According to the latest findings from CarGurus’ February Intelligence Report, the electric vehicle (EV) market is witnessing a surge in new models alongside fluctuations in demand and regulatory incentives. Despite these challenges, there’s some good news for potential buyers: prices are on the decline as inventory levels expand.
The report highlights an 8.2% drop in new EV prices since February 2023, accompanied by a remarkable 174% increase in available inventory. Used EVs followed a similar trend, experiencing a price decrease of over 20%, with inventory growing by just over 27%.
However, even with these price adjustments, EVs continue to carry a premium over traditional gasoline-powered vehicles.
On average, new EVs demand a $299 higher monthly payment compared to gas models, while used EVs require an additional $239 per month. The scenario could shift if EVs experience a change in their time on dealership lots.
Presently, new EVs linger for 107 days before being sold, compared to 76 days for new gas models.
Meanwhile, used EVs spend an average of 81 days on the market, slightly less than the 84 days for used gas models. In terms of specific models, the Ford E-Transit stands out for spending the most time on dealership lots, with an average of 159 days.
