Now Might Be a Good Time to Buy an Electric or Hybrid Vehicle

While some consumers may have struck discount gold while car shopping over the past few months – thanks to the pandemic and the dealers’ need to stay in business – those wanting an electric car or a hybrid could strike pay dirt if they shop now. According to Consumer Reports, the prices for various Tesla Models have dropped and certain hybrid models in the new car market are being listed at a highly discounted rate and now could be the best time to strike while the iron is hot.

Which Tesla models are on sale?

Tesla Model 3 | Tesla
Tesla Model 3 | Tesla

Just like Apple, Tesla hasn’t been widely known to give discounts on its products. However, Consumer Reports noted that they just dropped the prices for the Model 3, Model S, and Model X electric vehicles and not just by a $500. In fact, you can currently find a discount of up to $5,000, which is unheard of for most luxury vehicles, let alone a Tesla. If you’re interested in which models are on sale, here is a breakdown:

  • The Model 3 Standard Range is now selling for $37,990, which is a $2,000 discount off its regular price.
  • The Model S Long Range Plus sedan can now be yours for $74,990, which is $5,000 less than its original MSRP.
  • The Model X Long Range and Performance Plus are also $5,000 cheaper, with the Long Range version priced at $79,990 and the Performance Plus at $99,990.

According to Gabriel Shenhar, associate director of the autotest program at Consumer Reports, “The underlying reality is that there has been a dramatic slowdown in car sales since the pandemic swept the nation, causing an oversupply for many models and an eagerness to sell from manufacturers and dealerships alike. There are price reductions and great deals to be had, whether they are announced or not.”

2020 Chevy Bolt
2020 Chevy Bolt | Chevrolet

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Hybrid vehicles are being discounted as well

Consumer Reports analyzed data from TrueCar, which shows what buyers are really paying for their vehicles, and they found that automakers are discounting their hybrid models from anywhere between 5 and 9 percent below MSRP. However, deal-savvy buyers and tough negotiators can currently get even higher discounts if they pay attention to current manufacturer rebates and other incentives that may be on the table.

As such, the potential savings that Consumer Reports found on certain hybrid and electric models are as follows:

  • Chevrolet Bolt EV Hatchback: 24 percent below MSRP
  • Toyota Avalon Hybrid: 15 percent below MSRP
  • Ford Fusion Hybrid: 14 percent below MSRP
  • Toyota Camry Hybrid: 13 percent below MSRP
  • Toyota Corolla Hybrid: 11 percent below MSRP

Considering that the typical discount that you can find for any car is around 5 percent on a good day, you can see why it’s a great time to make a move on a hybrid car. Although, keep in mind that not all hybrids in the market will experience massive discounts like these as cars like the Kia Niro and Honda Clarity are still selling closer to their MSRP prices.

As always, be sure to do your own research as well by going to the manufacturer’s website and taking a gander at the available rebates for the car that you’re interested in. The last thing that you would want is to leave money on the table.