EV prices rise for first time in 2026 as discounts dry up

EVs are now joining the broader industry trend. New-car prices have been rising since March, with the average transaction price for any vehicle reaching $49,855 in July, the highest so far in 2026, per KBB.

Abuelsamid said EV prices could keep edging up over the next few months.

Until cheaper competitors arrive.

"There's definitely interest in bringing lower-cost models into the market," he said. "Once they're here, we'll probably start to see that average price on electric vehicles start to trend downwards."

Several models could start that downward push. Slate's bare-bones pickup truck, with a starting price of $24,950, is expected to begin deliveries later this year. Last week, Ford said the first vehicle built on its new EV platform, the Fathom pickup, will carry a $28,350 starting price. Toyota and Subaru also released a line of new EVs starting in the high $30,000 range.

Escalent's research found that consumers broadly define an affordable new vehicle as priced between $32,000 and $48,000, Boyce said.

"This data really explains why we are seeing consumers say, 'New vehicles in general, and EVs in particular, feel unaffordable to me,'" he said.

Price cuts are not the only way automakers can make EVs feel cheaper, he added. Escalent found that including a home charger and installation with a new EV had the same effect on a buyer's perception of affordability as cutting the vehicle's MSRP by $8,000.

"That is a huge difference," Boyce said.