Is the time now push electric vehicle adoption?

Prices for electric vehicles are falling as dealership lots become increasingly stocked with various models amidst cooling consumer demand. Consequently, after factoring in federal tax credits, the prices of some EVs are now approaching those of gas-powered cars.

As reported by CBS:

The average price of a new EV in May was $56,648, according to Kelley Blue Book, or about 15% lower than two years earlier, when the average price was $65,000. Meanwhile, used EV prices plunged to $28,767 last month, representing a 42% decline from $40,783 a year earlier, according to iSeeCars.

Three years ago, the number of EVs available for sale was limited due to a shortage of semiconductor chips. However, as those supply chain issues resolved, automakers increased production to meet the growing demand for EVs in the U.S.

Today, dealerships have about 117 EVs available on their lots for a typical 45-day supply, compared to 78 gas-powered vehicles and 54 hybrids, according to data from CarGurus.