Automakers Are Offering Some Eye-Popping Incentives To Spur EV Sales

Though full-electric vehicle sales continue to struggle, they’re being buoyed a bit as automakers are digging deep into their corporate purses to offer what have become sizeable incentives. And that’s not counting the dealership’s discount, the value of the one-time federal tax credit that applies to certain models (at least for the time being) and any state-specific incentives that may apply.

According to Cox Automotive, the average electric vehicle incentive package amounted to 14.8% of the segment’s average transaction price last month, which translates into an instant $8,162 discount. That’s the richest EV incentives have been in over five years and is more than twice the average for the overall new-vehicle market.

Cut-rate financing deals are prevalent across the board, with many models offering loan rates as low as 0.0% for four, five and even six-year terms. The Audi RS e-tron GT quattro and Kia EV9 from the 2024 model years are being offered with the biggest cash rebates this month at $12,000 and $11,000, respectively.

And in some cases, some automakers’ incentives stack on top of the one-time $7,500 federal tax credits for the relatively few models that still qualify for them. They’re limited to EVs that meet domestic content and assembly restrictions and transaction prices ($55,000 max for passenger cars and $80,000 for trucks and SUVs), and are subject to household salary thresholds. What’s more, as of January 1 EV buyers can either choose to claim the credit on the following year’s tax return or have it deducted directly from the transaction price.

In addition, many import brands that do not qualify for the federal EV tax credit have implemented work-arounds to help level the playing field via their leasing programs. The Inflation Reduction Act that put the kibosh on so many models’ eligibility also extended them to commercial fleets (which in this case includes automakers’ captive financing arms) that are allowed to claim the tax credit without limitations and pass all or part of it along to lessees.

Scroll down to learn which full-electric cars, pickup trucks and SUVs are offering the best cash-back rebates and financing deals, and/or qualify for the $7,500 federal tax credit. Take note that automakers’ incentives often vary from one part of the country to another, usually to address regional supply and demand issues, so be sure to check individual brands’ websites under a “local values” or “special offers” tab to see what’s being offered locally. Also keep in mind that cut-rate financing deals are typically restricted only to those having top-tier credit scores and qualifying incomes.

Best EV Cash-Back And Financing Deals For March

• 2024/2025 Acura ZDX: $7,500 tax credit
• 2024 Audi e-tron GT quattro: $7,500 cash back, or 0.99% financing for 60 months
• 2024 Audi RS e-tron GT quattro: $12,000 cash back, or 0.99% financing for 60 months
• 2024/2025 Audi Q4 e-tron 45 quattro: $2,000 cash back, or 0.99% financing for 60 months
• 2024/2025 Cadillac LYRIQ: $7,500 tax credit
• 2024/2025 Chevrolet Blazer: $7,500 tax credit (LT, RS and SS trims)
• 2024 Chevrolet Equinox EV: $7,500 tax credit plus 0.0% financing for 60 months
• 2024 Chevrolet Silverado EV: 0.0% financing for 60 months
• 2025 Chevrolet Silverado EV (LT trim): $7,500 tax credit
• 2024 Ford F-150 Lightning: $7,500 tax credit (Flash, Lariat and XLT trims) plus $3,000-$5,000 cash back
• 2024 Ford Mustang Mach-e: $2,500 cash back
• 2025 Genesis Electrified GV70: $10,000 cash back
• 2025 Hummer EV Pickup/SUV: $3,000 cash back, or 0.0% financing for 60 months
• 2024 Honda Prologue: $7,500 tax credit plus 0.0% financing for 60 months
• 2025 Honda Prologue: $7,500 tax credit
• 2024/2025 Hyundai Ioniq 5: $7,500 cash back, or 0.99% financing for 60 months
• 2024/2025 Hyundai Ioniq 6: $7,500 cash back, or 0.0% financing for 60 months
• 2025 Hyundai Kona Electric: $7,500 cash back, or 0.99% financing for 48 months
• 2025 Jeep Wagoneer S: $7,500 cash back plus 1.9% financing for 72 months
• 2024 Kia EV6: $10,000 cash back, or 0.0% financing for 72 months plus $1,000 cash back
• 2005 Kia EV6: $7,500 tax credit
• 2024 Kia EV9: $11,000 cash back, or 0.0% financing for 72 months plus $2,000 cash back
• 2025 Kia EV9: $10,000 cash back, or 0.0% financing for 72 months plus $1,000 cash back
• 2025 Kia Niro EV: $8,500 cash back, or 0.0% financing for 72 months plus $1,000 cash back
• 2025 Kia Niro EV: $7,500 cash back, or 0.0% financing for 72 months
• 2024/2025 Lexus RZ 450e: 0.0% financing for 48 months
• 2024/2025 Nissan Ariya: $7,500 cash back or 0.0% financing for 72 months
• 2025 Nissan Leaf: $8,500 cash back
• 2024/2025 Nissan Solterra: 0.0% financing for 72 months
• 2025 Tesla Cybertruck: $7,500 tax credit
• 2025 Tesla Model 3: $7,500 tax credit plus 0.0% financing for 60 months
• 2025 Tesla Model X: $7,500 tax credit
• 2025 Tesla Model Y: $7,500 tax credit
• 2025 Toyota bZ4X: 0.0% financing for 72 months
• 2025 Volkswagen ID.4: $5,000 cash back, or 0.0% financing for 72 months