Let’s hope this trend of big discounts on electric vehicles continues.

The new rules for getting tax credits for buying an electric car are a bit confusing. Cars that are now disqualified may be eligible, but only for a short period of time, while cars that were eligible in the past no longer receive benefits. It looks like some automakers are taking matters into their own hands and offering big discounts to make up for the lack of tax breaks.
There was a time when if you wanted an electric car that wasn’t made by GM or Tesla, it was hard to find one anywhere near the MSRP. While some stores have yet to receive notice of the ever-changing market, customers in certain regions may be able to receive significant discounts on select electric vehicles. In many cases, these opportunities are even better than tax credits, because the discount immediately lowers the price of the car.
The Volkswagen ID.4 received mixed reviews in terms of material quality and driving dynamics. However, since some dealers offer discounts of $10,000 off MSRP, these shortcomings may go unnoticed.
I spoke to several Kia dealers who told me they were excited about the new EV6 when it first came out, but now that the car isn’t getting a tax break, the cars are parked in the lot. Some shops put money on the hood to transport it.
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A similar trend is seen with the Hyundai Ioniq 5, a super-hot car that dealers are starting to sell before it even leaves the factory. Now, with some dealerships handling dozens, buyers aren’t thrilled with the Hyundai EV’s full $45,000 retail price.
Of course, as with most “deals”, there are usually caveats. These listings for the Ioniq 5 are offering a discount of just $7,500 on rental cars, since that big discount is a Hyundai discount designed to make leasing more competitive. I have also spoken to several dealers in California who say these discounts are exclusive to California residents. However, some dealers in other countries are willing to sell their cars to anyone in the country.
While such big discounts aren’t yet widespread, we hope it’s a sign of a downward trend in EV prices, which could make these vehicles more affordable and less worrisome. Even Tesla, which for a long time stuck to the “fixed price” model, is now forced to cut prices. A positive unintended consequence of the Reducing Inflation Act’s removal of a large number of eligible electric vehicles could be that it causes a market correction.
Tom McParland is a writer for Jalopnik and the head of AutomatchConsulting.com. It eliminates the hassle associated with buying or renting a car. Have questions about buying a car? Send it to Tom@AutomatchConsulting.com