX. When combined with the loyalty discount, qualified customers could see nearly $13,000 off the price of these models.
Range and Efficiency Figures
|
BMW i7 |
BMW iX |
|
|
MPGe (Combined) |
90 MPGe |
86 MPGe |
|
kWh/100 Miles |
37kWh/100 miles |
39kWh/100 miles |
|
Range |
321 miles |
217 miles |
If You Were Waiting To Buy Or Lease An EV, Now Is The Right Time
EVs are quickly becoming more and more affordable, and new and experienced drivers are looking to capitalize on this trend – and now you can, too.
4 Ford Mustang Mach-E
Price cut by $8,100
its Mustang Mach-E electric SUV
, reducing prices by up to $8,100. The base model for the 2023
Mach-E
now starts at $39,995, down from $42,995. The high-end Mach-E GT sees a $7,600 reduction, bringing its price to $52,395, while the extended-range premium version drops by $8,100 to $48,895. These adjustments come as Ford responds to a significant 51-percent drop in Mach-E sales in January, aligning prices with market conditions to drive sales growth and offer better customer value.
Ford Mustang Mach-E Pricing Over Time
|
Ford Mustang Mach-E |
|
|
2021 |
$42,895 |
|
2022 |
$43,895 |
|
2023 |
$42,995 |
|
2024 |
$39,995 |
The price reduction follows the loss of a $3,750 tax credit for the Mach-E, triggered by new U.S. Treasury Department battery sourcing requirements. This loss has impacted consumer incentives and sales, as noted by the sharp decline in January. The new pricing strategy positions the Mach-E more competitively against rivals like Tesla’s Model Y.
Range and Efficiency Figures
|
Ford Mustang Mach-E |
|
|
MPGe (Combined) |
106 MPGe |
|
kWh/100 Miles |
32kWh/100 miles |
|
Range |
320 miles |
3 Volkswagen ID.4 AWD Pro S
Lease price cut by $13,000
for its ID.4 AWD Pro S Plus
, offering $13,000 off the lease price. This significant discount is part of Volkswagen’s effort to clear inventory as it prepares to launch new electric vehicle (EV) models, including the longer-range 2024 ID.4 and upcoming ID.7 and ID Buzz. The ID.4 AWD Pro S Plus, which typically starts at $53,875, can now be leased for as low as $41,445 with the new deal, making it a more attractive option for potential EV buyers.
Volkswagen ID.4 AWD Pro S Pricing Over Time
|
Volkswagen ID.4 AWD Pro S |
|
|
2021 |
$44,495 (Pro S) |
|
2022 |
$49,410 |
|
2023 |
$43,995 (Pro RWD) |
|
2024 |
$53,875 |
(Data was collected from Volkswagen)
This leasing offer arrives as Volkswagen aims to maintain its strong sales momentum from last year, when the ID.4 was the fifth best-selling EV in the U.S., with an 84-percent increase in sales from 2022. The ID.4 models with SK On battery components qualify for the full $7,500 EV tax credit. By providing this $13,000 lease discount, Volkswagen made the ID.4 AWD Pro S Plus one of the most competitively priced electric SUVs on the market.
Range and Efficiency Figures
|
Volkswagen ID.4 AWD Pro S |
|
|
MPGe (Combined) |
102 MPGe |
|
kWh/100 Miles |
33kWh/100 miles |
|
Range |
263 miles |
2 Hyundai IONIQ 5
Lease deal offering up to $15,000 off
the IONIQ 5
is already one of the most affordable electric SUVs, and this deal significantly enhances its value proposition.
Hyundai IONIQ 5 Pricing Over Time
|
Hyundai Ioniq 5 |
|
|
2022 |
$39,950 |
|
2023 |
$41,450 |
|
2024 |
$41,800 |
The IONIQ 5, built on Hyundai’s dedicated E-GMP platform, offers up to 303 miles of range and features 800V fast charging capabilities, allowing it to charge from 10% to 80% in just 18 minutes. This makes it a highly competitive option in the EV market, especially compared to models like the Ford Mustang Mach-E and Nissan Ariya. Hyundai’s move to offer such a substantial lease incentive reflects its strong position in the EV market, having surpassed Ford and GM to become the second top-selling EV brand in the U.S. behind Tesla.
Range and Efficiency Figures
|
Hyundai Ioniq 5 |
|
|
MPGe (Combined) |
114 MPGe |
|
kWh/100 Miles |
29kWH/100 miles |
|
Range |
303 miles |
The Real Cost Of Owning An Electric Car In 2023 and 2024
Are electric vehicles as expensive as everyone hypes them up to be? Here are the estimates for EV ownership in 2023 and 2024.
1 Mercedes-Benz EQS
Price cut by $19,442
its EQS SUV
, cutting the cost by nearly $20,000 to a new price of $104,400. This substantial discount is part of a broader trend among automakers struggling to entice customers towards electric vehicles despite substantial price cuts. According to a study by Cox Automotive, the average discount on electric vehicles in the first quarter of 2024 was $6,000, but manufacturers like Mercedes-Benz are offering even larger incentives to stimulate sales amid rising EV inventories.
Mercedes-Benz EQS Pricing Over Time
|
Mercedes-Benz EQS |
|
|
2024 |
$104,400 |
The market dynamics indicate that consumers are hesitant to pay a premium for electric vehicles, leading to an oversupply. EVs have reportedly been sitting on dealership lots for an average of 119 days as of April 2024, far longer than gasoline-powered vehicles. These extensive discounts, including the staggering $16,000 off the aforementioned Nissan Ariya, reflect the industry’s efforts to adjust to the slower-than-expected adoption of electric vehicles and make these models more accessible to a wider range of customers.
Range and Efficiency Figures
|
Mercedes-Benz EQS SUV |
|
|
MPGe (Combined) |
86 MPGe |
|
kWh/100 Miles |
39kWH/100 miles |
|
Range |
339 miles |
