November is a big month for spending. You’ve probably already been flooded with Black Friday emails from big-box stores trying to ready your wallets for their big day. But maybe you can save some valuable holiday cash on your next car purchase, especially if it’s an electric vehicle, thanks to some super-low-APR deals—many of which are 0% APR—this month, according to Cars Direct.
Most of the low-APR deals for November are EVs and hybrids, which bodes well for anyone looking to get into their first electrified car, as it could make the transition easier. And the majority of the deals are for SUVs, with only a few exceptions.
However, it’s worth noting that taking 0% financing might not always be the best option. Many of the automakers offering no-interest loans also offer big discount alternatives. For instance, there may be the option of either 0% APR or $10,000 off the MSRP but not both. The right choice depends on the cost of the car, what the APR is if you choose the discount, what the vehicle’s potential depreciation could be, and what your priorities are. The cash discount could be cheaper monthly but its APR makes it more costly at the end of the loan. So you have to weigh monthly affordability with long-term value on an individual basis.
Some of the EVs you can get with little-to-no interest are the Ford Mustang Mach-E (0% APR for 60 months), Hyundai Ioniq 5 and Ioniq 6 (0.99% APR for 48 months), Subaru Solterra (0% APR for 72 months), and the Kia EV6 (0.9% APR for 48 months). Many of those cars have other discounts and rebates as well, some of which can be combined with the low-APR but not all.
Interestingly, the best deal of them all is the hydrogen fuel cell-powered Toyota Mirai. Not only is Toyota offering 0% APR on the Mirai for 72 months, you can also combine it with a $30,000 discount in California when financing through Toyota Financial. The discount is only available if you finance, though, so you can’t get it if you lease. Considering that the Mirai has potentially the worst depreciation of any new car on sale, that extreme discount is probably necessary to get customers to buy.
Most of these deals end November 30, just in time for people to snag them for Black Friday.
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