Electric vehicles seeing markdowns after end of federal incentives

JACKSON, Tenn. — Federal incentives for new electric vehicles ended just a couple of days ago.

Analysts say this could be a turning point as buyers now focus on price, value, and design without government support.

Automakers with extra inventory are responding with bigger discounts. Used EV’s are averaging just over $35k, which is close to the price of used gas vehicles.

New EV’s are also seeing bigger markdowns.

Brian Moody, an Executive Editor at Kelley Blue Book, tells us more.

“I think, ultimately, it could be a good thing for electric cars because they will have to compete on an even playing field in terms of features, price, value, and durability,” Moody said.

Moody says there will probably be a small drop in EV sales over the next few months. He says they will probably drop to around 5% of all sales.

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