The 2023 Audi RS e-tron GT is being offered this month with the segment’s most lucrative cash … [+]
Electric car sales are surging, as evidenced by the introduction of 15 new models to the market this year. However, increased competition in the industry has led to a decline in transaction prices. This trend has been further driven by the recent price reductions from Tesla, particularly on their popular models – the Model 3 and Model Y. According to Cox Automotive, the average out-the-door price for an electric vehicle (EV) has dropped from $65,000 a year ago to $50,683.
One factor contributing to the decrease in EV prices is the increase in incentives provided by automakers. These incentives, such as cash rebates, are particularly attractive because they apply to models that do not qualify for the federal tax credit of $7,500. In fact, cash-back rebates for EVs accounted for 9.8% of the segment’s average transaction price last month.
How generous are the deals on EVs these days? Well, shoppers can take advantage of cash-back rebates as high as $20,000 on the Audi RS e-tron GT.
We have compiled a list of the cash rebates available this month for some of the most desirable electric cars, trucks, and SUVs. Most of these offers are valid until the end of the month. It is important to note that certain automakers, such as BMW, Genesis, Hyundai, Kia, and others, are taking advantage of a loophole in the legislation that allows them to offer a $7,500 bonus cash for leasing an EV, thereby reducing down payments and monthly expenses.
Keep in mind that new-car rebate programs may vary by region to address local supply and demand issues. Additionally, additional offers may be available for recent college graduates and military members. To ensure accuracy, please check the automakers’ websites and contact local dealerships to verify the current offers.
Best Electric Vehicle Cash-Back Rebate Deals For October
- 2023 Audi RS e-tron GT: $20,000
- 2023 Audi e-tron GT: $12,500
- 2024 Audi RS e-tron GT: $12,500
- 2023 Ford Mustang Mach-E (GT only): $9,250
- 2023 Ford F-150 Lightning (Lariat only): $7,500
- 2023 Hyundai Ioniq5: $5,000
- 2023 Hyundai Ioniq6: $5,000
- 2023 Kia EV6: $5,000
- 2023 Kia Niro: $3,750
- 2024 Audi Q4 e-tron: $3,000
- 2024 Audi Q8 e-tron Sportback: $3,000
- 2024 Audi Q4 e-tron Sportback: $2,000
- BMW iX xDrive50: $2,000
- 2024 Audi SQ8 e-tron: $1,500
- 2024 Audi SQ8 e-tron Sportback: $1,500
- 2023 Genesis Electrified GV80: $3,750 (financing bonus)
- 2023 Toyota bZ4X: $2,500 (financing bonus)
- 2023 Genesis Electrified GV80: $1,500 (competitive owner bonus)
- 2023 Genesis Electrified GV80: $1,000 (loyalty bonus)
- 2023 Genesis Electrified GV70: $1,500 (competitive owner bonus)
- 2023 Genesis Electrified GV70: $1,000 (loyalty bonus)
- 2023 Nissan Ariya: $1,000 ($3,750 financing bonus)
- 2023 Nissan Leaf: $1,000
- 2023 Polestar 2: $1,000
- 2023 Volvo C40 Recharge: $1,000 (loyalty bonus)
- 2023 Volvo XC40 Recharge: $1,000 (loyalty bonus)
- 2023 Volkswagen ID.4: $1,000
- 2023 Hyundai Kona Electric: $750
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