As Electric Vehicle Prices Drop, Younger Shoppers are Searching Them, and They’re Using MotorCloud to Do It
Broomfield, CO, USA - March 13, 2023 - Electric vehicles are now being offered at prices coming into range for younger shoppers, signaling a further increase in the potential of the EV segment. With a price-cutting trend started by Tesla in January, the Model 3 now starts at $42,990, almost $6,500 below the average new car sold in America ($49,507).
As EVs become more affordable for far more people, including younger buyers who are more environmentally conscious and prone to be early adopters of new technologies. More of these young shoppers are looking to MotorCloud.com as their preferred site to shop EVs.
"We're seeing a younger demographic in our site traffic, and a shift toward more EV shopping," said MotorCloud CoFounder Mikel Goicoechea. "EV traffic is up 173% from last year, compared to 127% for gas powered vehicles."
The average price of an EV is down $3,300 since December, and while Tesla's Model 3 is still out of range for many young people, other brands are jumping on the price-dropping trend. Toyota and Nissan have cut prices and offered discounts on their EVs in China, and numerous manufacturers from Volkswagen to Toyota have made commitments to increase US production in coming years, which will make them more affordable for consumers through the tax discounts provided by Biden's Inflation Reduction Act.
Nissan set a goal to have 55% of its global sales come from hybrid e-power cars by 2050, and their flagship Leaf starts at $20,540 when it qualifies for the maximum EV tax credit of $7,500.
As ever, when shopping for cars, having access to the most complete picture of the market is more important than ever. MotorCloud.com specializes in EVs, and offers more vehicles than any other site. MotorCloud's pricing tools are based on the most comprehensive data sets in the market, giving shoppers the most complete and accurate guidance available.
MotorCloud is the first true automotive search engine. It has the most complete index of vehicles on the internet, and brings market analytic tools previously only available to dealers, to the public. Visit www.motorcloud.com for more.