Right now, the biggest EV cash-back deals top out at $10,000, and you don’t have to hunt hard to find them. The 2026 Kia Niro EV, Kia EV9, and Hyundai Ioniq 9 all currently carry $10,000 manufacturer cash rebates, with the Polestar 4 offering an even bigger $25,000 discount. These offers exist largely because automakers are trying to fill the gap left by the federal government.
Why are EV cash-back deals suddenly so big?
Automakers ramped up EV cash-back deals after Congress eliminated the $7,500 federal tax credit for new electric vehicles. With that built-in discount gone, brands like Kia and Hyundai are using their own money to keep EVs competitive with gas-powered alternatives and clear out inventory.
Congress ended the credit as part of the One Big Beautiful Bill Act, which President Trump signed into law on July 4, 2025. The credit stopped applying to vehicles purchased after September 30, 2025, and the $4,000 used-EV credit disappeared at the same time. That left a real hole in EV affordability, and automakers have responded by digging into their own pockets. As we covered in our look at how EV discounts are shrinking while gas car deals grow, that support hasn’t been universal. Some brands have pulled back while others have doubled down.
Which EVs actually offer $10,000 cash back right now?
Four vehicles currently tie for the largest cash incentives at $10,000: the Hyundai Ioniq 9, Kia Niro EV, and Kia EV9 among EVs, plus a non-electric SUV rounding out the group. The Kia Niro EV delivers the best value of the bunch, since $10,000 off its roughly $39,700 sticker price works out to more than a quarter of the car’s cost.
On the entry-level Niro EV Wind trim, that rebate can knock the price down to around $31,000, making it one of the cheapest ways into a new EV this year. The Kia EV9, a three-row electric SUV, gets the same $10,000 customer cash, which can bring its effective price to roughly $49,000, though it isn’t stackable with the brand’s 0% financing offer. If you’re cross-shopping three-row electric SUVs, it’s worth checking out our Electric Truck Market 2026 roundup for how EV9-sized rivals compare on range and pricing.
The Hyundai Ioniq 9 has been running a $10,000 cash-back or 0% financing promotion, plus a separate 72-month 0% financing deal with $3,000 in bonus cash on top. That’s a meaningful discount on a three-row SUV that otherwise starts north of $60,000. Hyundai’s smaller Ioniq 5 has also seen lease incentives worth more than $10,000 off MSRP in some markets, alongside price cuts that dropped its starting sticker to about $35,000, according to Cars.com’s coverage of the Ioniq 9 deal.
Then there’s the Polestar 4, which blows past the $10,000 mark entirely. Its rebate recently jumped from $18,000 to $25,000, and it can be stacked with a $1,000 loyalty discount for buyers trading in another Polestar, though it isn’t compatible with 0% financing offers.
Is cash back better than 0% financing on an EV?
For most buyers, taking the cash rebate saves more money than 0% financing, especially on shorter loan terms. A $10,000 rebate reduces the amount you finance immediately, while 0% financing only saves you the interest you’d otherwise pay, which is often less over the life of a typical loan.
Do the math on your specific situation before deciding. If you’d qualify for a 0% loan over 72 months on a $50,000 EV, you’re saving on interest, but you’re still paying full sticker price. Taking $10,000 off upfront and financing the rest at a market rate, even something like 5.5% APR, can still leave you ahead by a couple thousand dollars in many cases. Your credit score plays a big role here too, since these promotional rates typically require strong credit to qualify.
Should you buy an EV now or wait for a better deal?
Buying now makes sense if you find a $10,000-off EV that fits your needs, since these offers can disappear or shrink from month to month. Waiting only makes sense if you’re targeting a specific new model or think automakers will need to offer even deeper discounts to move slow-selling EV inventory.
Some of these deals genuinely won’t last. Inventory of certain 2026 EVs is already thinning out as 2027 models arrive at dealerships, and once that happens, rebates on the outgoing model year often vanish. If you’re weighing a current-year EV against waiting for next year’s version, our guide to leftover 2026 cars worth buying before 2027s arrive walks through when it actually pays to buy the outgoing model.
Incentives also vary a lot by region, so what’s advertised nationally isn’t always what your local dealer will offer. Always confirm current EV cash-back deals with your specific dealership before you commit, since regional allocations and dealer-level “secret” rebates can push the real number higher or lower than what’s advertised online.
FAQ
Are EV cash-back deals better than the old $7,500 federal tax credit?
Not usually. The old federal credit applied automatically to eligible EVs regardless of dealer or region, while today’s $10,000 cash-back deals are model-specific and can change monthly, so they require more comparison shopping to find.
Can I combine manufacturer cash back with state EV incentives?
Often yes. Many states still offer their own EV rebates or tax credits on top of manufacturer cash back, and some utility companies add rebates for EV purchases or home charger installation, though stacking rules vary by state and program.
Do EV lease deals still offer big savings without the tax credit?
Yes, in many cases. Some brands have restructured lease pricing to lower monthly payments and upfront costs even after the leasing tax credit loophole closed, so it’s worth comparing lease offers alongside purchase rebates.
Which EV currently has the biggest discount as a percentage of price?
The Kia Niro EV leads by percentage, with its $10,000 rebate equal to roughly a quarter of its sticker price, making it one of the most affordable new EVs on the market right now.