The average price for a new electric vehicle – over $66,000, according to Kelley Blue Book estimates – remains well above the industry average and more aligned with luxury prices versus mainstream prices.
But average transaction prices still linger above MSRP as supply holds steady at the same level since Thanksgiving and customer demand remains strong.
It is the highest level of interest in electrified vehicles that the Kelley Blue Book Brand Watch report has ever measured. Electrified vehicles sales soar 60%.
But volume for rental, commercial, and government vehicle purchases is still well below levels seen in the pre-pandemic year of 2019.
Despite lower production, there are more vehicles ready to be sold due to sales losing momentum since June.
Second quarter numbers show emerging competition for buyer choices as more models enter the market.
Tight new-vehicle supply puts upward pressure on new-vehicle transaction prices. Affordability hits 10-year low in July.
Large rental, commercial, and government purchases of new vehicles increased 6% compared to this time in 2020, but decreased by 40% from the same time in 2019.
The Bolt EV saw a 335% sales increase in July to its highest volume ever in a second quarter at 10,857 units.
For the first time in a decade, vehicle buyers were essentially paying sticker price (MSRP) for new vehicles.
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