Average transaction prices broke the $50,000 barrier, driven by wealthier buyers and higher-end vehicles.
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Of 31 major brands tracked by Kelley Blue Book, only five recorded transaction prices in August lower than year-ago levels.
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As federal EV incentives near expiration, a new study shows demand has stalled, used supply is surging, and Tesla models top the list of vehicles losing the most value.
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The electric vehicle market looked like a grab bag of trends as industry pressures and market dynamics shift.
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However, new-vehicle sales slowed notably in May, falling to 15.6 million from 17.3 million in April.
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The share of new-vehicle sales from luxury brands drove up average transaction prices, when combined with fewer discounts and incentives, caused new vehicle affordability to fall.
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With new-vehicle inventory rising in the U.S., downward price pressure and higher incentives appear to be key drivers of the market’s momentum.
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Sales incentives were up 136% year over year in November, indicating the new-vehicle market is shifting to a buyer’s market, not a seller’s market.
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For the second month in a row, average transaction prices undercut manufacturer's suggested retail prices, reversing a prior 20-month trend.
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Only 16 models are now eligible for a full or partial tax credit, which will factor into the vehicle choices for private- and public-sector fleets as well as the vast American retail vehicle market.
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