- The typical transaction worth (ATP) of a brand new EV hit a whopping $55,544 in December 2024.
- This quantity was largely inflated by the rising variety of EV pickups and luxurious EV gross sales.
- Tesla Cybertruck propped up Tesla’s ATP by round 10.5%.
One other 12 months, one other hike within the Common Transaction Worth (ATP) of latest autos. EVs particularly noticed a year-over-year enhance in ATP, hitting a whopping $55,544 in December—proving that whereas battery-electric is the way forward for mobility, most nameplates are nonetheless parked within the luxurious lane.
A brand new report from Kelly Blue E book highlights an uptick within the ATP for EVs, each year-over-year and month-over-month. Transaction costs in December have been up 0.8% from 2023 and 1.1% from November 2024. In case you have been questioning, no, it isn’t as a result of people are out of the blue keen to shell out additional cash for larger trims. As an alternative, extra individuals are wanting in direction of luxurious fashions and high-dollar battery-powered pickups.
Photograph by: InsideEVs
Full-size EV pickups have been a blockbuster for automakers in 2024. The Ford F-150 Lightning, for instance, bought 33,510 items in 2024—up almost 37% year-over-year in December alone. Gross sales quantity alone helped to push ATPs throughout the board to an all-time excessive. In reality, gross sales of autos over $80,000 have been up 37% year-over-year and EVs made up chunk of that pie.
The Tesla Cybertruck was a headline act when it got here to propping up the ATP for Tesla. Traditionally, this has been the job of autos just like the Mannequin S and Mannequin X, each of which have been on the tip of the Tesla pricing pyramid since their inception. However as costs fell on Tesla’s getting older lineup, the shiny new truck lured consumers into shelling out almost six figures for the now-discontinued, $99,990 Basis Sequence All-Wheel Drive in October. The launch version of the Cyberbeast was much more costly, although each fashions now begin at round $80,000 and $100,000, respectively. The Cybertruck’s larger than common base worth helped to push up the ATP of Tesla autos by 10.5%.
EVs apart, the ATP for the complete trade has hit an all-time-high of $49,740. Which means that, on common, the ATP for an EV is 11.7% larger than different powertrains. Pickup vehicles throughout the trade additionally helped to inflate that quantity, with the typical mannequin promoting for $64,261.
However this is the kicker: EVs are driving trade averages up, however they nonetheless depend on larger than common reductions to be able to transfer quantity. December marked the sixth consecutive month the place incentives on EV gross sales exceeded 12% of the car’s ATP. On common, 2024’s incentives equaled out to about $6,700 per car, which is a rise of 41% year-over-year. Consider it because the EV equal of dangling a carrot—and, sure, consumers are biting.
Now, certain, we’re seeing record-breaking gross sales right here. The U.S. moved 1.3 million EVs in 2024, which is a brand new file in each quantity and market share. But it surely did so with sky-high costs and heavy incentives. The query stays: When will EVs attain parity with combustion vehicles?
With federal subsidies just like the EV tax credit score on the chopping block, going electrical might quickly be a harder promote, particularly because the ATP for EVs stays larger. Automakers might want to discover a option to make EVs extra interesting to justify the upper price ticket within the short-term. For now, the trick appears to be advertising and marketing in direction of extra upscale consumers (like those that purchase vehicles) and the posh market—each of which assist to prop up the ATP. And whereas these varieties of vehicles would possibly seize your consideration on the street, many are nonetheless a far attain for the typical automotive purchaser.
