Dealers are starting to take thousands of dollars off the price of their electric vehicles.
As the auto industry scrambles to recover from overestimating EV demand this year, more electric cars are on dealer lots. It's taking longer for dealers to sell those vehicles than their gas-powered counterparts.
While that's to be expected as any new product makes its way to the market, automakers are getting antsy about the build-up. With dealers paying more in floor plans to hold excess inventory amid today's high interest rates, buyers are in luck.
Some of the most popular EVs are now being dropped hundreds and even thousands of dollars below sticker price (known as MSRP) at the dealership, according to Edmunds data provided to Insider — all in an effort to stoke demand.
In September, the average discount off sticker for a vehicle overall was just 1.9% (or roughly $928). Though the auto retail market is recovering after the supply-and-demand crunch seen during the pandemic, cars are generally selling at MSRP or just barely below.
On the flip side, dealership markdowns for some EVs were as high as 12%, Edmunds said. That means some EVs were transacting for anywhere from 1% to 12% less than what they were listed at.
That can be significant given electric cars, on average, went for $50,683 last month, per Kelley Blue Book data.
In addition to that, EVs are seeing an average of 9.8% in automaker incentives off the ATP, according to Kelley Blue Book — bringing many of these EVs even lower than this.
Here's a look at 20 EVs selling below sticker price, and for how much (not including additional manufacturer incentives, which reached their highest levels recently).
Interestingly, some EVs, like the GMC Hummer EV, Cadillac Lyriq, and Chevrolet Bolt sold with slight markups over MSRP in September, according to Edmunds data.
Direct-to-consumer brands Tesla, Rivian, and Lucid are not included in the below, as this data is not shared.