The average price paid for an electric vehicle in February was $52,314, down from a revised $54,863 in January, according to to newly revised electric vehicle (EV) transaction price data from Cox Automotive and Kelley Blue Book.

EV transaction prices in February were lower year over year by 12.8%, an accelerating decline compared to January when prices were lower year over year by 11.6%.

“Our research continues to show that price remains a significant barrier for consumer adoption,” said Stephanie Valdez Streaty, director of industry insights at Cox Automotive, in a news release. “While the higher inventory levels and increased competition continue to drive down the price premium of EVs, it’s important to acknowledge that EVs remain priced above mainstream non-luxury vehicles by nearly 19%.”

The market’s general EV price decline has been led in part by the two most popular EVs in the U.S. – the Tesla Model 3 and Model Y.

Transaction prices for the Model Y last month, estimated at $49,363, were the lowest on record and were lower versus February 2023 by 16.2%.

Model 3 transaction prices last month, at $43,614, were lower year over year by 12% and near the lowest level on record. High incentives and discounts on most models also continue to play a major role in lower EV prices.