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These Are The Best Deals In Electric Vehicles Right Now

Published

July 17, 2023

Quite literally the day after Elon Musk announced that the long awaited—and long overdue—Tesla Cybertruck was finally going into production, Ford announced some hefty price cuts for the full-size and full-electric F-150 Lightning pickup truck as rich as nearly $10,000, depending on the trim and battery capacity.

This follows a year that’s seen multiple Tesla EV price adjustments, with both the Model S and Model X dropping by roughly $10,000 in January and the Model Y SUV receiving a $13,000 slash in order to make it eligible for the current federal tax credit incentive program. Tesla’s lowest-cost vehicle, the Model 3 sedan, is now priced at $40,340, or effectively $32,740 for those who can claim the tax credit.

Deals on EVs are becoming more prevalent due to inventories that have increased by around 350% this year, according to Cox Automotive. With more full-electric models reaching the marketplace, and sales yet to keep pace, dealerships are reportedly sitting on an average 92-day supply of EV’s, which is nearly twice the industry average.

On top of dealer discounts, automakers’ incentives on EVs—including cash rebates and cut-rate financing deals—are on the rise. We’re counting down the best of them below.

And that’s on top of the aforementioned federal tax credit of up to $7,500 for those purchasing one of the relative few EVs that are assembled in the U.S. and meet other limitations with regard to battery manufacture and sticker price. We’re featuring them in a separate list.

While that tends to eliminate EVs built abroad and those exceeding $50,000 for passenger cars and $80,000 for trucks and SUVs, some automakers whose EVs would not otherwise qualify for the program are able to pass the $7,500 credit via their leasing programs. By law, a commercial leasing entity (in this case an automaker’s captive financing unit) as the de facto “owner” is allowed to claim the tax credit and pass it along to a lessee to reduce his or her monthly payments. We’re also noting which models are being offered with what amounts to leasing bonus cash.

Here’s a quick rundown of the best financing and cash rebate deals of the month being offered on electric vehicles (some may vary by region—check with a local dealer for details and eligibility):

Ford F-150 Lightning: Finance for 1.9% for 36 months plus $500 bonus cash; qualifies for $7,500 tax credit.
Ford Mustang Mach-e: Finance for 2.9% for up to 60 months plus $500 bonus cash; qualifies for $3,750 tax credit.
Hyundai Ioniq 5: Finance for 0.99% financing for 48 months, plus up to $2,500 cash back for current Hyundai owners and lessees.
Hyundai Ioniq 6: Finance for 0.99% financing for 48 months, plus up to $2,500 cash back for current Hyundai owners and lessees.
Kia EV6: Finance for 0.9% for 48 months or $3,750 cash back.
Kia Niro EV: Finance for 0.9% for 48 months or $3,750 cash back.
Nissan Ariya: Finance for 2.99% for 36 months plus up to $3,750 bonus cash or $1,000 cash back.
Nissan Leaf: Finance for 2.99% for 36 months; qualifies for $7,500 tax credit.

Here are the electric vehicles that still qualify for the one-time federal tax credit ($7,500 unless otherwise noted), subject to sticker price and buyer-income limitations:

Cadillac Lyriq
Chevrolet Blazer EV (2014)
Chevrolet Bolt EV
Chevrolet Bolt EUV
Chevrolet Equinox EV (2014)
Chevrolet Silverado EV (2014)
Ford Mach-E ($3,750)
Ford F-Series Lightning
Ford E-Transit Van
Lucid Air
Nissan Leaf
Rivian R1S
Rivian R1T
Tesla Model 3
Tesla Model Y
Volkswagen ID.4

In addition to the above models, these are the EVs that would not otherwise qualify for the federal tax credit for purchasers, but are able to pass along the $7,500 to leasing customers as a capital cost reduction: