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One third of American drivers are seriously considering going electric as generous tax credits, fuel savings and reduced emissions lure the masses towards EVs. My own household made the switch in early 2022, and we’re never going back to ICE. In hopes of adding clarity to the current EV market, we’ve created this resource to share what we think are the BEST electric cars, trucks and SUVs in 2023. We’ve also shared what we think are the worst.
The Best Electric Cars in 2023
These models are stand-outs for their value. Range, charging speed and available features are given priority over performance in our analysis.
2023 Tesla Model 3 Rear-Wheel Drive
Price: $41,990
Range: 272 miles
Fast charging (adding 200 miles in 20-30 minutes)
Why it’s great: The Tesla Supercharger network makes cross country travel hassle-free. Tesla charges are very reliable, and with 1,500 locations in all 50 states, finding one is rarely an issue.
Plus, the price you see on Tesla’s online configurator is the price you pay (before taxes and required fees, of course). While legacy automakers continue to struggle with out-of-control dealer markups, Tesla and other direct-to-consumer EV makers have the upperhand on pricing.
Why it’s great: The Model Y is the larger, more family-oriented version of the Model 3. Last year, the Model Y overtook the 3 as the best-selling EV in America. Although it is the most expensive model on this list, if you can afford it, the ease of public charging, great range, spacious interior and exhilarating performance all make this the sweet spot for many buyers. Plus, there are no dealer markups.
But wait, there’s more. Both the Model Y and Model 3 are available for delivery soon after placing an order. Tesla wait times are between one and three months as of late 2022. That’s about as good as it gets in today’s EV market.
Should you ever decide to sell, both of these Teslas have amazing resale value.
Price: $46,250 (dealer markups are common but negotiable)
Range: 303 miles
Fast charging: Add 200 miles of range in 20 minutes
Why it’s great: The 2023 IONIQ 5, Kia EV6, and Genesis GV60 are the first models powered by Hyundai Motor Group’s Electric Global Modular Platform. This is next-gen 800-Volt architecture at (relatively) affordable prices, and that’s awesome.
Plus, the IONIQ 5 is spacious, and looks really cool. Sadly, Hyundai has had a very difficult time scaling up production due to supply chain constraints, so expect to either wait for at least six months, or battle outrageous dealer markups to get your hands on a rare allocation.
Price: $49,795 (dealer markups are common but negotiable)
Range: 310 miles
Fast charging: Add 200 miles of range in 20 minutes
Why it’s great: Kia’s version of the IONIQ 5 looks completely different, with very similar specs. That’s because both models share the e-GMP platform with great range and even better charging.
The 2023 EV6 has slightly more availability than the IONIQ 5 right now. For the 2023 model year, Kia decided to drop the “Light” base model, kicking the entry-level price all the way up to nearly $50,000.
As always, I recommend everyone take a test drive before dismissing EVs. They’re quiet, efficient and fun. The EV6 would be a great one to take for a spin.
Fast charging: Add 190 miles of range in 28 minutes
Why it’s great: The VW ID.4 is now made in America at Volswagen’s Chattanooga, Tennessee factory. That means it will qualify for the revised EV tax credit (up to $7,500), as long as your VIN confirms that it is an American-made ID.4. I was impressed during my test drive of the ID.4. It rides like a luxury crossover, and has plenty of acceleration when you need it. However, it’s definitely the least sporty of this bunch, but it’s also the least expensive.
Now made in America, there is also a new cheaper option starting at $37,495. However, with public charging infrastructure slow to build out, the expected 208 miles of range is not enough for us to confidently recommend it to anyone but those who expect to stick around urban areas 95% of the time. The ID.4 Pro, on the other hand, is exceptional value with the EV tax credit.
Price: $90,000-120,000 (before markups of up to $100,000)
Range: 329 miles
Why it’s horrible: Where do we start? The Hummer EV costs $100 to charge (because it has a MASSIVE 212 kilowatt-hour battery pack), weighs 9000 pounds (that’s 2x the weight of the typical F-150), and is horrible for the environment. If you’re looking to go green with your EV purchase, this isn’t it. It’s also very expensive, but that’s less surprising these days.
At auction, we’ve seen many Hummer EVs selling for over $200,000. No thanks.
2023 Mazda MX30
Price: $34,000
Range: 100 miles
Why it’s horrible: If you’re considering the Mazda MX-30, send me an email at justin@CarEdge.com. I’d like to talk you out of it. I have nothing against Mazda as a brand (they make some awesome cars), but I am very against anyone buying an electric car with just 100 miles of range in 2022. Sure, maybe it’s just for around town. Have you thought about resale value? With barely 100 miles on a charge and slow charge times of around one hour, I’m afraid Mazda’s first EV won’t be worth its scrap metal value in a decade.
Other options to consider at this price point? The Nissan LEAF, base Volkswagen ID.4, Chevrolet Bolt, and soon-to-come Chevrolet Equinox EV are all far more capable for under $40,000.
2023 MINI Hardtop
Price: $34,000
Range: 110 miles
Why it’s horrible: I sure hope CarEdge’s own Ray Shefska forgives me for bashing the electric MINI, but with 110 miles of range and slow charging, I don’t see a single reason why anyone should consider this EV. It’s one of the last ‘compliance cars’ in the EV market.
2024 Cadillac Celesiq
Price: $300,000+ (yes, count those zeroes)
Range: 300+ miles
Why it’s horrible: Would you pay Rolls Royce money for a Cadillacl? GM seems to think you would. I’m all for going all-out on EV design and innovation, but when Cadillacs cost more than houses, I can’t help but shutter. But hey, it will be hand-built.
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New car inventory is rising, and that motivates automakers to offer better incentives. Cyber Monday 2023 will be a great time to buy if you’re in the market for a new car. Before you run out to buy a car on Cyber Monday (November 27), here’s what you need to know:
Auto loan rates now average north of 7% for new cars, and 14% for used cars. Leasing is one way to avoid paying interest, especially for well-qualified buyers (those with decent credit scores). Here are some of the best value lease deals in November:
Whether you’re in the market for a new or used car, a lot can change in the span of a month. Cyber Monday car deals are just the tip of the iceberg. In 2023, new car inventory is much higher than in recent years. There are A LOT of 2023 models still needing to be sold, especially when it comes to General Motors, Ford, Jeep and Ram.
So, what’s the difference between taking advantage of Cyber Monday car deals and waiting a bit longer? Those with patience are likely to be rewarded with the best deals yet in 2023: year-end car sales. Let’s take a look at why this is so…
Floorplanning costs are skyrocketing. Did you know that dealers finance the cars on their lots, much like car buyers do? You might have noticed that interest rates are rising. In fact, the average new car APR is now 10%. Dealers are paying more in financing costs for floorplanning, and by December, rates will be even higher. Car buyers will have more leverage in the final weeks of December, especially on vehicles that have been sitting on dealer’s lots for months on end.
Dealers will need to rotate inventory. No dealer wants to be the one with the old stuff, especially when it comes to newly redesigned or discontinued models. As the new year approaches, dealers warm to the idea of negotiating below MSRP for some models. Expect deals on 2023 models, less so for 2024 models.
Everyone wants a bonus. Most dealers dish out year-end bonuses to salespeople who made the most sales. December is crunch time! They’re ready to cut a deal, and you’ll be there to use that leverage to your advantage with end-of-year car deals.
In summary, there will be better new and used car deals in December. We’ll have the best year-end car deals posted here.
Cyber Monday Car Sales – The Complete List
We’ve sorted through ALL of the ads to find you the biggest and best Cyber Monday car deals in 2023.
0% Financing Offers
Interest rates average north of 7% for new cars, so it’s a big deal when zero percent interest offers return. The following models are all advertised for 0% APR in November:
Get your hands on these models with 0.9% APR for qualified buyers. Most low APR offers are for remaining 2023 model year inventory. It’s great to see some excellent Mazda deals this month. Mazda has been rising in popularity in recent years, with good reason.
The GMC Sierra at 0.9% APR is hard to beat. Hyundai’s electric vehicles are the fastest-charging EVs for under $50,000. Since they lost the federal tax credit, they’ve been slow sellers.
These are the models advertised with 0.9% APR in November:
General Motors has plenty of inventory today, and is bringing low APR offers to attract buyers. These are the models with 1.9% to 2.1% APR offers in November.
Some manufacturer incentives include a hefty amount of cash bonus for your deal. We’ve picked through all of the sales to find you the best cash incentives this month:
Jeep has massive cash discounts right now, plus no payments for 90 days. Here are the best Jeep offers in November:
Ready to outsmart the dealerships? Download your 100% freecar buying cheat sheets today. From negotiating a deal to leasing a car the smart way, it’s all available for instant download. Get your cheat sheets today!
Did you know that new car incentives are 40% higher during one particular time of the year? It’s amazing how much money you can save with a bit of knowledge that car dealers don’t want to share. At CarEdge, we strive to make car buying and ownership easier, less expensive, and simply a better experience. In this guide, we’ll go over the best time of the year for buying a car. If you’re determined to spend less on your car, we think you’ll find this information valuable.
The Best Time to Buy a Car Has Changed
As manufacturer incentives plummet, car buyers are looking for other ways to save.
Average new car transaction price (orange) versus average incentive spend as % of transaction price (blue). Source: Cox Automotive
The demand for new and used cars continues to outpace supply as automakers have a really hard time increasing production. Global supply shortages have affected car makers on every continent. However, the situation for car buyers is improving in late 2022. After almost two years of ridiculous prices, deals can finally be negotiated.
The best time of the year to buy a car has changed. Pre-pandemic monthly trends may return someday (if automakers ever get back to normal inventory levels), but let’s talk about where things stand in 2022 and early 2023.
Wait a Few Months For the Best Deal
In late 2022 and early 2023, new and used car prices are dropping. This is not a normal time for car price trends. Price declines are more pronounced in the used car market, but select new models are negotiable too.
Let’s cut to the chase:
The best time to buy a car lies in the months ahead. Deals can be negotiated today, but your leverage for lower prices will increase in December and in early 2023.
The last week of the year is usually the best time to buy a car. Incentives and negotiation leverage improve as dealers hurry to move the last of the previous model year off of their lots.
Let’s talk about the used car market. Wholesale price declines are finally translating to lower used car prices (more on that here). This was confirmed by the November Consumer Price Index (CPI) report that showed used car prices were down -2.4% month-to-month when seasonally adjusted. New car prices remained nearly flat at +0.4%, the smallest new car price increase in 2022.
In 2022 (green), used car prices have fallen after record highs in 2021.
New car prices are softening, despite automakers steadily raising MSRPs. Don’t expect widespread MSRP drops anytime soon. However, there lies hope in the slow return of manufacturer incentives and the demise of additional dealer markups.
Our CarEdge Auto Experts have noted that domestic brands like GM, Ford, Chrysler most often present the best opportunity to get a deal under MSRP.
In other words, your chances of buying a new car at or below MSRP are better now than at any time in the past 18 months.
The longer you wait (into 2023), the more negotiation power you’ll have as the overall new car market softens.
However, when it comes to total cost, it’s not that simple. Interest rates are rising to the highest levels in over a decade. If you wait longer to buy, there’s a real chance that the cost of financing may rise to the point where your monthly payments end up higher due to interest. Here’s the latest on car loan interest rates.
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The average transaction price (ATP) of new cars has hovered around $48,000 for months. The latest data shows it continues to remain at that level. How could we possibly advocate for negotiating lower prices? The data shows that luxury car shoppers continue to buy, and that has been driving up the overall market average. Deals are out there, if you know where to look.
Historical Norms: When Is the Best Time of the Year to Buy a Car?
Pre-pandemic data from Edmunds shows that the time around Labor Day is when most new car incentives begin, with discounts growing as the year comes to an end. Better deals continue on outgoing model years through fall and winter as new models compete with outgoing model years for space on dealer lots.
Many automakers roll out the new model year by September. If you’re okay with the outgoing model year, you have significantly more leverage to negotiate prices down. Don’t show up to the dealership expecting thousands of dollars off of the brand-new model year unless demand for new cars falls off a cliff (as it did in 2020).
Year-end car deals most often arrive as manufacturer incentives (which we keep track of every month). New car incentives were at historic lows during the worst of the chip shortage, but they’re slowly coming back as recession fears hit demand.
Here’s how current model-year savings compare with new model-year cars. Remember, these were the historic norms, and the situation in 2022-2023 has changed dramatically.
In pre-pandemic times, this graph shows that new car incentives increased at the end of the year. This is still true, but to a lesser extent as inventory remains lower. Source: Edmunds.com via Market Watch.
Stay On Top of Market Conditions
Would you have guessed that used car prices have fallen nearly 14% at wholesale markets since last summer? Probably not, because it wasn’t until September that car prices dropped at the retail level. The car market is changing as automakers slowly come out of the semiconductor chip shortage, and consumers hold back on spending as recession fears circulate.
Here’s the bottom line: rapidly-changing car market conditions are likely to overshadow the seasonal trends that we’ve seen historically in pre-COVID times.
After 18 months of price increases, used car prices are dropping. Even if sticker prices are nearly the same, at CarEdge, we’ve had more members scoring deals under the advertised price. That’s why we think you should negotiate 5-10% off of a car purchase today.
On the new car front, negotiation leverage depends on three main factors: 1) vehicle supply, 2) local dealer inventory and 2) demand for the specific model and trim.
For example, our CarEdge auto experts joke that everyone wants a Toyota RAV4 Prime right now. Demand is through the roof, Toyota is hardly producing any, and therefore prices for the RAV4 Prime remain insanely high.
On the other hand, some new car models have more inventory than at any time in the past year. New car inventory isn’t on par with pre-pandemic levels, but it’s an improvement. Pair that with reduced demand, and new cars are finally becoming more negotiable. Dealer markups do exist for popular models, but you CAN negotiate pricing on new cars again.
Heading into 2023, larger families in the market for an electric SUV are left with few options. Unless you’re prepared to spend over $90,000 for a Tesla Model X or Rivian R1S, your best shot has been to stick to conventional hybrids or PHEVs. That’s all going to change with the arrival of the Kia EV9 and Hyundai IONIQ 7 in 2024. These two are set to become the first 3-row electric SUVs with affordable pricing. Here’s everything we know about the IONIQ 7 and Kia EV9’s release date, pricing and specs.
IONIQ 7 and EV9 Release Date, Price and Specs
The 2024 Kia EV9 concept at the 2021 LA Auto Show
Revealed at the 2021 Los Angeles Auto Show as a concept, the EV9 builds upon the success of Kia’s electric flagship, the hot-selling EV6 electric crossover. Precisely how much of the EV9 concept will make it into the production-ready EV9 remains unknown, so we’ll proceed with a healthy dose of skepticism.
The Kia EV9 concept EV9 features a third row of seating, something that only three mainstream electric cars offer for the 2023 model year. That would be the Tesla Model X ($120,990+), the brand-new Rivian R1S ($78,000+) and the Vinfast VF-9, which is not yet in production, but will start at $57,500 or $76,000 with the battery. Yes, you read that right. The VF9 will require an additional $18,000 to buy the battery, or you can pay a monthly battery fee instead. More on that here. Let’s see how the Korean offerings will compare.
Expected Pricing
We expect the EV9 to launch with a starting price in the low to mid-$50,000 range. Why not cheaper? Raw material costs are increasing, making every EV more expensive to produce. Need proof? Check out lithium prices on commodity markets.
2024 Hyundai IONIQ 7 pre-production concept.
Automakers are looking for ways to sell higher-margin electric vehicles to fund their transition to EVs. One way they do that is to subsidize their headline-grabbing base model with affordable pricing with better equipped and much pricier mid and upper trim configurations. We expect this to be the only way that GM can offer a sub-$40,000 Chevy Equinox EV (more on the Equinox EV here). Kia and Hyundai are very likely to do the same. Expect the EV9 and IONIQ 7’s pricing to stretch from the low $50,000s all the way towards $70,000. Of course, the automakers are betting that you’ll want to upgrade to the more expensive options.
An early production Kia EV9 test vehicle in August 2022.
Multiple EV9s have been spotted doing road testing, and all signs point towards a production-ready unveiling in early to mid 2023. Although we haven’t seen any IONIQ 7s testing as of late 2022, we still expect the two to debut together, much like the Hyundai IONIQ 5 and Kia EV6 did in late 2021.
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The Hyundai IONIQ 7 and Kia EV9 will launch in late 2023 as 2024 models. Of course, that’s unless the worsening semiconductor chip shortage and broader supply chain constraints delay the release date of the model. By then, the Vinfast VF9 will have arrived too. Although Vinfast doesn’t have the brand-recognition and dealer network of Hyundai and Kia, early media reviews are largely positive. You can learn more about Vinfast’s unique battery subscription model here.
Range, Charging Speed and Specs
Rear of the Kia EV9 concept.
The Kia EV9 concept that was unveiled in 2021 was a bit over-the-top. It featured a solar panel on the front hood, a 27-inch infotainment and gauge display, and a pop-up steering wheel that is unlikely to survive the transition to production. The IONIQ 7 debuted as a literal living room on wheels. Fantasies aside, what will make it into production? Expected range, charging and pricing are enough to get us excited.
Kia and Hyundai claim that these two electric SUVs will get 300 miles of range on a charge. Before you demand more miles, remember that SUVs (and trucks) are by design inefficient. That means more batteries are needed to squeeze the same range when compared to a smaller crossover or sedan. Don’t expect 400 mile+ 3-row electric SUVs to become commonplace, let alone affordable, this decade.
The EV9 and IONIQ 7 will share the Electric Global Modular Platform (e-GMP) that Hyundai Motor Group engineered. There’s great info on this powertrain here. My own 2022 Hyundai IONIQ 5 has this same powertrain, and I love it. Range estimates are accurate, I’ve had minimal range loss after 15,000 miles, and charging is amazingly quick.
Pre-production Kia EV9
Kia says that the EV9 will be able to charge on 350-kilowatt DC fast charging stations, such as those found at Electrify America. We already know a lot about the e-GMP powertrain’s charging capabilities. With 350 kW charging, the EV9 will be able to add 200 miles of range in under 30 minutes. In all likelihood, the IONIQ 7 will match these specs.
Currently, Hyundai sources batteries from SK Innovation. In late 2021, SK Innovation announced plans for two battery plants at a single site in Commerce, Georgia. That’s just down the road from where their largest customer, Hyundai Motor Group, is building a massive EV production facility. We expect SK Innovation to supply American-made batteries for the IONIQ 7 and EV9.
That leads us to our final topic: EV tax credits in the US.
Tax Credits and Incentives
Will the Kia EV9 and Hyundai IONIQ 7 Qualify for EV Tax Credits? Yes, but it’s possible that the two models won’t be eligible until late 2024 or 2025. Why? Both Kia and Hyundai have publicly shared their intentions of speeding up construction at their new EV production facilities in Georgia. Even with the quicker timeline, executives say that they hope to begin volume production in the third quarter of 2024.
In order for any electric vehicle to qualify for the revised EV tax credit, the vehicle and buyer must meet several criteria. The most notable are the following:
The vehicle must have ‘final assembly’ in North America
A certain percentage of battery components must be produced in the US or Free Trade Agreement countries.
A certain percentage of minerals used for battery production must be sourced in the US or Free Trade Agreement countries.
Truthfully, Hyundai and Kia have not yet released much information about their two new 3-row electric vehicles. When the two OEMS unveil the production versions of the EV9 and IONIQ 7 in early 2023, we’ll update this page with interior images, additional specs, and all that we learn.
Our team of Car Coaches combines decades of experience in the automotive industry to help you, the consumer, buy a car without the hassle. That’s why we created this must-have resource for buying a new or used car at a dealership, whether in person or through the internet sales department. This car buying cheat sheet will help you negotiate car prices confidently, so you can drive away feeling proud of what you’ve accomplished.
Thank you to CarEdge’s Ray Shefska (former dealership sales manager) and Kimberly Kline (former dealership finance manager) for putting this together for car buyers everywhere!
Want to download printable versions of all CarEdge cheat sheets?Find them all here.
How to Negotiate Car Prices with a Salesperson
Use this cheat sheet to negotiate the best auto loan rates on new or used cars!
The best way to learn how to negotiate car prices effectively is to prepare for the situations and conversations you’re likely to encounter with the salesperson and finance manager. Feel free to print off this cheat sheet and bring it with you! Without further ado, here’s how an informed, prepared car buyer can expertly negotiate.
Salesperson: What do you want your monthly payment to be?
You: I’m not concerned with the monthly payment, I am only focused on the total out-the-door price.
Salesperson: So you’re paying cash?
You: I haven’t determined exactly how I plan to pay for it. I am only concerned about the total out-the-door price.
Salesperson: So you have a monthly budget in mind?
You: I have a total out-the-door price in mind, so I would only like to discuss that at the present time.
Salesperson: OK, how much cash will you be putting down?
You: I haven’t decided that yet and I won’t until we establish an acceptable total out-the-door price.
Notice a trend here? You really really want to stay laser-focused on the only number that matters this early in the game: the out-the-door price. Salespeople will try hard to learn more about how much money you’re willing to spend. If that can get you to talk about monthly payments, they immediately have an advantage over you. That gives them leverage to play with higher interest rates, longer loan terms, and lower trade-in offers. None of those are good for you, the buyer.
Salesperson: What are going to do with the car that drove here, will you be trading it?
You: I haven’t decided yet. We can discuss that as a possibility after we agree to an out-the-door price.
Salesperson: Now that we have agreed to the out-the-door price, what about the car you drove here, will you be trading that in?
You: I might, it depends on whether or not you can match or beat these written offers that I have already received.
Salesperson: Now that we have agreed to the out-the-door price and agreed to the value of your trade, what do you want your monthly payment to be?
You: I’ll only discuss that with the Finance Manager.
Salesperson: Will you be putting any cash down?
You: I’ll be more than happy to discuss all of that with the Finance Manager. If you provide me with a credit application I’ll be more than happy to fill that out for the Finance Manager.
Salesperson: The Finance Manager will be with you shortly.
How to Negotiate the Best Auto Loan Rate with the Finance Office
Use this cheat sheet to negotiate the best auto loan rates on new or used cars!
Finance Manager: I assume that you have given some thought to a monthly payment and loan term that will be comfortable to you.
You: I have indeed and I have also secured a pre-approval from my credit union as a possibility for my loan.
Finance Manager: Would you consider financing through us?
You: I would assuming that you can beat the pre-approved rate that I have. Here is the pre-approval terms sheet from my credit union with all the particulars.
Finance Manager: So if I beat the rate you will finance with us?
You: Yes, if you beat it by at least ¼ of a percent. And I promise to at least listen to any finance and protection packages that are available.
Finance Manager: So you are open to some of our programs?
You: Possibly, if we can agree to a reasonable selling price on any items that I think have value. Oh, and if I do buy any products I would at least expect you to give me the buy rate from the bank on my loan. Once again though, you will need to beat my credit union rate by at least ¼ of a percent for me to even consider it.
Finance Manager: Great, let’s get started.
You: I’m all ears.
Finance Manager shares the MENU with additional products.
You: But first, before we go over product benefits, where is my base payment, amount financed, term and interest rate?
Finance Manager shows them to you.
You: Is there a prepayment penalty if I finance with you?
If there is no prepayment penalty, proceed with considering their menu options.
These are products you might see on the menu, and questions to ask:
Vehicle Service Contract (also known as an extended warranty)
Are you getting a fair deal? Remember, CarEdge brings you the LOWEST prices for extended warranties. Get a free quote here!
GAP coverage – In the event of an accident, GAP covers the difference between what a vehicle is currently worth and the amount you actually owe on it.
Does this GAP coverage pay 150% and my deductible?
Maintenance plan – Does this plan cover the major, expensive services or is this basic oil, filter & tire rotations?
Electronics Warranty – Your new car IS a computer on wheels, but be wary of dealer pricing on electronics warranties.
CarEdge offers a low cost Electronics Warranty with all the coverage you need. Get a free quote!
Tire/wheel coverage – Does this also cover cosmetic damage?
Paintless dent repair/windshield repair – Where on the vehicle and how large can the dent/crack be? How many are covered under the policy?
Paint and interior coverage
Key care – Is this 5 years and unlimited keys?
Finance Manager shows you payments
You: (If you don’t see actual product price) Please write the actual product price next to each one.
Finance Manager: It just changes your payment by this much.
You: I see that, but I want to see the actual price of each product to help me make a good decision.
At this point, negotiate prices down on any products you want.
Finance Manager: OK, sign here and here and here.
You: Please print my Bank Contract and Purchase Order first so I can go over them.
Go over each line of your itemized Purchase Order and make sure the bottom line (amount financed) on both documents match!
Free Car Buying Help Is Here
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