Honda Prologue and Chevy Equinox drive EV incentives to record levels in October

As the incentives and discounts pile up, electric vehicle prices often rival, or even undercut, comparable gas models. With new models, like the Honda Prologue and Chevy Blazer EV rolling out, incentives surged to record highs in October as automakers look to fend off the incoming competition and draw in buyers.

EV incentives hit record levels in October

According to the latest Kelley Blue Book data, the average transaction price (ATP) for a new EV in the US was $56,902 in October.

The number is down from the $57,580 average EV price in September but still 0.9% higher than a year ago.

Meanwhile, EV incentives were drastically higher in October at 13.7% of ATP, more than doubling from a year ago (5.6% in October 2023) and up from 11.6% last month. The higher discounts are helping drive down EV prices, making them more affordable.

Incentives on electric cars have climbed throughout the year as new models roll out in key segments.

The KBB report notes several EV models, including the Honda Prologue and Chevy Equinox EV, are battling for market share in the midsize SUV segment.

In October, the ATP for midsize SUVs was $48,977, within 1% of the industry average of $48,623. With incentives, both the Prologue and Equinox EV can be bought for less than that.

According to estimates, the average transaction price for EV leader Tesla fell to $56,705, but it was still over 10% higher than last year.

The lower prices last month were likely due to Tesla’s Cybertruck ATP falling below $100,000 for the first time. In October, the Cybertruck ATP was $98,495.

Meanwhile, others, like GM and Honda, are proving that the right EV, at an affordable price, will attract buyers.

The $35,000 Chevy Equinox EV LT model is now available, which is expected to drive even higher demand next year. And that’s before the $7,500 tax credit. With it included, prices could drop to as low as $27,500. GM calls the electric Equinox “the most affordable EV in the US with 315+ miles range.”

Electrek’s Take

According to Rho Motion, the North American EV market continues expanding. Through the first ten months of the year, sales are up 9% from October 2023.

New EV models, like Chevy’s Equinox and the Honda Prologue, are fueling the growth. GM has built over 120,000 Equinox, Blazer, and Honda Prologue EV models at its Mexico facility this year. The electric Equinox is leading the charge with 50,000 units alone.

According to the US Department of Treasury, drivers saved over $2 billion in upfront costs on clean vehicle purchases in 2024.

Ready to check out Chevy and Honda’s electric SUVs for yourself? We can help you get started. You can use our links below to find deals on the Chevy Equinox EV and Honda Prologue at a dealer near you.