Now that the one-time $7,500 federal tax credit/rebate on full-electric vehicles expired on October 1 as part of the so-called “Big Beautiful Budget Bill,” automakers are shifting gears to withstand or even prevent what is expected to be a major sales decline.
While the tax credit only applied to a relative handful of models that met certain criteria for price and domestic content, it prompted automakers to offer generous incentives of their own to remain competitive. These included cut-rate lease deals fueled by a loophole in the tax credit legislation that enabled automakers to pass along all or part of the $7,500 credit to those leasing an EV that didn’t otherwise qualify for the credit.
According to Cox Automotive, the average EV sold for $57,245 in August, which is a steep $9,066 premium over a comparable gasoline-fueled model. The company expects EV market share to approach the 10% mark in 2025, with the potential to hit 25% by 2030 if automakers are able to manage their production costs and deliver more affordable models with realistic levels of performance and battery range.
To that end, Nissan recently took the wraps off of its deftly redesigned Leaf EV with a starting sticker price at just under $30,000, while at the same time announcing it would discontinue the pricier Ariya. Chevrolet is adding a revived version of what should be a similarly priced Bolt EV to anchor a line that already includes full electric versions of the Equinox and Blazer SUVs.
In the meantime, automakers are continuing to offer generous incentives to maintain sales momentum in a post-tax-credit market.
For its part, BMW is offering $7,500 cash rebates on its EV lineup, and Audi is giving buyers and lessees a $6,000 rebate on its core electric models. Kia and Hyundai are going full steam ahead with regard to incentives, with cash rebates as rich as $9,000 on the Kia EV6 and EV7 and $11,000 on the Hyundai Ioniq 5.
Here’s all the deals we could find on the full range of electric cars, trucks and SUVs, with most good through November 3:
Audi
- A6 e-tron: $6,000 cash back or $6,000 lease bonus cash
- Q4 e-tron: $6,000 cash back or $6,000 lease bonus cash
- Q6 e-tron: $6,000 cash back or $6,000 lease bonus cash
BMW
- iX: $7,500 cash back, plus $2,000 conquest cash back, plus 3.99% financing or 60 months
- i4: $7,500 cash back plus, $2,000 conquest cash back, plus 2.99% financing for 60 months
- i5: $7,500 cash back, plus $2,000 conquest cash back, plus 3.99% financing for 60 months
- i7: $7,500 cash back, plus $5,000 conquest cash back, plus 3.99% financing for 60 months
Cadillac
- Lyriq: 2.9% financing for 60 months or $2,000 conquest cash back
- Optiq: 2.9% financing for 60 months or $2,000 conquest cash back
- Vistiq: 2.9% financing for 60 months or $2,000 conquest cash back
Chevrolet
- Blazer EV: $3,500 cash back, plus $1,250 conquest cash back, or 0% financing for 60 months
- Equinox EV: $3,000 cash back, plus $1,250 conquest bonus, or 0% financing for 60 months
- Silverado EV: 0% financing for 60 months, plus $250 conquest bonus
Dodge
- Charger EV: $7,750 cash back, or $7,750 lease bonus cash, or 0% financing for 72 months
Ford
- Mustang Mach-E: $2,000 cash back plus 0% financing for 72 months
- F-150 Lightning: $2,000 cash back plus 0% financing for 72 months
Genesis
- GV60: $7,500 cash back, or $7,500 lease bonus cash, or 0.0% financing for 60 months
- Electrified GV70: $5,000 cash back, or 0.0% financing for 60 months
Honda
- Prologue: 0% financing for 60 months
Hyundai
- Ioniq 5: Up to $11,000 cash back, or 1.99% financing for 72 months
- Ioniq 6: Up to $7,500 cash back, or 0% financing for 48 months
- Ioniq 9: Up to $5,000 cash back, or 1.99% financing for 60 months
- Kona Electric: Up to $7,500 cash back, or 0.99% financing for 48 months
Jeep
- Wagoneer S: $7,750 cash back, or 0% financing for 72 months
Kia
- EV6: $9,000 cash back, or 0% financing for 72 months plus $2,000 cash back
- EV9: $9,000 cash back, or 0% for 72 months plus $2,000 cash back
- Niro EV: $8,500 cash back, or 0% for 72 months plus $2,000 cash back
Mercedes-Benz
- EQB: 1.99% financing for 36 months
- EQE: 1.99% financing for 36 months
- EQS: 1.99% financing for 36 months
Nissan
- Ariya: 0% financing for 72 months
- Leaf: 4.9% financing for 60 months
Rivian
- R1S: 0% financing for 60 months
- R1T: 0% financing for 60 months
Toyota
- bZ: $5,000 cash back, or 0.0% financing for 72 months, or $6,000 lease bonus cash
Tesla
- Cybertruck: 2.49% financing for 60 months, or $6,500 lease bonus cash
- Model 3: 2.9% financing for 60 months, or $6,500 lease bonus cash
- Model Y: 3.99% financing for 60 months, or $6,500 lease bonus cash
Volkswagen
- ID.4: $5,000 cash back, or $5,000 lease bonus cash, or 0% financing for 72 months
- ID.Buzz: $2,500 cash back, or $2,500 lease bonus cash, or 3.9% financing for 60 months
Volvo
- EX30: $1,000 cash back plus 2.99% financing for 72 months, or $2,500 lease bonus cash
- EX40: $1,000 cash back plus 2.99% for 72 months, or $8,500 lease bonus cash
- EX90: $2,000 cash back, or $12,000 lease bonus cash
Note that in addition to those noted above, automakers often also grant special cash-back rebates for current owners (“loyalty”), those driving competitors’ vehicles (“conquest”), members of the military and first responders. And be aware that incentives may vary from one part of the country to another to address supply and demand issues. Check automakers’ websites under a “Special Offers,” “Local Deals” or similar tab for details on what’s being offered locally. And take note that the best financing and leasing deals are reserved for those having top credit scores.
