**Top 5 Most Affordable Electric Vehicles in Q1 2024**

In the first quarter of 2024, the electric vehicle market saw a significant shift towards affordability, with the Nissan Leaf, Nissan Ariya, Hyundai Ioniq 6, Tesla Model 3, and Toyota bZ4X emerging as the five cheapest new EVs in America. These vehicles were available for purchase for less than $41,000, thanks to a combination of government incentives and dealer discounts.

**Consumer Concerns and Industry Impact**

While these low prices were welcomed by consumers, concerns linger about the sustainability of such pricing strategies. The falling prices of new electric vehicles are also impacting the used EV market, making the technology more accessible to buyers but posing challenges for automakers.

**Price Variations and Discounts**

The Toyota bZ4X, with an average transaction price of $48,087, was sold for $40,647 on average after factoring in incentives. Similarly, the Nissan Ariya saw a significant price drop, with its average sales price falling by 31% from its transaction price. Tesla, on the other hand, offered minimal discounts on the Model 3.

**Trends in Used EV Prices**

As new EV prices decline, used EV prices are also experiencing a downward trend. The average value of a used EV dropped from $63,069 to $33,645 between September 2022 and April 2024. This shift has brought used EV prices closer to those of traditional internal combustion vehicles.

**Industry-Wide Impact**

The automotive industry is witnessing a broader decline in prices, with wholesale values falling by 13.7% in April 2024 compared to the previous year. This trend is expected to continue as automakers navigate the evolving landscape of electric vehicle affordability.

**Conclusion**

The affordability of electric vehicles is a key factor driving consumer interest and industry dynamics. As prices continue to fluctuate, both new and used EV markets are undergoing significant changes that will shape the future of electric mobility.