The Latest Breaking News from KBB

So much for Memorial Day sales. 

Over the past several years, electric vehicles have become more ubiquitous on the highway. It feels like every other driver owns an EV, sparking a debate about whether they are better than gas-powered cars. For many EV owners, the biggest concern is charging. Some folks say they take several hours…

The average EV transaction price was $52,345 in Nov., 8.5% higher than the industry average price of $48,247; the difference was 7.8% in Oct., according to KBB.

A Tesla-branded car is now cheaper on average than models from Acura, Lexus, Infiniti, and Volvo.

Tesla helped bring down EV average transaction prices nearly 18 percent year over year in July 2023 to $53,469 from $65,108 one year ago.

Kelley Blue Book says the average transaction price of a new EV in the US was around $55,000 in April 2023. Meanwhile, the average new car price is $48,275.

Kelley Blue Book’s 5-Year Cost to Own information factors in costs like fuel, maintenance and repairs, finance and insurance fees, depreciation, and state fees.

Tesla is cutting prices, which has pushed the average down. However, other brands are beginning to sell more EVs, so the average has come back up slightly.

Tesla may not be a traditional luxury automaker, but Kelley Blue Book says the brand creates excitement among car shoppers, which brings attention to the brand.