Dealers are getting more new cars, which is making some new car prices go down. But the price cuts for electric vehicles (EVs) are bigger than for regular gas cars. In April 2024, CarGurus released a report that showed new car prices went down a little bit from March to April. Also, there were more cars available for sale, which is good for buyers. The cars stayed longer on the lots too, compared to last year.
The Ford F-150 Lightning had the biggest price cut from last year. It was about 24 percent cheaper in April 2024 than in April 2023. The Mercedes-Benz SL-Class and the Ford Mustang Mach-E also got cheaper by almost 20 percent.
Prices for new EVs went down even more compared to last year. And there were more of them available for sale. But it took longer for EVs to sell compared to regular cars. Even though the prices went down, people still paid more for EVs than regular cars.
Hybrid cars are becoming more popular now that EV demand is changing. Some Toyota models sold very quickly, like the Camry Hybrid, which only stayed on sale for six days. On the used car side, the Ford Maverick was the quickest to sell, taking only about 25 days.
