Here Are the Most Heavily Discounted EVs of 2024 - One Is Priced at $36,112

Our friends at iSeeCars have just related an updated list of the vehicles with the highest level of discounting off of MSRP for 2024. Four electric vehicles (Hyundai Kona, Volkswagen ID.4, Kia EV6, and Hyundai Ioniq 6) are averaging the lowest price below MSRP. “Supply is gradually catching up with demand, which means even as new car MSRP rises, the ability for dealers to charge over MSRP falls,” said Karl Brauer, iSeeCars Executive Analyst. “At some point, we’ll get back to pre-COVID new car pricing. But we’re not there yet, and at this rate, it’s still at least a few years out.”

Related Story: Automakers Desperate to Move Unwanted EVs Amp Up Discounts - Yes, Even Tesla

Not all vehicles are selling below MSRP today. For example, the Toyota Corolla Cross Hybrid is still fetching a price that is about 20% above MSRP. The data also show the Ford Maverick pickup (available as a hybrid) is nearly 20% over MSRP on average heading toward March.

Manufacturers seem ever more desperate to sell EVs and move them off lots. Tesla has a dedicated page where it lists discounts on its new inventory. Many manufacturers are resorting to special lease deals and cash on the dash to move the iron. According to Mr. Brauer, “The market appears to have reached a saturation point for electric vehicles, with both prices and sales struggling compared to a year ago.”

Torque News pulled some examples from the iSeeCars study to highlight. Keep in mind that these are national average discounts. Many local discounts can approach five figures.

“The combination of improving new vehicle supply and falling consumer confidence is clear when looking at brand pricing,” said Brauer. “With an affluent buyer base, most luxury divisions haven’t felt the sting of the macroeconomic factors impacting mainstream consumers – at least not yet. But the past year’s downward shift in new vehicle pricing should continue, suggesting we’ll see more models and brands, fall below MSRP in 2024.”

Torque News has tested the majority of the vehicles that made this new list. Of them, we feel the Hyundai Kona Electric is the hidden gem. Just be sure not to opt for the 133 hp base SE trim without giving it a long test drive. We have only tested (and approved) the other trims with the much more powerful motor and larger battery pack. 

Watch Torque News for frequent updates on electric vehicle discounts in 2024. You can read the full iSeeCars.com report at this link. 
 

Chart of electric vehicle discounts by John Goreham using iSeeCars data. Image of Kona EV courtesy of Hyundai.

John Goreham is an experienced New England Motor Press Association member and expert vehicle tester. John completed an engineering program with a focus on electric vehicles, followed by two decades of work in high-tech, biopharma, and the automotive supply chain before becoming a news contributor. In addition to his eleven years of work at Torque News, John has published thousands of articles and reviews at American news outlets. He is known for offering unfiltered opinions on vehicle topics. You can follow John on Twitter, and connect with him at Linkedin.