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The 10 most deeply discounted electric cars right now

Nora Naughton

2024-02-25T10:57:01Z

A Volkswagen ID.4 electric car on display at a VW dealership in California

Josh Lefkowitz/Getty Images

• Deals have abounded in the EV market since last summer.
• Discounts are getting bigger after it got harder to qualify for the $7,500 tax credit.
• The most expensive EVs are seeing the biggest discounts.

Electric vehicles are getting some hefty discounts this year.

In order to deal with a slowdown in demand for big, expensive electric cars — and dwindling federal incentives — dealers and manufacturers are pouring on discounts.

Deals have abounded in the EV market since last summer, when these cars started piling up on dealer lots. Elon Musk's aggressive discounting of the popular Tesla Model 3 and Model Y didn't help either.

By the end of last year, electric cars were seeing some of their highest discounts ever, according to Kelley Blue Book. Average EV incentives rocketed to 9.8% of average transaction prices from 2% just a year earlier.

The discounts are continuing into this year, with some of the most expensive models seeing the biggest price cuts. Changes to requirements for a $7,500 electric vehicle tax credit have also put more responsibility on the dealer and the manufacturer to discount prices.

As demand from wealthy early adopters in the EV segment dries up, affordability is a new deciding factor for the success of an electric car.

We asked Edmunds for a list of the most discounted electric cars in January. These discounts don't take into account the $7,500 federal tax credit for qualifying vehicles.

Here are the best deals you can find on EVs right now:

Mercedes-Benz EQE SUV

The 2023 Mercedes-Benz EQE 500 4MATIC SUV.

Tim Levin/Insider

Average transaction price: $82,171

Sticker price: $92,173

Average discount: $10,002

The Mercedes-Benz EQE SUV is a Tesla-fighter aimed at the heart of the US car market. Business Insider drove it last year and we loved everything about it but the looks.

BMW i7

BMW i7

Fabian Kirchbauer, BMW

Average transaction price: $126,307

Sticker price: $135,456

Average discount: $9,194

The BMW i7 is an ultra-luxurious sedan originally aimed at Tesla's Model S.

Volvo C40 Recharge

2022 Volvo C40 Recharge.

Volvo

Average transaction price: $52,701

Sticker price: $61,647

Average discount: $8,946

Volvo's second EV for the US market is slightly smaller than its older sibling, the XC40 Recharge.

Porsche Taycan

The 2023 Porsche Taycan.

Porsche

Average transaction price: $127,700

Sticker price: $134,314

Average discount: $6,614

The Porsche Taycan has long been a leader in the ultra-luxury electric vehicle market, with its fiercest competitor being the Tesla Model S. Discounts on the Taycan come as Tesla CEO Elon Musk has been lowering the price of its flagship sedan.

Lexus RZ 450e

The Lexus RZ 450e.

Lexus

Average transaction price: $59,746

Sticker price: $64,238

Average discount: $4,492

Lexus's first electric vehicle debuted last year among a slew of other luxury EVs.

Audi Q8 e-tron

Audi Q8 e-tron

Audi

Average transaction price: $80,963

Sticker price: $85,367

Average discount: $4,404

The Audi Q8 e-tron is positioned to compete with Tesla's Model X and Model Y, both of which have been heavily discounted in the past year.

Volkswagen ID.4

The 2023 Volkswagen ID.4.

Volkswagen

Average transaction price: $47,593

Sticker price: $50,874

Average discount: $3,281

The Volkswagen ID.4 was one of the first electric SUVs to compete with Tesla's Model X when it debuted in 2020. It's likely been hit by bigger discounts due to its positioning as a more attainable option for first-time EV buyers.

BMW i5

BMW i5

DANIEL KRAUS, BMW

Average transaction price: $81,466

Sticker price: $84,670

Average discount: $3,204

The BMW i5 is the latest electric sedan in the German luxury carmaker's lineup. It went on sale last fall, amid a softening in demand for expensive EVs.

BMW i4

The BMW i4 eDrive40.

Tim Levin/Insider

Average transaction price: $61,821

Sticker price: $64,973

Average discount: $3,152

The BMW i4 is the sportiest among the German automaker's electric sedans.

Hyundai Ioniq 5

Hyundai's Ioniq 5 is one of the EVs eligible for the cash bonus.

Sjoerd van der Wal/Getty Images

Average transaction price: $50,944

Sticker price: $54,002

Average discount: $3,058

The Ioniq 5 has been a popular EV among both average drivers and auto critics, becoming the first EV to win MotorTrend's SUV of the year in 2022.

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