Big Discounts on Luxury EVs: Is Now the Time to Buy?

With growing competition in the market and consumers still hesitant to fully embrace electric vehicles (EVs), automakers and car dealers are offering huge discounts on luxury EV models. This presents a unique opportunity for car buyers who were previously unable to justify the high price of these upscale options.

The primary reason behind the deep discounts on luxury EVs is that automakers are having a harder time appealing to mainstream consumers. Early adopters who were eager to get their hands on the latest EV technology have already made their purchases, leaving automakers searching for ways to incentivize more traditional car buyers. According to Joseph Yoon, a consumer insights analyst at Edmunds, luxury automakers are being forced to compete with consumer priorities beyond just EV technology.

Interestingly enough, EV’s are not the only eco-friendly car option currently gaining consumer interest. Hybrid models that don’t require charging stations are also selling quickly, with many models actually selling for more than their sticker price. Pat Ryan, CEO of CoPilot, suggests that hybrids have gained more consumer trust, leading to increased demand when compared to EVs.

While it’s true that the biggest discounts are being offered on luxury EV models, it’s also worth noting that non-luxury options are also seeing significant discounts. For instance, the Volkswagen ID.4 and Nissan Ariya are seeing discounts averaging around $2,900 and $2,200, respectively. This lowers their overall cost to be about the same, or even less, than the cost of an average new vehicle.

Despite the discounts, some potential EV buyers are still hesitant to make the switch due to concerns about charging infrastructure, driving range, and the overall cost of EV ownership. However, it’s worth considering that advancements in EV technology have made these concerns less worrisome. Many new EV models can drive over 200 miles on a single charge and charging stations are rapidly expanding across the country. Additionally, many electric vehicles now qualify for tax credits and other incentives, lowering their overall cost of ownership.

In conclusion, if you’ve been considering making the switch to a luxury EV, now could be the perfect time to make your purchase. With deep discounts available across both luxury and non-luxury models and advancements in EV technology making ownership less daunting, the time may be right for more traditional car buyers to make the switch. While EV ownership is not for everyone, it’s clear that the technology is only getting better, and now might just be the time to take advantage of those discounts and reap the long-term benefits of owning an electric vehicle.