Electric vehicle transaction prices in September were lower year over year by 0.9%, according to Kelley Blue Book. At $56,351, the average transaction price for a new electric vehicle changed little from August and was higher than the industry-wide ATP by approximately 16%. The premium paid for an EV in September was at its lowest point in 2024. Through the end of Q3, the EV premium has averaged 19%.  

In September, incentive spending for electric vehicles continued to track well above the industry average, although incentives for electric vehicles declined month over month.

September EV incentives averaged $6,904, or 12.3% of ATP, a 0.7 percentage point decrease from August, which was the highest point of 2024.

The average transaction price for a new Tesla – the industry’s EV leader – declined in September compared to August but was higher year over year by 13.6% at $58,212.

ATPs for Tesla’s core volume models – the Model 3 and Model Y – were lower month over month in September, while transaction prices for the new Cybertruck continued to climb. In September, Cybertruck ATPs hit $116,706, according to Kelley Blue Book estimates, the highest point since launch. And yet, even with sky-high prices, more than 5,000 Cybertrucks were sold in September.