The average transaction price for a new entry-level vehicle is now at $43,072. That’s over $900 above MSRP, according to a recent report by KBB. Even worse, the average transaction price for a new electric vehicle has risen by 18.6% over the past year, nearly 5% more than the industry average. As such, we are highlighting EVs found during our survey of electric vehicle lease deals and discounts with dealer inventory that seem to be adequately supporting demand, thereby increasing your chances of negotiating a fair deal.
Hyundai Ioniq 5
It’s finally here! The much-anticipated Hyundai Ioniq 5 is trickling onto dealer lots across the nation. Available in three trim levels and two drivetrain configurations, its starting MSRP ranges from a low of $44,875 for a 225hp single-motor rear-wheel-drive SE, and peaks at $55,725 for the 320hp dual-motor all-wheel-drive in top-of-the-line Limited trim. Its 77.4-kWh battery is capable of providing 303 miles of range for the single-motor rear-wheel-drive version, while the thirstier (and much more powerful) dual-motor setup is EPA-rated at 256 miles. The Ioniq 5 compares in price, performance, and size to the Ford Mustang Mach-E, VW ID.4, Polestar 2, and perhaps when in dual-motor Limited form, the Volvo XC40 Recharge and Tesla Model Y. When a smaller 58kWh battery becomes available later this year, the MSRP for the lowest-priced Ioniq 5 will drop to $39,700. That’s a net cost of $32,200 plus tax and license after applying the $7,500 Federal EV tax rebate, which pits it squarely against the Chevrolet Bolt EV, Bolt EUV, and Kia Niro EV from a cost perspective.
The SEL appears to be the most abundant Ioniq 5 trim level in dealer inventory, which has a starting MSRP of $45,900 for rear-wheel drive, or $49,400 for all-wheel-drive. Most of that inventory is in California, where the net cost after the $7,500 Federal EV tax rebate and $750 Drive Clean point-of-sale rebate is $37,650 for the Ioniq 5 SEL RWD, and $41,450 for the SEL AWD. Buyers that qualify for California’s Clean Vehicle Rebate Program can also score another $2,000 cash back on a purchase of a new Ioniq 5.
Oddly, information on the Ioniq 5 is currently a bit lacking on Hyundai’s website. There are no lease terms quoted in the list of factory offers nor as part of the online configuration tool. Also, the configuration tool doesn’t list all the options and packages currently available, nor does it display an accurate image of what the vehicle looks like after it’s configured for the SE and SEL trim levels. Based on dealership photos, the SE and SEL come with matte black rocker panels, wheel arches, and bumper accents rather than silver – which doesn’t look half bad, really. What might be disappointing to some is that the lower trim levels are fitted with 19-inch rims that unfortunately look nothing like the aggressively styled 20-inch rims depicted in the online configuration tool that complete the timeless rally-inspired design of the Ioniq 5 exterior. Alas, those of us that yearn to drive what may be Hyundai’s most stunning interpretation of the legendary Lancia Delta Integrale are faced with shelling out over 50 grand for the all-wheel-drive Limited version.
So how can we get a great deal on an Ioniq 5? Sadly, we can’t for now. As the new kid on the block with strikingly good looks along with very competitive price, performance, and range numbers, a good deal on an Ioniq 5 is simply a fair deal, especially in this annoyingly high-demand, supply-constrained, inflationary economic environment. To that end, we did find a few dealers actually listing their in-stock and incoming vehicles at MSRP. Keyes Hyundai in southern California is listing a handful of Ioniq 5 in stock and dozens on order, all at MSRP and eligible for a $500 cash back and 2.5% APR for 60 months when financed by Hyundai. Empire Hyundai in Massachusetts, Alexandria Hyundai in Virginia, and South Shore Hyundai in New York are also listing their Ioniq 5 inventory at MSRP. Look for the best Hyundai Ioniq 5 prices in your area.
Mazda’s MX-30 is another new entry into the EV market, but it’s not expected to make a big splash like the Ioniq 5. Available only in California for now, its starting MSRP of $34,645 including destination and net cost of $27,145 after applying the Federal EV tax incentive makes it one of the lower-priced electric vehicles currently available, but its 100-mile range likely limits its appeal to include only folks that have another vehicle or alternate mode of transportation for long-distance travel. That being said, California shoppers currently considering a Nissan LEAF S/SV with a 40kWh battery (149-mile range) or a Mini Hardtop SE (114-mile range) might want to check out the MX-30 since it’s easier to find in stock for immediate delivery. Note that unlike its competition, the base MX-30 is very nicely equipped with premium features that include a power moonroof, 18-inch alloys, adaptive cruise control, head-up display, lane departure warning, driver attention alert, blind spot monitoring, rear cross traffic alert, and rear parking sensors. Also, as far as short-range EVs go, folks that crave the sharp handling of the Mini Hardtop SE but need the cargo space behind the back seats of the LEAF may find a happy medium with the MX-30’s critically acclaimed road manners and 21-cubic-foot cargo capacity.
It’s pretty easy to find dealers listing MX-30 inventory at MSRP, even in the hot San Jose/San Francisco EV market. Some dealers in the southern California area are even offering small discounts. For example, Fontana Mazda is offering $298 off of MSRP on a base model, Puente Hills Mazda is advertising $411 off on an MX-30 Premium Plus stickered at $38,550, and Galpin Mazda is discounting the factory lease offer by a couple of bucks per month, currently $309/month for three years with $2,999 due at signing before tax and license. Admittedly these are small discounts, but they are definitely counter to the trend of dealerships opting to advertise huge markups on vehicles of any kind, EV or otherwise. Find Mazda MX-30 discounts near you.
Kia Niro EV
The Kia Niro EV appears to be one of the most available EVs in the nation with twice as much in-stock dealer inventory than most other electric vehicle models. With an average monthly lease cost of $310/month, this five-seat crossover with 239 miles of range continues to have one of the least expensive factory lease offers. The 2022 model, essentially a carryover from last year, stickers at $39,990 and qualifies for the $7,500 Federal EV tax rebate.
We found several Kia dealers publishing discounts on their websites. Gary Lang Kia in Illinois tops the list with a $4,581 discount from MSRP on a 2022 Niro EV, followed by Kia of Carson in Los Angeles ($2,000), Russ Darrow Kia in Wisconsin ($2,000), and Towbin Kia in Nevada ($1,499). Check your locale for deals on a Kia Niro EV.
Ford Mustang Mach-E
By raw inventory numbers, the Mach-E appears to be the most available electric vehicle across the nation. However, dealer prices remain at MSRP or more due to high demand. Buyers can choose from three trim levels, two batteries, and two drivetrain configurations at prices that span from the $43,995 standard-range two-wheel-drive in Select trim (just $36,495 after the Federal EV tax rebate) all the way up to a fully optioned $72,495 all-wheel-drive GT Performance model that’s capable of rocketing from standstill to 60mph in 3.5 seconds.
Drilling down through the inventory numbers, California appears to comprise less than 10% of what is available across the nation. So it’s no surprise that many California dealers are slapping up to $10,000 of “market adjustment” on top of MSRP as a starting point for negotiation. Fortunately we did find a handful of dealers sticking with the factory sticker price – Ford of Valencia in the Los Angeles area and North Bay Ford in Santa Cruz among them – but they don’t have many in stock.
Turns out that a good chunk of the nation’s Mach-E inventory is back east, so it’s no surprise that dealer pricing on the East Coast is a tad friendlier than on the West Coast. Still, finding a Mach-E listed at MSRP in that region remains an exception rather than the norm. Stoneham Ford in Massachusetts and Sheehy Ford in Maryland are two dealerships in that region bucking the trend by pricing what they have in stock with no markup. Check Ford Mustang Mach-E availability and pricing in your area.
As always, check our Electric Vehicle Best Price Guide and Electric Vehicle Best Lease Guide for the best deals on EVs in the US.
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