Multiple New Electric Models Selling For Thousands Under MSRP

In general, EV prices are drastically lower than they were this time last year.

Hyundai Ioniq 5

Ben O'Hare

By: Ben O'Hare

Jul 29, 2023 at 2:45pm ET

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With the global semiconductor shortage seemingly over and interest rates rising, new car demand is beginning to fall. Hence dealers are beginning to sell plenty of models at or below MSRP.

A new study by iSeeCars has revealed that the average price of a new car is 8.5 percent above MSRP, versus 10.2 percent in July 2022. However, plenty of desirable electric models are now available under MSRP.

For example, the average selling price of a new Hyundai Ioniq 5 is now $51,289, according to the study. Meanwhile, the average Ioniq 5 MSRP is $51,551. While that may not sound too significant, it's easy to find dealerships selling Ioniq 5s for thousands of dollars under MSRP - something that would have been unheard of in 2022. The best example we could find is this Californian dealer with a new Ioniq 5 SEL AWD currently listed for $40,785. Said car has an MSRP of $52,285, representing a huge savings of $11,500.

The same also applies to the Ioniq 5's chassis-sharing twin, the Kia EV6, with plenty of great deals now available on new units. Meanwhile, it's also possible to buy an Ioniq 6 for several thousand dollars under MSRP. We found this new Ioniq 6 SEL RWD listed in Los Angeles for $6,000 under MSRP.

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Other electric models highlighted in the survey that are selling for around MSRP included the Volvo C40 Recharge, Volkswagen ID.4, and Cadillac Lyriq. That said, shopping around can easily result in finding deals for less than MSRP.

On the flip side, iSeeCars highlighted the Porsche Taycan as the electric model with the heaviest dealership markups. The average selling price of a new Taycan is a whopping $22,607 above average MSRP, according to the study.