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From legacy automakers to electric vehicle upstarts, the slump in EV demand is a rusty nail in the rear quarter panel. Headwinds such as elevated prices compared to gas vehicles, higher financing costs, and lack of charging infrastructure among other issues have put a lid on EV growth in the US.
But on the flip side, it’s an extremely advantageous time for consumers looking to buy or lease an EV.
Just this week, Kelley Blue Book found that year over year, new EV prices slipped 10.8% in January, and in December EV transaction prices fell to $53,611, the lowest in 12 months.
Online car shopping site CarGurus found that compared to last year, the number of days EVs are on the market increased while the number of days for ICE (internal combustion engine) autos decreased. And the average list price on the platform for a new EV in January was down 9.1% year over year, to around $60,000.
The used car market is even more extreme. CarGurus found the average list price of a used EV in January was around $38.7K, down 20.6%.
But what this all means is it's a great time to shop for EVs before the market normalizes and prices head back up. Here are some of the best deals we found for new EVs, using incentives found in the New York City metro area and not including destination charges, which vary by manufacturer and vehicle.
Read more: Are electric cars more expensive to insure?
The affordable crossover/hatchback: Hyundai IONIQ 5
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Starting price: $41,800
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Deals: $7,500 off, 0.99% financing for 48 months
The Hyundai IONIQ 5 is well reviewed, and in my opinion captures the retro-futuristic look perfectly. The car, which has the general footprint of a Golf GTI, offers a decent amount of space, a hatchback cargo area for added utility, and a comfortable and stylish interior.
One drawback is that the car isn’t eligible for the federal EV tax credit, but here's where Hyundai steps in with its own $7,500 discount cash offer. This drops the price to $34,300, though this deal only lasts until the end of February. Hyundai is also offering attractive financing options, with 0.99% APR for 48 months.
The all-rounder: Tesla Model Y
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Starting price: $42,990
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Deals: $1,000 discount till March 1, lease offers
There’s a reason you see so many Model Ys around town. It’s a quick crossover-type vehicle with an optional third row. With a spartan, tech-focused interior, quick steering, and a firm ride, the Model Y offers a unique driving dynamic. It also offers a suite of mobile connectivity features and the best and easiest-to-use charging network. The Model Y was the best-selling vehicle globally last year, and it’s not hard to see why.