New Electric Vehicle Prices Dip in August

Sales of the Chevrolet Bolt EUV contributed to an overall decline in average EV prices.

File photo: GM

While nearly every new vehicle segment recorded year-over-year growth in August 2021, electric vehicles (EVs) posted a price drop, according to a new report from Kelley Blue Book released Sept. 14. 

Notably, electric vehicle prices declined year-over-year in August. New entries including the Chevrolet Bolt EUV, the Ford Mustang Mach-E, and Volkswagen’s ID.4 helped drive down average electric vehicle prices from $57,346 to $49,938 year-over-year.

Even the hyper-expensive Porsche Taycan was less so in August 2021. A year ago, the average buyer of the Porsche super electric was paying $152,509. Last month, the ATP fell to $123,371, a drop of 19% year-over-year. In contrast, sales of the Tesla Model Y – the best-selling EV in America – increased 3.7% year-over-year in August with an ATP of $58,966.

In the wider new vehicle market, prices hit another all-time high in August 2021, marking the fifth straight record-setting month. At $43,355, the average transaction price (ATP) for a new vehicle was up nearly 10% ($3,789) from one year ago in August 2020, and up 1.6% ($685) from July 2021.

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