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It's suddenly a great time to buy an EV

EV oversupply means deals — here are five

From legacy automakers to electric vehicle upstarts, the slump in EV demand is a rusty nail in the rear quarter panel. Headwinds such as elevated prices compared to gas vehicles, higher financing costs, and lack of charging infrastructure among other issues have put a lid on EV growth in the US.

But on the flip side, it’s an extremely advantageous time for consumers looking to buy or lease an EV.

Just this week, Kelley Blue Book found that year over year, new EV prices slipped 10.8% in January, and in December EV transaction prices fell to $53,611, the lowest in 12 months.

Online car shopping site CarGurus found that compared to last year, the number of days EVs are on the market increased while the number of days for ICE (internal combustion engine) autos decreased. And the average list price on the platform for a new EV in January was down 9.1% year over year, to around $60,000.

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The used car market is even more extreme. CarGurus found the average list price of a used EV in January was around $38.7K, down 20.6%.

But what this all means is it's a great time to shop for EVs before the market normalizes and prices head back up. Here are some of the best deals we found for new EVs, using incentives found in the New York City metro area and not including destination charges, which vary by manufacturer and vehicle.

Read more: Are electric cars more expensive to insure?

The affordable crossover/hatchback: Hyundai IONIQ 5

  • Starting price: $41,800

  • Deals: $7,500 off, 0.99% financing for 48 months

ISTANBUL, TURKIYE - SEPTEMBER 16: A view of the Hyundai's electric IONIQ 5 model car during the introductory event in Istanbul, Turkiye on September 16, 2022. (Photo by Serhat Cagdas/Anadolu Agency via Getty Images)
A view of the Hyundai's electric IONIQ 5 model car during the introductory event in Istanbul, Turkiye on Sept. 16, 2022. (Serhat Cagdas/Anadolu Agency via Getty Images) (Anadolu via Getty Images)

The Hyundai IONIQ 5 is well reviewed, and in my opinion captures the retro-futuristic look perfectly. The car, which has the general footprint of a Golf GTI, offers a decent amount of space, a hatchback cargo area for added utility, and a comfortable and stylish interior.

One drawback is that the car isn’t eligible for the federal EV tax credit, but here's where Hyundai steps in with its own $7,500 discount cash offer. This drops the price to $34,300, though this deal only lasts until the end of February. Hyundai is also offering attractive financing options, with 0.99% APR for 48 months.

The all-rounder: Tesla Model Y

  • Starting price: $42,990

  • Deals: $1,000 discount till March 1, lease offers

The Tesla Model Y
The Tesla Model Y. (Tesla) (Tesla)

There’s a reason you see so many Model Ys around town. It’s a quick crossover-type vehicle with an optional third row. With a spartan, tech-focused interior, quick steering, and a firm ride, the Model Y offers a unique driving dynamic. It also offers a suite of mobile connectivity features and the best and easiest-to-use charging network. The Model Y was the best-selling vehicle globally last year, and it’s not hard to see why.

Regardless of what you think of CEO Elon Musk and his various antics, the Model Y does stick out as a great option in the very crowded mid-size EV SUV class. The starting price has come down tremendously over the past year and Tesla has cut the price of the Model Y again by $1,000 this month.

Full-size and grown up: Kia EV9

  • Starting price: $54,900

  • Deals: $3,750 off, 3.25% financing for 48 months

FILE - Kia's EV9 GT-line vehicle is unveiled during media day at the Seoul Mobility Show in Goyang, South Korea, Thursday, March 30, 2023. The Kia EV9 large electric SUV was selected as the 2024 North American Utility of the Year award, Thursday, Jan. 4, 2024. (AP Photo/Lee Jin-man, File)
Kia's EV9 GT-line vehicle is unveiled during media day at the Seoul Mobility Show in Goyang, South Korea, Thursday, March 30, 2023. (Lee Jin-man/AP Photo, File) (ASSOCIATED PRESS)

Hyundai’s sister brand Kia blew open the doors of the industry when it revealed a full-size, three-row EV SUV with decent range (270 miles, up to 304) and a relatively affordable starting price. It also doesn’t hurt that the EV9 looks like the electric spiritual successor to Toyota’s iconic Land Cruiser SUV.

Just like the IONIQ 5, Kia’s EV9 doesn’t qualify for federal EV tax credits. In this case, Kia is offering a half-credit, if you will, of $3,750 off, as well as 3.2% financing for 48 months. The cash-back offer expires on March 4 and customers must take delivery by then.

Luxury unleashed: Lucid Air Pure

  • Starting price: $67,400 (new price)

  • Deals: $7,500 price cut (included above), lease offers

A Lucid Air Grand Touring electric luxury car is displayed at the Lucid Motors Inc. studio and service center on February 25, 2021 in Beverly Hills, California. - The California-based electric vehicle company announced this month that it plans to go public via a merger with a company that values it at $24 billion, with the pure-electric luxury sedan Lucid Air launching in 2021. (Photo by Patrick T. FALLON / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)
A Lucid Air Grand Touring electric luxury car is displayed at the Lucid Motors Inc. studio and service center on Feb. 25, 2021, in Beverly Hills, Calif. (PATRICK T. FALLON/AFP via Getty Images) (PATRICK T. FALLON via Getty Images)

The Lucid Air looks like an alien vehicle and performs likes it's from another galaxy as well. Featuring extreme straight-line speed with power that comes on smoothly and progressively and its compliant chassis, you can tell Lucid took its time dialing in the setup to get that proper mix of luxury and sport. I reviewed it in Grand Touring trim last year, and it was my favorite EV of the year.

But Lucid cars are expensive, and demand for high-priced EVs has fallen tremendously after early adopters purchased their Air sedans. Lucid has once again cut prices, with its entry level Air Pure RWD now starting at $67,400 following a new $7,500 price cut.

Note that the Lucid doesn’t qualify for EV tax credits due to a high starting price, though that federal tax cut can be passed down through the consumer via lease arrangements. Lucid says it's offering lease specials as low as $699 a month for 36 months, though there are up-front payments.

Related: Don't want a Tesla? Here are your top 5 EV options

Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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