The average transaction price (ATP) paid for a new electric vehicle (EV) in June was $56,371, an increase of 0.9 percent compared to May, according to data released by Kelley Blue Book (KBB).
Despite the increase for the month, EV prices were lower by 2.5 percent compared to a year earlier.
KBB officials noted despite prices trending higher, EV sales in April, May and June this year improved versus Q1 and were higher year-over-year by more than 11 percent. It is estimated 330,000 EVs were sold in Q2 in the U.S., a record quarter for electric-vehicle volume.
Prices Rising
New EV prices have been trending higher since the spring, when transaction prices fell to $53,235 in March, according to KBB. In large part, the higher prices for EVs are being driven by market leader Tesla, which has seen prices increase 13% since January.
While prices for the popular Model Y and Model 3 held relatively steady month over month in June – although both have increased significantly since January – the new Cybertruck is likely one reason Tesla ATPs have increased.
In June, the Cybertruck was the best-selling vehicle priced over $100,000—average transaction price: $112,696—with more than 3,200 units sold.
June ATP Prices
Overall, New-vehicle prices were lower year-over-year for the ninth straight month in June.
The average transaction price (ATP) for a new vehicle in the U.S. was $48,644—$266 (0.6 percent) higher from the revised May ATP but $307 (0.6 percent) lowered compared to June 2023.
Many top sellers pulled back on incentives in June despite higher inventory levels. KBB reported new-vehicle incentives—measured as a percent of ATP fell to 6.4 percent of ATP ($3,102) last month, down from 6.7 percent in May but higher than one year ago when incentives were 4.2 percent of ATP ($2,036).
