Last year, 43 electrified models qualified for the federal tax credit, but this year only about 20 models qualify due to updated regulations.
If you're scanning the market for a non-Tesla electric car, now might be the right moment to delve deeper. According to a recent study by the automotive research website iSeeCars, six out of the 20 new cars on the market priced either below or near the MSRP are battery electric vehicles. Models like the Hyundai Ioniq 5 and the Kia EV6, which fared exceptionally in InsideEVs reviews, are going for 1.9% and 2.
Hyundai is even offering a $7,500 retail cash bonus on the Ioniq 5, Ioniq 6, and the Kona Electric through February 29, 2024, to remain competitive. “While finding a discount on a new vehicle remains a challenge, it’s much easier for EV, large truck, and SUV shoppers,” said Karl Brauer, an executive analyst at iSeeCars. “The market appears to have reached a saturation point for EVs, with both prices and sales struggling compared to a year ago.” But EVs are not ubiquitously cheaper.
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Hyundai Ioniq 5, Kia EV6 Already Selling Well Below MSRP: StudyLast year, 43 electrified models qualified for the federal tax credit, but this year only about 20 models qualify due to updated regulations.
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