EVs were supposed to be cheap to make the transition from gasoline to electricity less of a financial burden. The electric vehicle average transaction price went above $66,000 in June, up 13.7% over the same time in 2021. If you want to buy a new car right now, check out the price changes below.
The electric vehicle average transaction price hit $66,997 in June
According to Kelley Blue Book, the average price of an electric vehicle hit $66,997 in June of this year. The average price of electric cars went up 3.8% in June compared to May. Year over year, the price has increased by 13.7%. Comparatively, the average luxury car price in June 2022 is $66,476, up $1,097 monthly. KBB says that is the highest price it has ever been for a new vehicle. Compared to the same time in 2021, the same cars were selling for $825 under MRSP.
The average price for a non-luxury car in June was $43,942, up $615 from May. This is also the highest recorded price for a non-luxury vehicle on record. Buyers even paid $1,107 over the Manufacturer’s Suggested Retail Price (MSRP) in June just to ensure a car was available. In 2022, buyers paid around $1,000 over MSRP every month, compared to about $158 in 2021.
Hybrid and alternate energy vehicles are selling at $39,000 in June, up $3,593 in June. That is up more than $8,453 than June of 2021. This type of vehicle has been more popular in the last few months while gas prices were higher.
Tesla electric vehicle average transaction prices have also gone up
Tesla has been steadily increasing the prices of its lineup over the last year. Kelley Blue Book has the average transaction price for Tesla electric vehicles in June, sitting at $68,392, $1,916 over the electric vehicle average transaction price last month.
Compared to the price in May, the Tesla electric vehicle’s average transaction price was $64,969. That means the average transaction price of a Tesla EV went up $3,423 in just one month. Jumping back to June of 2021, the average price lingered around $61,149.
Tesla has seen a $7,243 increase in the average transaction price in just one year. The year-over-year percent change for Tesla is 11.8%, just below the industry average of 12.7%. Volkswagen Group saw the second highest jump, with a 15.4% increase over 2021. Daimler, also known as Mercedes-Benz Group AG, saw the most significant jump at 15.7%.
Small and midsize pickup truck prices and sports car prices went down
Kelley Blue Book looked at 23 different types of vehicles, such as pickup trucks, compact cars, luxury SUVs, and others. Almost all of the vehicle categories saw an increase in price year-over-year. Somehow, the small and midsize pickup truck category saw a 0.4% decrease. Sports cars saw a pretty significant decrease at 8.4%. The industry average saw a 12.7% increase year over year.
Hopefully, price increases will slow down in the next few months as automakers catch up on production. Many still cite the semiconductor chip shortages as the main source of lack of inventory, which has kept prices higher than usual. Paying over MSRP has become more common lately as buyers battle it out for a vehicle.