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Electric vehicles among all top winners in AAA car buying guide

The electric vehicle market is growing, with EVs taking the top spot in AAA’s buying guide. (iStock)

The all-electric Mercedes-Benz EQS 580 4MATIC SUV has been named 2023’s Car of the Year. AAA AwardAll of this year’s winning vehicles are non-gasoline vehicles – electric cars, plug-in electric cars or hybrids.

AAA releases the list each year to provide information to consumers looking to buy a new car in the coming months.

“Our research is designed to help consumers make informed decisions when purchasing a new vehicle, and the 2024 AAA Car Guide is here to help consumers navigate this evolving auto market by ranking and rating the latest vehicles,” said Megan McKernan, AAA’s Automotive Research Center Manager.

The report covers a range of vehicle sizes and types, including compact cars, trucks, SUVs, and cars in specific price ranges.

Other winners of this year’s AAA Awards are:

Categories vehicle
whole 2023 Mercedes-Benz EQS 580 4MATIC SUV (Electric Vehicle)
Compact 2023 Volvo S60 Recharge Ultimate Black Edition (Plug-in Hybrid)
Medium 2023 Mercedes-Benz EQE 350 4MATIC Sedan (Electric Vehicle)
Large vehicles 2023 BMW i7 xDrive60 (electric vehicle)
pick-up truck 2023 Ford F-150 Lightning Lariat (Electric)
Small SUV 2023 Hyundai IONIQ 5 Limited (electric vehicle)
Mid-size SUV 2023 Genesis Electrified GV70 Prestige (Electric Vehicle)
Large SUV 2023 Mercedes-Benz EQS 580 4MATIC SUV (Electric Vehicle)
Best Under $40,000 2023 Honda CR-V Sport Touring (Hybrid)
Best between $40,000 and $60,000 2023 Hyundai IONIQ 5 Limited (electric vehicle)
Over $60,000 2023 Mercedes-Benz EQS 580 4MATIC SUV (Electric Vehicle)

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Many drivers are spending more than 30% of their monthly income on car loans, and auto insurance costs are rising.

The electric vehicle market is growing, but only in some markets

AAA research proves that electric vehicles are strong contenders in today’s car-buying market. Electric vehicles are expected to account for 18% of all cars sold in 2023. The International Energy Agency (IEA).

According to the IEA, Europe, China and the United States account for the majority of the electric vehicle market, with 95% of electric vehicles (EVs) sold in these regions.

By 2023, 14 million electric vehicles will be registered worldwide, of which 60% will be in China, just under 25% in Europe, and 10% in the United States.

European and Chinese markets have long had EVs and drivers are accustomed to driving them, while the U.S. is finally seeing an uptick in EVs as more companies produce them at lower cost.

The number of EV models is set to increase by 15% by 2023. Currently, there are around 600 models for drivers to choose from.

Don’t overpay for car insurance for your EV. Credible lets you compare rates and lenders with the click of a button.

More consumers buying new auto insurance to save money: JD Power report

Electric vehicle prices fall amid growing competition

Some electric vehicle manufacturers are lowering prices in response to increased production volumes, and companies such as Tesla and Li Auto are struggling to make a profit on some of their EV models amid increased competition.

Tesla has struggled more than other companies. Shares fell 3% Tesla recently significantly slashed the prices of some of its models. Reduce the price by $2,000 It is installed in Model Y, Model X, and Model S vehicles.

In China, Li Auto has also cut prices of its L7, L8 and L9 models by up to 30,000 RMB (equivalent to just over US$4,000).

Overall EV prices have fallen 31.8% since last year. iSeeCars Survey This is much higher than the 3.6% drop in used car prices for non-electric vehicles.

“While used-car buyers are noticing some declines in vehicle prices, they are still well above the pre-pandemic average used-car price of roughly $20,000 and show no signs of returning to those levels anytime soon,” said Karl Brauer, executive analyst at iSeeCars.

“The dramatic decline in prices of used electric vehicles is largely due to Elon Musk’s aggressive price cuts on new Tesla vehicles and reflects how much influence Tesla continues to have on the electric vehicle market,” Brauer said.

Prices for new Teslas have fallen recently, but so have used car prices for many Tesla models. Prices for used Teslas have fallen 28.9%, according to iSeeCars.

Comparing multiple insurance quotes could save you hundreds of dollars per year. Don’t waste your money. Visit Credible today to compare quotes for free.

Buying a new car and saving for an emergency are top goals for Americans: survey

Do you have a finance-related question but don’t know who to ask? Email a trusted money expert email address: Your question might be answered in Credible’s Money Expert column.

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