New EV List Prices Drop $1,500 in 4 Months in USA

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I just covered iSeeCars’ analysis of used EV prices and market share in September 2025 and January 2026. They also analyzed new car prices, and I wanted to dive into that analysis separately to not confuse things and to highlight both parts of the market separately. Overall, the trend for new electric car prices is that they’ve dropped by 2.3% in the last 4 months while the prices of new gas cars rose by 2.5%. (Note that the data exclude Teslas, though.)

In the case of electric vehicles (not including Tesla), the average list price dropped from $63,327 in September 2025 to $61,860 in January 2026. In the case of gas-powered cars, the average list price rose from $46,290 to $47,427. Note that this also indicates electric vehicles are still more heavily in premium-class segments — and price trend changes could be more related to vehicle class differences than other factors. Most likely, though, EV prices have come down because the $7,500 US EV tax credit has gone away, leading to the market adjusting a bit to adapt to that. In fact, it was lower-cost EVs that saw the biggest price cuts, while several premium-class models actually saw price increases.

iSeeCars did also break out price trend changes by model for more than a dozen models. “Breaking out new electric vehicle pricing by model identifies several EVs with larger price drops than the 2.3% average. The Hyundai Ioniq 5, Chevrolet Equinox EV, Jeep Wagoneer S, Ford F-150 Lightning, Volkswagen ID. Buzz and Kia Niro all dropped more than 5%, or between $2,000 and $7,200. Two of these models, the F-150 Lightning and ID. Buzz, have also been cancelled for 2026,” the website noted.

“When looking at which new electric cars have dropped the most in price we see primarily mainstream nameplates from mainstream brands – models that likely relied heavily on the $7,500 credit to spur consumer purchase,” said Brauer. “Conversely, higher-priced luxury models targeted at customers who aren’t as price sensitive are the EVs that have gone up the most in price.”

If you’re looking for a great deal, it does seem like the IONIQ 5, with a greater than $7,000 price drop in 4 months — a 13.8% drop! The Chevy Equinox EV is right on its tail, too, with a nearly $4,000, or 8.7%, price cut.

There are some great deals out there, but it sure looks like the IONIQ 5 and Equinox EV are offering ridiculously good options for new vehicles.