If you have been considering a new electric vehicle, here’s why now may be the time to buy.
After years of rapid growth in America and other markets such as China, Electric vehicles did an unusual thing last month. They slowed their sales. In fact, the sales were lower by comparison not just to recent months, but also to last July. Look closely and you will see that the iconic Nissan Leaf is now selling at just a third the rate it did a few years ago and that the Chevy Bolt is off its peak sales by half. Even the hot Tesla Model 3’s U.S. sales dropped by double digits in recent months. This slowdown is largely being ignored by the electric vehicle advocacy media. But not by the folks who make and sell EVs.
Right now, in EV target states such as Massachusetts and Rhode Island, new electric vehicles are being discounted by as much as five-figure sums. You read that right. Take the Chevy Bolt. Dealers are now offering over $13,000 in discounts. And please note, these are not to be confused with the federal tax deduction and local and state incentives. These are discounts before government incentives are factored in. The net result is updated EV models that launched within the past few years are now being heavily discounted and can end up costing buyers under $20K when all discounts and incentives are combined. The Green Energy Consumers Alliance works with dealers in multiple Northeast states to make shopping for an EV easy. The deals are all neatly organized and can be cross-shopped on the group’s Drive Green Website.
Devan DiLibero Energy Program Coordinator at Green Energy Consumers Alliance told BestRide, “Manufacturers’ discounts are ongoing. In fact, deeper discounts by some dealers are offsetting the declining federal tax deduction.” The Chevy Bolt seems to be a perfect example of this. One of the larger dealerships in Massachusetts, Quirk Chevrolet in Braintree, is considered “A rock star” by the Green Energy Consumers Alliance. In addition to the deep discounts they offer on EVs, they also have dedicated, knowledgeable staff who are specifically trained to help customers with electric vehicles. At the time of this story’s publication Quirk had 8o Bolts in inventory.
Although the Bolt stands out for its five-figure discounts, the Nissan Leaf is being discounted by as much as $5,000 by dealers, the Hyundai Ioniq EV by nearly $2,000, and the Mitsubishi Outlander PHEV crossover by over $3,000. With federal tax deductions of as much as $7,500 depending upon the model, and with states offering rebates in the range of $1,500, finding EVs that cost buyers half their sticker price is easy. Local utilities also offer steep multi-thousand dollar rebates on new EVs. Be sure you check with your local energy provider.
Even Tesla has begun to discount. Elon Musk once swore the company would only sell its products at full price when new, but that changed at the end of last quarter when Tesla had more Model 3 vehicles than customers for the first time. Discounts of more than $2,000 on in-stock higher-end Model 3 cars that had never been used for demonstrations or as loaners were being offered. BestRide confirmed this in person at Tesla’s sole New England delivery point in Dedham, Massachusetts. The in-stock Tesla deals have even spurred the creation of Facebook clubs that track and report on these Tesla deals.
With virtually every manufacturer focusing on electrification of its fleet now, and with growing support from the public, it is inevitable that EV sales will rebound. However, the recent dip has created a solid buying opportunity for those who have been considering an EV. With federal tax credits being sunsetted on many brands’ models in the coming months, now is likely a unique point in time to look for deals.