Jaguar
- EVs from Chevrolet, Jaguar, Audi, and Nissan are seeing thousands of dollars in discounts right now.
- A 2019 Audi E-Tron can be had for nearly $20,000 off.
- When shopping for an EV, consider leasing it, since “factory discounts and rebates tend to favor the lease,” car buying expert Tom McParland told Business Insider.
- Visit Business Insider’s homepage for more stories.
Just because it’s currently a seller’s market doesn’t mean that you still can’t score a good deal on a new car — especially if you go electric. Save the planet, save some money, make the neighbors jealous. Everyone wins!
When you think of buying an EV, your mind might automatically flash to a Tesla. And while Elon Musk makes some very good cars, they aren’t the only options to consider.
EV deals
Consider, for example, the Chevrolet Bolt EV. Jalopnik’s Tom McParland discovered in September that Chevrolet is currently offering a combination of 0% APR for 72 months and $4,250 cash back or up to an $8,500 cash allowance. This applies to the remaining 2020 Bolts.
But the savings don’t stop at the Bolt. McParland, who runs a car-buying service called Automatch Consulting, emailed Business Insider some additional deals for you to consider, as well as a few tips for buying an EV.
Right now, you can find 2020 Nissan Leafs (Leaves?) for about $16,000 off, 2020 Jaguar I-Paces for around $10,000 off, and 2019 Audi E-Trons for nearly $20,000 off. These are generally slow-selling models that aren’t as popular with buyers, hence all the incentives.
But just because something isn't a hot-seller doesn't mean it's bad. The Nissan Leaf, for one, is a wonderfully darty little EV. And if you're staying at home most days, now's a great time to start weaning yourself off of gasoline.
The tax credit
A big consideration for many when purchasing an EV is the potential $7,500 tax credit from the federal government on certain EVs and plug-ins. This isn't automatically applied to any and all EVs — it comes down to the size of the battery and how many cars the automaker has managed to sell. The current threshold is 200,000 cars before the available credit starts getting phased out. Tesla and General Motors, for example, have already hit their sales caps, so you won't get the full credit if you go for a Model 3 or Bolt.
Automakers such as Jaguar and Audi haven't yet hit that threshold, so you might qualify for a post-sale tax credit if you buy a car from them.
However! "Buyers should be aware that this tax credit is not deducted from the price of the vehicle at the time of purchase, but rather is given when you file your taxes for that calendar year," said McParland. "You also need to have a certain tax obligation to qualify for the credit."
He recommended talking to a tax professional for more information.
Leasing an EV
If you don't want to buy the EV outright, consider leasing. This would make a lot of practical sense, since EV tech changes so fast and consumers typically want the latest and best technology as soon as it comes out.
"Factory discounts and rebates tend to favor the lease," McParland pointed out. "The other key benefit to leasing is you often get the tax credit up front that reduces the purchase price versus later on a financed purchase. This usually makes the leases on these things pretty great values when you compare the payments to the MSRP."
Cast a wide net and get an itemized quote
As with all car shopping, whether you're buying or leasing, it's worth taking the time to research and look at a lot of options. McParland said he's seen huge differences in discounts and pricing from one part of the country to another.
"However," he cautioned, "buyers need to be careful about prices that seem too good to be true." You know how it is. If it's too good to be true, that's probably because it is.
Oftentimes, what will happen is dealers will apply rebates such as loyalty, military, and sometimes even the tax credits into their online pricing, which makes the "real" deal not as good as it first appears to be. The moral here is to regularly read the fine print and ask lots of questions.
As a last piece of advice, McParland said, "Always get itemized quotes before you proceed with a deal."