California Dealer Adds Over 100% Markup To Kia EV6

Pricing / 26 Comments

Market adjustments are getting even more out of hand.

The Kia EV6 and its Hyundai Ioniq 5 cousin are exceptional electric vehicles. Both offer appealing exterior styling, well-built cabins, and, most importantly, accessible price points. The Hyundai has a starting price of $43,650 before incentives, making it a great value for money proposition. However, that hasn't stopped opportunistic dealerships from placing hefty market adjustments on top of the price tag.

But it's not just the Hyundai that's fallen victim to this tactic. Even cheaper than the Hyundai, Kia's base EV6 is just $40,900 before incentives. This hasn't stopped a dealership in California from adding a massive markup, though. As pictured below, the MSRP is $59,945 (we assume it's the top-spec GT-Line e-AWD with extras) has been inflated by $27,286, giving the EV6 a final price of $87,231. In other words, this dealer is selling the battery-powered Kia for slightly more than a base model BMW 8 Series Gran Coupe.

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The $27,286 adjustment includes a preparation fee ($999), Phantom Footprints ($599), a door edge guard ($439), and mudguards ($249). The other $25,000 is the markup, which includes a Level 1 charger according to the sticker. The final asking price is remarkably more expensive than the MSRP and is just another example of dealerships are taking advantage of the semiconductor chip crisis.

To be fair, it's not just Hyundai and Kia dealerships applying this questionable strategy. With high demand for the F-150 Lightning, Ford dealers are taking advantage of the situation, with some charging as much as $30,000 over the base price. However, manufacturers are fighting back. The Blue Oval's CEO Jim Farley is not happy, issuing a warning to those who inflate prices. "We have very good knowledge of who they are, and their future allocation of [the] product will be directly impacted."

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Kia and other carmakers should take a page out of Farley's book and send a clear message to greedy dealerships. At the end of the day, it's the consumer that suffers, paying far more than they should. Perhaps the way forward is to adopt a direct sales method, already used by electric vehicle companies such as Tesla and Rivian. This is something that dealer lobbies aren't too pleased about, arguing that customers benefit from several advantages from franchise dealerships, including warranty repairs and pricing competition. Fair points, but the pillaging every cent from the buyer is no good either.

Market adjustments aside, Kia's EV6 is a superb electric vehicle. With up to 310 miles of range and impressive equipment levels, the Korean newcomer is set to give its established rivals from Volkswagen and Ford a real fight. We just hope that customers who are keen on purchasing the all-electric SUV aren't desperate enough to fall for inflated prices from greedy dealers.

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2022 Kia EV6

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