Kia's brand new EV9 is just arriving at dealerships, and they're already pulling out the stops to make it even more attractive to buyers. Early adopters got a decent deal, but Kia just upped the ante on March 1st. Let's break down the new incentives:
- Bigger Cash Back: The initial customer cash offer got a bump from $3,750 to a cool $5,000. This brings the starting price of the EV9 down to a more enticing $51,395 (including destination fee).
- Loyalty Bonus: Kia is offering a loyalty discount of $1,000 for existing customers, potentially sweetening the deal even further.
- Financing & Lease Perks: Financing rates have been slashed to a tempting 2.49%, and monthly lease payments have also been reduced. Leasing can also be a way to bridge the gap until federal tax credits return, potentially offering a discount of up to $7,500 upfront.
Be Wary of Dealer Markups: While Kia has discouraged dealerships from adding markups to the already-higher price tag, some haven't gotten the memo. Reports show markups as high as $7,000 at certain dealerships. Considering the pre-discount price range of $54,900 to $73,900 (excluding destination), these markups could push the price well into "unreasonable territory."
EV9 Outselling EV6 (But No Tax Credits Yet): Despite missing out on federal tax credits (like its sibling, the EV6), the EV9 has actually outsold the EV6 so far this year. These new incentives should help the larger EV stay competitive and ease the sticker shock for potential buyers. This strategy mirrors what GM did with some of their models that lost eligibility for credits. However, unlike Kia, GM expects some of their vehicles, like the Cadillac Lyriq and Chevy Equinox EV, to regain eligibility soon.
Promising Signs for the EV9: Even without the recent discounts, the EV9 has shown early promise. Kia opened pre-orders late last year and saw a flood of reservations. Sales figures were strong too, with 1,113 units sold in December and 1,408 in January. This bodes well for the upcoming Hyundai three-row electric SUV, expected to be called the Ioniq 9. Sharing the same platform as the EV9, we'll get our first official look at the Ioniq 9 in June at the Busan International Motor Show in South Korea.