The starting price for a new car is generally expected to get higher over time as a model evolves, design facelifts happen, new features are added, and tech gets more and more complex. However, there will always be a handful of models that buck the trend. There can be several reasons for this, ranging from an attempt to reverse poor sales for one particular model to the whole company facing financial difficulties and having to slash prices as a result. Here are seven new cars whose starting price tag for 2024 has gotten smaller instead of bigger compared to 2023:
1 Nissan Ariya
2024 base MSRP: $39,590
2023 base MSRP: $43,190
$3,600 cheaper
The Nissan Ariya does not enjoy the most stellar reputation, particularly when it comes to reliability: it has the lowest J.D. Power Quality and Reliability Rating out of any Nissan SUV currently on sale and one of the highest rates of complaints per 1,000 vehicles sold in the current generation. Two powertrain options are available: the standard FWD Ariya comes with a single front-mounted electric motor, which produces 238 hp. An all-wheel-drive version called the Ariya e-4ORCE is equipped with two motors, one in the front and one in the back, producing a total output of 389 hp.
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There are also a few options available in terms of battery pack and range: while the lowest trim level, the Engage, comes with a range of 216 miles thanks to its smaller battery pack, the next level up (the Venture+) has a larger battery and the longest driving range in the lineup at 304 miles. The Ariya offers Nissan’s safety and driver assistance package, the ProPilot 2.0 suite, as an optional extra; this package allows the option of hands-free operation in a handful of driving situations.
2 Ford Mustang Mach-E
2024 base MSRP: $39,995
2023 base MSRP: $42,995
$3,000 cheaper
The Ford Mustang Mach-E has become a victim of dwindling EV sales, and losing its eligibility for the federal EV tax credit has not helped. As a result, Ford has cut down prices for its 2024 model, which means you can now own a Mustang Mach-E for $3,000 less than last year. While the Mustang Mach-E may have generated a lot of grumbling about wearing such a well-known muscle car nameplate, it certainly is no slouch. The entry-level Select trim is powered by a single electric motor, producing 264 hp (adding the extended-range battery boosts power output to 290 hp). Higher trim levels come with two electric motors and AWD, producing 325 hp (or 365 hp with the extended-range battery). Further up the price range, there are the GT and Rally trim levels (the latter being a new addition for 2024), which both have a total power output of 480 hp.
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3 Tesla Model S
2024 base MSRP: $72,990
2023 base MSRP: $74,990
$2,000 cheaper
Earlier this year, Tesla had to cut prices by up to $2,000 in several markets, including the US, due to a number of challenges affecting the wider electric vehicle industry. EV sales have slowed down dramatically, with all manufacturers struggling to shift to electric models. As a non-traditional automaker with an all-electric lineup, Tesla is especially vulnerable to this phenomenon despite being a household name that accounts for over half of EV sales in the US.
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The increasing availability of more affordable electric vehicles from Chinese manufacturers, which now offer comparable performance and quality at a fraction of the price, is also a looming threat to Tesla’s future and part of the reason behind its decision to cut prices in 2024. One of the vehicles affected by the price cut is the Model S midsize sedan, one of the brand’s oldest cars. Only one trim level is available for 2024, powered by two electric motors producing a total of 670 hp. The high-performance Plaid version also had its price slashed by $2,000, from $89,990 to $87,990; it comes with a tri-motor setup producing a total of 1,020 hp.
4 Tesla Model X
2024 base MSRP: $77,990
2023 base MSRP: $79,990
$2,000 cheaper
The second model in the Tesla family to be affected by the price cut is the Model X SUV, which seats up to seven passengers, although the last row of seats is quite cramped and better suited to children. The Model X is powered by two electric motors, producing a total of 690 hp. Some new additions for the 2024 model include a new steering wheel option (the controversial “yoke” is still available as an option, but for drivers who are not big fans of it, a more traditional flat-bottomed steering wheel is now the default option). The biggest choice to make is between the basic Autopilot function or the misleadingly-named “Full Self-Driving”, which is $6,000 more expensive. Similarly to the Model S Plaid, the Model X’s high-performance Plaid version also received a $2,000 price cut, from $94,990 to $92,990.
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5 Tesla Model Y
2024 base MSRP: $42,990
2023 base MSRP: $43,990
$1,000 cheaper
The last Tesla to see its price tag cut (albeit by $1,000 less) for 2024 is the Model Y, which is based on the Model 3 with a more spacious cabin and SUV body style. Three trim levels are available: the entry-level Standard Range RWD is powered by a single electric motor producing 295 hp. The next level up is the Long Range AWD, which comes with a larger battery pack (hence the name) and a dual-motor setup, producing a total of 425 hp. The fastest model is the Performance, also powered by two motors, with a total output of 455 hp. The Model Y skips the Model X’s Falcon Wing doors in favor of more traditional doors; a tinted panoramic glass roof gives the illusion of a roomier cabin, and a third row of seats is available as an option, although, as is the case with the Model X, there is little chance of adult passengers fitting comfortably in it for a long journey.
6 Hyundai Ioniq 6
2024 base MSRP: $37,500
2023 base MSRP: $41,600
$4,100 cheaper
Hyundai has joined in the EV price slash-fest as well, with substantial cuts to the price tag of its Ioniq 6 sedan. While Hyundai told Car and Driver towards the end of 2023 that the official reason behind the price cuts is “production efficiencies and scale”, there is a possibility they may also be an attempt at staying competitive, in light of Tesla cutting prices for some of its models around the same time.
The entry-level SE Standard Range RWD trim is powered by a single electric motor producing only 149 hp, with a maximum range of 240 miles. This version has received the biggest price cut in the lineup at $4,100. The SE RWD variant with the extended-range battery pack (which gives a 361-mile range) has been given a slightly smaller price cut of $3,050, from $45,500 to $42,450. The remaining trims in the lineup, powered by a dual-motor AWD setup producing 320 hp, have also seen their prices cut between $2,450 and $3,050.
7 Fisker Ocean
2024 base MSRP: $24,999 (as of March; now no longer on sale due to bankruptcy)
2023 base MSRP: $38,999
$14,000 cheaper
EV startup Fisker has been going through serious financial struggles from the start of its journey. The Ocean SUV, first introduced for the 2023 model year, started seeing its price dramatically slashed earlier this year, signaling the company’s woes were pretty extreme indeed. A few months later, in June, the inevitable eventually happened, and the company declared bankruptcy, with the remaining stock being sold off for peanuts in an everything-must-go fire sale.
The latest price cut sees all remaining Oceans being sold off for as little as $2,500 each, but there’s a catch: these cars will not be going to the public but will instead be sold in a lump sum transaction to a company called American Lease, which leases cars to ride-share drivers in New York. American Lease is set to pay $16,500 for each Ocean in like-new condition and just $2,500 per vehicle for some damaged examples, which will also be included in the sale. Here’s hoping the Ocean’s software issues, combined with the company’s demise, don’t lead to an epidemic of bricked vehicles on the streets of New York.