The average transaction price for an EV in July, at $56,520, was higher than in June but lower year over year by 1.5%, according to Kelley Blue Book.

The average incentive package offered with a new EV in July was over 12% of the transaction price, the highest level in more than three years and roughly twice the level seen in July 2023 when typical incentive packages were equal to 6.0% of ATP. EV incentives in July were 73% higher than the industry average.

Average transaction prices at Tesla continue to move higher after dropping to near the industry average in December 2023. In July, Tesla ATPs were $59,593, up 11% from one year ago and at the highest point since February 2023. Success of the popular new Cybertruck is likely pulling Tesla prices higher, although the volume products, the Model 3 and Model Y, have seen prices rise consistently through the year. In July, the ATP for the Model Y was $52,055, up 5% from January, while the Model 3 was $53,878, up a remarkable 30% from January when Model 3 ATPs were $41,531. The Model Y and the Model 3 are the top-selling EVs in the U.S. market.

The average price for all new light-vehicles continues to hover just under $50,000.