Electric Cars With The Richest Cash Rebates For October

Though sales of electric cars are on the upswing, with no fewer than 15 new models reaching the market this year, the added competition is driving down their transaction prices. Led by Tesla’s recent price cuts on its most popular models, the Model 3 and Model Y, Cos Automotive reports that the average out-the-door EV price has fallen from $65,000 a year ago to $50,683.

In addition to the forces of supply and demand, recent EV price cuts are further being fueled by a (at least for buyers) welcome increase in automakers’ incentives, especially cash rebates and other deals on models that otherwise do not qualify for the one-time federal tax credit of $7,500. Last month these spiffs accounted for 9.8% of the segment’s average transaction price.

How sweet are automakers’ deals on EVs these days? Astute shoppers can take advantage of cash-back rebates as lucrative as $20,000 on the Audi RS e-tron GT.

We’ve compiled a list of the cash rebates being offered this month on some of the most desirable electric cars, trucks and SUVs. Most are good through the end of the month. Also take note that many brands that are otherwise exempted from the federal tax credit, including BMW, Genesis, Hyundai, Kia and a few others, are taking advantage of a loophole in the legislation that allows them to grant those leasing, rather than buying an EV, $7,500 bonus cash to help reduce down payments and/or monthly outlays.

And as always, be aware that new-car rebate programs often vary by region to address local supply and demand issues, and additional offers are often available to recent college graduates and military members, so be sure to check automakers’ websites and contact area dealerships to verify what’s being offered locally.

Best Electric Vehicle Cash-Back Rebate Deals For October.