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 generous rebates of $7,500 on its EV lineup, and Audi is maintaining $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:
Ariya: 0% financing for 72 months
Leaf: 4.9% financing for 60 months
R1S: 0% financing for 60 months
R1T: 0% financing for 60 months
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.