Consumers looking to purchase an electric vehicle or plug-in hybrid now have an opportunity to take advantage of 0% financing offers from multiple automakers, making EV ownership more affordable despite high interest rates.
This wave of interest-free financing is seen as a strategy for manufacturers to clear out 2023 inventory models and boost sales of EVs that did not qualify for the 2024 Inflation Reduction Act (IRA) tax credits.
Additionally, as many buyers are still opting for hybrid vehicles over full EVs due to charging concerns and upfront costs, manufacturers are ramping up incentives to encourage EV adoption.
Several brands are currently offering 0% financing deals on their electric models.
Kia is providing six-year, interest-free financing for its 2025 EV6 and EV9 SUV models, both of which remain eligible for up to $7,500 in federal EV tax credits.
Hyundai is also joining the effort by offering a five-year, 0% financing deal on the 2024 Ioniq 5, although its models no longer qualify for IRA tax credits. However, some dealerships are offering a $7,500 retail bonus cash incentive instead, though buyers must choose between the financing and cash discount options.
Honda is looking to move inventory of its 2024 Prologue EV by offering 72-month, 0% financing. Acura, the brand’s luxury division, has also introduced the same deal for the ZDX electric SUV, with the promotion running through March 3.
Toyota has included its 2024 and 2025 bZ4X electric SUV models in its 0% financing campaign, adding substantial discounts to further attract buyers. Subaru’s twin version of the bZ4X, the 2024 Solterra, is also part of the program, allowing buyers to finance the vehicle interest-free for six years.
Volkswagen has joined the list of automakers offering 72-month, 0% financing with its ID.4 electric SUV. Jeep is extending the same deal to its plug-in hybrid lineup, including the Wrangler 4xe and Grand Cherokee 4xe.
Chevrolet is providing five-year, 0% financing on three of its EV models—the Silverado EV, Blazer EV, and Equinox EV—all of which remain eligible for federal tax credits.
Additional models from Ford, Dodge, Mitsubishi, and Nissan are also available with 0% financing, including the Mustang Mach-E, F-150 Lightning, Hornet, Outlander PHEV, and Ariya.
These financing offers are limited-time promotions and may end early depending on dealer inventory. Additionally, eligibility for EV tax credits varies based on purchase location, so buyers should confirm all available incentives with dealers before finalizing their purchase.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
