New EVs got a little more expensive in April, and consumers saw fewer deals than before, according to new estimates from Cox Automotive’s Kelley Blue Book.
In April, the average transaction price (ATP) for a new EV climbed to $59,255. That’s up 3.7% from the same time last year, and slightly higher, by 0.2%, than in March. Kelley Blue Book even revised March’s average price downward to $59,132.
Erin Keating, executive analyst at Cox Automotive, noted that “Ever since President Trump announced auto tariffs 47 days ago, the cost of new cars has been steadily climbing.”
At the same time, incentives took another dip. They made up just 11.6% of the average EV transaction price in April, down from 13.9% when they peaked in November 2024. This marks the second month in a row that EV incentives have declined.
Tesla led the way in May, selling more than 45,000 EVs – its best performance of the year so far. Most of those sales came from the updated Model Y, which continues to dominate the US EV market. Tesla’s average transaction price rose in April to $56,120, up both month over month and year over year.
Meanwhile, the Cybertruck, once the top-selling EV priced over $100,000, had an average sales price of $89,247 last month. But sales dropped below 2,000 units for the first time in a year, signaling a potential cool-off for the controversial pickup.
Overall, new EV sales in April were down nearly 6% from March, based on Kelley Blue Book’s early estimates. But year-to-date EV sales in 2025 are still up 5.4% compared to the same period in 2024.
Read more: Tesla Model 3 and Model Y prices rose higher in March as sales fell
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