According to KBB, the average transaction price for a new electric vehicle increased by 1.8% in March amidst a 17% year-over-year increase. Hopefully that uptick will be reversed with an expected increase in supply, thanks to Chevrolet resuming Bolt production as well as a number of affordable EV models set to arrive at dealerships between now and the end of the year. However, if you can’t wait around for prices to drop, here are a few of the available options to consider now.
As always, check our Electric Vehicle Price Guide and Electric Vehicle Lease Guide for prices and deals on EVs in the US.
Chevrolet Bolt EV and EUV
Chevy restarted production on the Bolt EV and EUV a couple of weeks ago and is now offering some of the best electric vehicle lease terms available. Consumers residing in the southwest region of the United States, in particular California, Arizona, Nevada, and Utah, get the best deal at $199/month for 36 months, $2519 at signing for a Bolt EV, which works to an effective cost of $263/month before tax and license. The larger Bolt EUV is offered with slightly higher monthly and initial costs that average out to $285/month.
Consumers in the northeast region of the nation are offered less attractive terms that result in an effective cost of $342/month for the Bolt EV and $334/month for the Bolt EUV. Note that these lease terms are quoted for returning lessees; others will have to pay $750 more up front. In any case, Chevy’s lease deals on the Bolt lineup have the least expensive terms in the nation for an EV that can go over 200 miles on a single charge.
As far as pricing, most Chevy dealers we’ve checked this month are listing their Bolt inventory at MSRP or slightly above – for now. Several quick queries on various new car pricing websites indicate that market price for the Bolt lineup can range from a $701 markup down to an $897 discount relative to MSRP. Look for deals on a Chevrolet Bolt EV or Bolt EUV in your area.
2022 Chevrolet Bolt EV key stats: MSRP $32,495 (1LT). 5-passenger, 4-door crossover. Range: 259mi. Cargo space: 16.6 cu ft; 57 cu ft with rear seats down. 0-60mph: 6.5s.
2022 Chevrolet Bolt EUV key stats: MSRP $34,495 (LT). 5-passenger, 4-door crossover. Range: 247mi. Cargo space: 16.3 cu ft; 56.9 cu ft with rear seats down. 0-60mph :6.7s.
Kia EV6
Kia’s highly anticipated EV6 started arriving at dealerships across the nation in in February. Offered in three trim levels, two drivetrain configurations, and two battery capacities, its MSRP starts at $42,115 for a rear-wheel drive EV6 Light with a 58-kWh battery that provides 232 miles of range, and tops out at $55,900 for the all-wheel-drive EV6 GT-Line with a 77.4kWh battery that’s good for 274 miles of range. Buyers in need of more range can get up to 310 miles by choosing a rear-wheel drive EV6 equipped with the 77.4kWh battery which in Wind trim, has an MSRP of $48,255. The EV6 is eligible for the $7500 Federal EV tax credit.
Kia is not advertising any unconditional cash-back offers for the EV6 on their website right now. However, their build-and-price tool does estimate lease terms that incorporate a $1000 lease cash incentive.
For the EV6 Wind RWD, the pricing tool estimates a $648/month payment over a three-year lease term with a $2000 down payment, for an effective monthly cost of $722/month. Oddly, the estimate for an EV6 Light RWD is only $7 cheaper to lease despite its $6100 price advantage. And, interestingly, the lease estimate for the GT-Line AWD works out to an effective cost of $862/month, which is curiously close to the effective lease cost on a Tesla Model Y.
Market price of the EV6 has been steadily rising since its introduction. When we first started tracking the EV6 in February, fair market value from vehicle pricing websites averaged 4.5% over MSRP on the initial surge of available stock. Its average climbed to 5.8% over MSRP in March as that stock was scooped up by eager consumers. This month, the average markup is at 7.1%, likely due to continued supply constraints across all EVs compounded with the increased demand brought about by record-high gas prices. Currently the EV6 Wind trim level seems to be the most popular configuration in stock and in transit to dealerships, which currently commands an average $4718 markup.
Kia of Framingham in Massachusetts, Kia of Carson in the Los Angeles area, and Russ Darrow Kia in Wisconsin are three dealers we found during our monthly survey of electric vehicle pricing that have listed their EV6 stock at MSRP. Check Kia EV6 availability and pricing in your area.
2022 Kia EV6 key stats: MSRP from $42,115 (Light RWD) to $55,900 (GT-Line AWD). 5-passenger, 4-door crossover. Range: 232mi (Light RWD SR), 310mi (Wind RWD LR), 274mi (AWD LR). Cargo space: 24.4cu ft; 50.2 cu ft with rear seats down. 0-60mph: 8s (RWD SR), 7.4s (RWD LR), 5.1s (AWD).
Hyundai Ioniq 5
Hyundai’s Ioniq 5 started appearing at dealerships about a month ahead its platform sibling, the Kia EV6. And like the EV6, the Ioniq 5 market price has been climbing ever since, now averaging 6% above MSRP, based on data gathered from various new car pricing websites. At this moment, the most available configuration appears to be the base SE trim level with all-wheel-drive, which currently commands an average markup of $2602 – substantial perhaps, but noticeably less than the five-figure “market adjustment” that many dealers publish on their websites.
An enthusiastic Ioniq 5 buyer that I met at a local EVgo charging station, a former Subaru WRX STi owner, said he ventured only 20 minutes outside of our valley and sealed the deal on his all-wheel-drive SE for just $1200 over MSRP – a far cry from the $10K markup that our local dealer was asking for. A recent check in this neck of the woods shows that Mission Hills Hyundai in the Los Angeles area has their entire EV6 stock at a $1495 markup. Better yet, there are more than a handful of dealers across the nation listing their Ioniq 5 stock at MSRP. Most of these dealers have the “Hyundai Shopper Assurance” logo displayed on their website, indicating that the price they advertise on their website is the price you pay.
A $500 rebate on the Ioniq 5 is available for buyers that finance through Hyundai. No factory lease offers are available at this time. Hyundai electric vehicles are eligible for the $7500 Federal EV tax credit. Find the best Hyundai Ioniq 5 prices near you.
2022 Hyundai Ioniq 5 key stats: MSRP from $39,700 (SE RWD) to $55,745 (Limited AWD). 5-passenger, 4-door crossover. Range: 220mi (RWD SR), 303mi (RWD LR), 256mi (AWD LR). Cargo space: 27.2cu ft; 59.3 cu ft with rear seats down. 0-60mph: 7.4s(RWD LR), 5.2s (AWD).
Quick Takes
Ford Mustang Mach-E: Ford’s website as well as at least one automotive classified website indicate hundreds ,if not thousands, of Mach-E available across the nation. However, drilling down to individual dealership websites reveal that nearly all of those vehicles are either in transit or on order. True availability remains very thin, allowing dealers to command an average premium of about $2800 over MSRP based on data gathered from vehicle pricing websites. There is a wide variance within the data, ranging from 1% discounts up to markups north of 20% – shopping around and taking the time to negotiate should pay off nicely. Check Ford Mustang Mach-E availability in your area.
VW ID.4: Nationwide inventory is very thin, perhaps only a handful of 2021 models in major metropolitan areas we checked. A given dealership may show one or two in stock, but what they have is typically marked “Sale Pending” or “Dealer demo – not for sale”. With production reportedly curtailed by supply chain issues caused by Russia’s invasion of Ukraine, 2022 models have yet to appear in the United States. The good news is that if you manage to find one for sale, VW dealers don’t seem to be shamelessly fleecing its customers, selling what they have at an average markup just below $500. Find an ID.4 at a dealership near you.
Nissan LEAF: Obsessed with paying less than MSRP? Well, based on data collected from automotive pricing websites, a 2022 LEAF goes for an average of $167 below MSRP. But there aren’t many out there to be had – Nissan is perhaps focusing resources on producing the Ariya. Negotiation is still key, as the data shows a wide variance in prices paid, particularly in the San Francisco/San Jose area. Look for Nissan LEAF deals at a local dealership.
As always, check our Electric Vehicle Price Guide and Electric Vehicle Lease Guide for prices and deals on EVs in the US.
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