EVs cost less than a year ago, but September brought a setback

New electric vehicles cost less than they did a year ago, but September moved in the wrong direction month to month. The average price paid for a new EV rose to $55,879, up about 2.4% from August. Still, that's down 3% from September last year, as more affordable models have pulled the average lower over time. EVs now cost about 11% more on average than similar gas-powered models, down sharply from an 18% premium in 2025.

Automakers also eased up on discounts. Incentives averaged 11% of the sale price in September, the lowest this year and down from 14.2% a year earlier, when the $7,500 federal tax credit was still available and dealers were pushing harder to move cars before it expired. On an average-priced EV, that works out to roughly $6,147 off, though actual deals vary a lot by model. The Polestar 4, for example, had a rebate of up to $25,000 off its roughly $56,000 to $58,000 sticker price, available through November 2.

Tesla prices ticked up too, with its average sale price reaching $54,345, a slight increase from last year. Most Tesla sales were Model 3 and Model Y, averaging around $53,000 to $54,000, while the Cybertruck averaged just over $98,000. Overall, EVs remain closer in price to gas vehicles than they were last year, but anyone shopping right now may find smaller discounts than buyers saw a year ago.