New EV sales were strong in November, with early estimates pointing to the second best month in the US, just behind August 2024, according to Kelley Blue Book. As with the new car market as a whole, good deals are on the rise.
Average transaction price (ATP) for a new EV in November was $55,105. That was down 1.8% from the revised October figure and down 3.8% compared to November 2023.
Tesla's ATP in November was $54,610, down 3.7% from October ($56,705) and up 4.3% year over year, when it was $52,375.
EV consumer benefits also rose in November, reaching 14.9% of ATP – the highest since the pandemic. That's up slightly from 14.6% in October and works out to more than $8,200 per vehicle, including state-supported incentives where applicable.
The takeaway? Lower prices and greater incentives make EVs more affordable, fueling strong demand in the US market.
“We have consistently said that 2024 will be the 'Year of the Addition' for electric vehicles,” said Cox Automotive analyst Erin Keating. “Of course there are many incentives given. EVs are currently the best deals in the market.”
Electrek's Take
New car inventories are back to pre-pandemic levels – car dealerships are full – and buyers are buying them.
Trump has made it clear that he intends to cancel the $7,500 federal tax credit, which will change energy prices going forward. I expect strong new December EV sales and lease numbers as buyers try to secure that early federal tax credit.
Read more: Cybertruck reached its highest transaction price in September
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