Last week, the Biden administration restricted the eligibility criteria for the $7,500 federal EV tax credit in an attempt to reduce trade with China. This move has prompted some automakers to offer their own discounts for EV shoppers.
Kia, for example, is now offering a $7,500 Customer Cash rebate for 2023 EV6 purchases. This matches the company’s $7,500 leasing discount. The $7,500 Customer Cash rebate helps compensate for the fact that the EV6 is not eligible for any portion of the federal tax credit.
The $7,500 Customer Cash rebate is available for all EV6 variants.
Previously, the EV6 had a maximum purchase rebate of $5,000. This makes the new $7,500 Customer Cash rebate a 50% increase.
According to CarsDirect, Kia’s offer began on December 1, 2023, and is valid until January 2, 2024.
Shoppers can also take advantage of the Retail Trade-In Assistance Program, which grants an additional $1,000 when trading in a vehicle for an EV6 purchase. With both incentives combined, shoppers can save up to $8,500 when buying a 2023 EV6. This makes buying cheaper than leasing.
With the rebates, the EV6 base trim can now be purchased for as low as $35,425. This is more affordable than competitors like the Tesla Model Y (which starts at $36,490) and the Hyundai Ioniq 5 (which starts at $41,650).
In addition, the changes to EV tax credit eligibility mean that the Model Y is likely to increase in price by several thousand dollars in the near future. On Monday, Tesla confirmed that the prices of some of its vehicles will rise by $3,750. This is because Tesla sources some of its battery components from China.
Kia’s EV6 rebates are much more generous than its rebates for other EVs. Currently, the Kia Niro and the Kia EV9 are only eligible for Customer Cash rebates of $3,750.
Image Source: Doug DeMuro
