Seven Vehicles That Became More Affordable In 2024 Compared To 2023

Typically, the initial price for a brand-new vehicle is anticipated to rise as time goes on due to model advancements, design updates, incorporation of new features, and the increasing complexity of technology. However, there are always a few models that defy this trend. This can be attributed to various factors, from efforts to boost sales for a specific model that has been struggling, to the entire company experiencing financial challenges and consequently reducing prices. Here are seven new vehicles whose starting price for 2024 has decreased instead of increased compared to 2023:

1 Nissan Ariya

2024 starting MSRP: $39,590

2023 starting MSRP: $43,190

$3,600 less expensive

The Nissan Ariya does not have the most impressive reputation, especially in terms of reliability: it holds the lowest J.D. Power Quality and Reliability Rating among all Nissan SUVs currently available for purchase and has one of the highest complaint rates per 1,000 vehicles sold in its current generation. There are two powertrain options: the standard FWD Ariya features a single electric motor mounted in the front, producing 238 hp. An AWD version named the Ariya e-4ORCE is fitted with dual motors, one in the front and one in the rear, delivering a combined output of 389 hp.

Several choices are available regarding battery pack and driving range: the lowest trim level, the Engage, offers a range of 216 miles thanks to its smaller battery pack, while the next level (the Venture+) comes with a larger battery and the most extended range in the lineup at 304 miles. The Ariya also provides Nissan’s safety and driver assistance package, the ProPilot 2.0 suite, as an optional feature; this package enables hands-free operation in certain driving scenarios.

2 Ford Mustang Mach-E

2024 starting MSRP: $39,995

2023 starting MSRP: $42,995

$3,000 less expensive

3
Tesla Model S

2024 base MSRP: $72,990

2023 base MSRP: $74,990

$2,000 cheaper

The escalating availability of more budget-friendly electric vehicles from Chinese manufacturers, which currently deliver equivalent performance and quality at a reduced cost, pose a forthcoming challenge to Tesla’s prospective and contribute to its determination to reduce prices in 2024. One of the cars impacted by the price reduction is the Model S midsize sedan, one of the company’s eldest vehicles. Solely one trim level is accessible for 2024, energized by two electric motors generating a collective 670 hp. The high-capacity Plaid model also encountered a $2,000 price decrease, declining from $89,990 to $87,990; it encompasses a tri-motor configuration producing an overall 1,020 hp.

4 Tesla Model X

2024 starting price: $77,990

2023 starting price: $79,990

$2,000 less expensive

The subsequent model in the Tesla lineage to be influenced by the price deduction is the Model X SUV, which accommodates up to seven individuals, although the third row of seats is somewhat confined and more appropriate for youngsters. The Model X is propelled by two electric motors, generating a total of 690 hp. Some new features included in the 2024 model consist of a new steering wheel alternative (the contentious “yoke” remains an option, but for drivers unenthusiastic about it, a more conventional flat-bottomed steering wheel is now the standard selection). The primary decision to make is between the fundamental Autopilot function or the deceptively labeled “Full Self-Driving”, which incurs an additional cost of $6,000. Analogous to the Model S Plaid, the Model X’s high-capacity Plaid version also underwent a $2,000 price cut, decreasing from $94,990 to $92,990.

5 Tesla Model Y

2024 starting price: $42,990

2023 starting price: $43,990

$1,000 less expensive

The final Tesla that has encountered a reduction in its price tag (though by a lesser amount of $1,000) for 2024 would be the Model Y, which takes inspiration from the Model 3 while offering a more expansive interior and SUV-style body. There are three different trim options available: the basic Standard Range RWD model is propelled by a single electric motor generating 295 hp. Succeeding this is the Long Range AWD version, equipped with a larger battery pack (hence the name) and a dual-motor configuration, providing a total output of 425 hp. Topping the line-up is the Performance model, also featuring dual motors with a combined power output of 455 hp. In comparison to the Model X, the Model Y forgoes the Falcon Wing doors in favor of conventional doors; the presence of a tinted panoramic glass roof creates an impression of a more spacious cabin, and an optional third row of seats is available, although much like the Model X, it is unlikely that adults will find it comfortable for extended journeys.

6 Hyundai Ioniq 6

Starting MSRP for 2024: $37,500

Starting MSRP for 2023: $41,600

A $4,100 reduction

Hyundai has also initiated a price reduction in their EV lineup, with significant decreases in the cost of their Ioniq 6 sedan. While Hyundai informed Car and Driver towards the end of 2023 that the primary rationale behind these price adjustments is “production efficiencies and scale,” it is possible that they are also aiming to remain competitive, especially given Tesla’s similar price cuts for some models during the same period.

The introductory SE Standard Range RWD variant runs on a single electric motor that produces 149 hp and offers a range of 240 miles. This model has seen the most substantial price cut in the lineup at $4,100. The SE RWD version with the extended-range battery pack (providing a 361-mile range) has received a slightly smaller reduction of $3,050, bringing the price down from $45,500 to $42,450. The other trims in the range, powered by a dual-motor AWD system generating 320 hp, have also witnessed price reductions ranging from $2,450 to $3,050.

7 Fisker Ocean

Starting MSRP for 2024: $24,999 (as of March; no longer available due to bankruptcy)

Starting MSRP for 2023: $38,999

Price reduced by $14,000

Fisker, the electric vehicle startup, has faced significant financial challenges right from the beginning. The Ocean SUV, initially released for the 2023 model year, started witnessing a considerable reduction in price earlier this year, indicating the company’s financial struggles were quite severe. Several months later, in June, the inevitable occurred, and the company went bankrupt, with the remaining inventory being liquidated at extremely low prices during a clearance sale.

The most recent price markdown offers all the remaining Ocean vehicles at as low as $2,500 each. However, there’s a twist: these cars won’t be available to the public but will instead be sold in bulk to a company called American Lease, which specializes in leasing vehicles to ride-share drivers in New York. American Lease is willing to pay $16,500 for each Ocean in flawless condition, while damaged units will be included in the deal at a mere $2,500 per vehicle. Hopefully, the software glitches in the Ocean, coupled with the company’s downfall, won’t result in a wave of disabled vehicles appearing on the roads of New York.