Best Electric Car Deals For October 2020

Electric vehicles are no longer a distant dream of the future. As charging stations become more readily available and electric cars more reliable, the demand for alternative fuel vehicles is increasing.

Now, you can purchase an EV (Electric Vehicle) with quite a long-range and high performance. In addition to their incredible environmental benefits, EVs also save you money on fuel and are less expensive to own in the long run. The main drawback with EVs is that they still require a hefty up-front investment.

RELATED: Affordable Electric Cars to Watch

Whether you are looking for an additional electric car or shopping for your very first one, price is always a logical consideration. Luckily, there are many affordable electric cars on the market, and some ways to make them even cheaper. This guide will breakdown the process of picking and buying an EV and highlight some of the best deals on electric cars.

Best Electric Car Deals Right Now

Here are our top picks for the best deals on electric vehicles for the month of October.

#1 Deal: 2021 Toyota Prius

Financing Offer: 1.9% APR for 60 months
Lease Deal: $289/month for 36 months, $2,999 due at signing

Check Toyota Prius Prices

#2 Deal: 2020 BMW i3

Financing Offer: 0.0% APR for 60 months plus $7,500 in bonus cash
Lease Deal: $299/month for 36 months, $3,999 due at signing

Check BMW i3 Prices

#3 Deal: 2020 Hyundai IONIQ Plug-in Hybrid

Cash Back Offer: Up to $1,500
Financing Offer: 0.9% APR for 60 months plus $1,500 in bonus cash
Lease Deal: $179/month for 36 months, $2,299 due at signing

Check IONIQ Plug-in Hybrid Prices

#4 Deal: 2020 Mitsubishi Outlander PHEV

Cash Back Offer: Up to $1,500
Financing Offer: 0.9% APR for 60 months plus $1,000 in bonus cash
Lease Deal: $269/month for 36 months, $3,768 due at signing

Check Outlander PHEV Prices

#5 Deal: 2020 Jaguar I-Pace

Financing Offer: 0.0% APR for 24-72 months
Lease Deal: $859/month for 36 months, $5,995 due at signing

Check Jaguar I-Pace Prices

Top Pick for Best Electric Car Deal for October

So what is the best deal on an electric car? Out of all these EVs, we selected the 2020 Mitsubishi Outlander PHEV

Top Pick: 2020 Mitsubishi Outlander PHEV

Cash Back Offer: Up to $1,500 
Finance Deal: 0% for 60 months plus $1,000 in bonus cash
Lease Deal: $269/month for 36 months, $3,768 due at signing

Check Outlander PHEV Prices

Is an Electric Car Right for Me?

Overall, an electric car is an expensive option with its high MSRP and potential installation costs for a charging station. But the tax incentives, lower overall energy costs compared to gas, unique ride, and lower carbon emissions make it an attractive option for those with a relatively short daily commute.

There a few more factors like vehicle range, overall cost of ownership, and local weather conditions that must be considered before deciding. Check out our article on how to prepare for buying an electric car.

Below we provide more details to help you decide if an electric car is right for you.

What is the Cost of an Electric Car?

The cost of an electric car is considerably higher than a traditional gas-powered car. On average, EVs are around $55,000 due to the relatively new technology and battery development. However, there are still plenty of options between $30,000 - $40,000.

The initial price for a new electric car can be intimidating, but keep in mind that the price can be negotiated. Many dealers will feel pressured to match prices and discounts at nearby dealerships, making it easier for you to get the best electric car deal.

RELATED: Fuel Efficient Cars with the Best Gas Mileage

Electric Car Incentives and Tax Credits

One major benefit of electric cars is the numerous financial incentives available. There is a federal tax credit program that offers up to $7,500 on electric cars. There may also be additional local utility and state incentives on electric vehicles that could reduce the price even further. Here is a complete breakdown on electric car tax incentives.

What to Consider When Switching to an Electric Car

If you’re not sure if an electric car is right for you, here are some important considerations (more reasons why you should switch to an EV) to make before deciding:

• Plug-in Hybrid or All Electric. There is more variety in car models for a plug-in hybrid (PHEV), which initially runs on electric power before switching to a gas/electric hybrid mode. However, battery electric vehicles (BEV) are more efficient, quieter, have lower carbon emissions, and potentially overall lower costs.
• Charging Stations. A level 1 charging station, which is a standard household 120-volt outlet, can be used but the charging times are extremely slow (up to 24 hours) and generally not feasible if you use your car on a daily basis. A level 2 charging station, which is a 240-volt outlet like the one the dryer and oven use, can be installed in your home. It’s also a good idea to check around your area for public charging stations.
• Additional costs. Sometimes there are additional costs to EVs, like public charging stations fees, charging station installation, maintenance, and battery replacement. Even though you save on gas with an all-electric car, it’s important to remember the electricity bill will increase.

What to Look for When Buying an Electric Car

There are many factors to consider when shopping for a new electric vehicle. Getting the cheapest EV around doesn’t mean it’s the best deal or the right option for you. There are other important considerations to make when choosing a new EV:

• Driving Range. One of the most common complaints about electric cars is the limited driving range. The driving range for an electric vehicle is the distance it can travel before the battery needs to be recharged. On most EVs, the driving range is decent enough for short commutes or in a metropolitan area, but not ideal for road trips.
• Battery Life. Like any other device that uses a rechargeable battery, the efficiency and strength of its charge will decrease over time, or in this case, miles. Therefore, it’s important to consider the warranty on the battery and the replacement costs.
• Reliability and Warranty. Electric cars are still relatively new technology and a breakdown may end up being very costly. Parts could be hard to find, and finding someone to repair it could be even more difficult. That’s why it’s important to find a manufacturer with good reliability ratings or a generous warranty program.
• Technology Updates. EVs rely on a ton of technology, and the software must be updated for it all to be most effective. Some companies, like Tesla, will push over-the-air updates that add or enhance features at no additional cost. Look for EV manufacturers that have reliable, consistent software and firmware updates.

Frequently Asked Questions

What are the best deals on electric cars right now?

Manufacturers like Chevrolet, BMW, and Nissan consistently release new cash back, finance, and lease deals each month on their lineup of EVs.

Are there any lease deals on electric cars?

Yes! Dealers are very eager to move cars, and you may find some specials for leasing EVs. Keep in mind that you won’t be able to claim the federal tax credit if you lease.

Is an electric car worth it?

If you’re not traveling far distances and can afford the initial costs of purchasing an electric vehicle, then it may be worth it in the long run. Electric cars have overall lower energy costs and come with many tax credits and incentives.

Are there any tax credits for buying an electric car?

Yes, there are many different EV incentives available including rebates, federal/state credits, and utility incentives.

What is the cheapest electric car?

The cheapest electric cars are around $30,000 to $34,000. The 2020 Nissan Leaf has an MSRP of around $32,000 while the Hyundai IONIQ Electric is around $34,000.

How much will it cost to charge my electric car?

The cost to charge an electric car varies depending on the cost of electricity in your area and the size of your battery, but can range from 5 cents a kilowatt-hour to 29 cents.