Costco offering up to $2,000 off EVs and PHEVs, again

Costco is once again offering members discounts on electric vehicles and plug-in hybrids, this time covering 10 all-electric models and two plug-in hybrids from Cadillac, Chevrolet, GMC, Polestar, and Volvo.

Running from Nov. 1, 2024 to Jan. 2, 2025, the biggest discount is $2,000 off the purchase or lease of a 2025 Polestar 3 electric SUV, as well as the purchase or lease of a 2024 or 2025 Volvo XC90 plug-in hybrid. Built in the U.S., the Polestar 3 recently started deliveries, while the XC90 is due to get a major refresh partway through the 2025 model year.

2024 Volvo C40

A $1,500 discount is also available for 2024 and 2025 Volvo XC60 plug-in hybrids, while all-electric 2024 Volvo XC40 Recharge and C40 Recharge models are eligible for a $1,000 discount. The two EVs are due to be renamed, with the XC40 Recharge becoming the EX40 and the C40 Recharge becoming the EC40.

A $1,000 discount is also available for a number of General Motors EVs. The list includes the Cadillac Lyriq, Chevy Blazer EV, Chevy Equinox EV, Chevy Silverado EV, GMC Hummer EV Pickup and SUV, and the GMC Sierra EV.

2025 Cadillac Lyriq

Costco offered deals on many of the same models earlier this year, along with a $2,000 discount on the Polestar 2. It also offered a $1,000 discount on the Blazer EV in December of last year. It’s also offered substantial discounts of up to $3,000 on Audi EVs in the past.

The company is now also jumping back into EV charging to support the vehicles it’s incentivizing. Costco was one of the first big-box retailers to install Level 2 charging stations at some locations. It did so in the 1990s, but pulled the plug on its original stations in 2011 and 2012. Now it’s adding them back, although a top executive said just last year that Costco has no plans to retire its lucrative gas stations.