The EV market has cooled over the past year. In quarter four of 2025, total electric vehicle (EV) sales declined by 46%, according to Cox Automotive.
This, coupled with the elimination of federal tax incentives, has resulted in a sharp market decline. So, what does that leave people itching for an electric car?
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If you’re in the market for an EV, here are three reliable models that will have massive price drops ahead of spring 2026.
Hyundai IONIQ 5
Hyundai has announced price drops across various makes and models, including the IONIQ 5. The base pricing is expected to be cut by $7,600 to $9,800, depending on which trim level you choose.
“Compared to a year ago, the Ioniq has had prices slashed by over 20%,” said Melanie Musson, auto industry expert with AutoInsurance.org. “That more than makes up for the elimination of the EV tax credit. Hyundai has had to make the IONIQ 5 more competitive with other vehicles in the market, and these price drops accomplish that.”
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Nissan Leaf
Nissan is cutting prices due to sluggish demand and increasing EV competition. The Leaf, in particular, is expected to have its base model cut by around $2,800, per Cars Direct. With the recent price drop, the Nissan Leaf is one of the most affordable EV models on the market.
“The Nissan Leaf is coming out with a new base model that will be significantly lower than the previous base model,” said Musson. “Nissan is committed to offering the most affordable EV while still providing reliability and range, so they’ve cut unnecessary costs and made the Leaf the vehicle to beat on budgets.”
Tesla Model S
The Tesla Model S has faced significant demand declines over the past few years, leading Tesla to completely phase out production, according to Motley Fool. This means that remaining models on the market will have massive price drops ahead of spring 2026.
“Although there haven’t been any announced price cuts, the Model S’s rapid depreciation makes it undesirable for many buyers,” said Musson. “If the MSRP drops, depreciation should ease, making the model more popular. So, don’t be surprised if you see incentives and price cuts on the Model S this Spring.”
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This article originally appeared on GOBankingRates.com: 3 Reliable EVs that Will Have Massive Price Drops Ahead of Spring 2026
