Labor Day 2026 brings significant savings on some of the most popular electric vehicles in the US, as automakers clear out inventory ahead of the 2027 model year. Shoppers will find deep discounts and special lease offers on models like the Hyundai IONIQ 5, Toyota bZ, and Tesla Model 3 and Y. With over 463,000 EVs sold in the US during the first half of the year, these deals come at a time of strong market momentum.
Labor Day Deals on Leading EVs
Automakers are rolling out substantial incentives for Labor Day 2026 to make room for incoming 2027 models. The Hyundai IONIQ 5, which ranked third in US EV sales after an 8% sales increase in the first half of the year, is now available with up to $5,500 (~AUD 7,682) off or 0% APR financing for 60 days and no payments for 90 days. Lease offers for the 2026 IONIQ 5 SE Standard Range start at $309 (~AUD 432) per month for 24 months with $3,999 (~AUD 5,585) due at signing, while the SE RWD trim is available for $319 (~AUD 446) per month.
Toyota’s updated 2026 bZ electric SUV, which now features a built-in NACS port and improved range, is also on sale. Lease deals start at $439 (~AUD 613) per month for 36 months with $4,970 (~AUD 6,942) down, and buyers can opt for 1.9% APR financing for up to 72 months. The XLE Plus trim, offering up to 314 miles (~505 km) of range, is available for $459 (~AUD 641) per month with $3,999 (~AUD 5,585) due at signing.
Tesla continues to lead the market, with the Model 3 RWD leasing from $419 (~AUD 585) per month for 36 months and $4,114 (~AUD 5,746) due at signing, and the Model Y RWD from $499 (~AUD 697) per month for a 436-month lease with $4,195 (~AUD 5,859) due at signing. Both offer an EPA-estimated range of up to 321 miles (~517 km).
Hyundai IONIQ 9 and Larger EV Options
For those seeking a larger electric SUV, Hyundai’s three-row IONIQ 9 is available with up to $10,000 (~AUD 13,967) in savings or 0% financing for 72 months, plus an additional $3,000 (~AUD 4,190) off. The IONIQ 9 can be leased for $369 (~AUD 515) per month for 36 months with $3,999 (~AUD 5,585) due at signing.
Competitor Comparison
The Hyundai IONIQ 5 and Toyota bZ face strong competition from the Tesla Model Y, which is known for its robust charging network and brand reputation, and is available for $459 (~AUD 641) per month on lease. The Chevy Equinox EV, a new entrant in the compact SUV segment, is offered at $539 (~AUD 753) per month. Toyota’s bZ, starting at $35,000 (~AUD 48,884), competes directly on price and form factor with the IONIQ 5, making this Labor Day an opportune time for buyers to compare options.
Historical Context and Market Trends
Global electric car sales are projected to reach 23 million units in 2026, with Europe seeing a 20% year-over-year increase. China continues to lead the global EV market, accounting for 63% of electric cars sold worldwide in 2025. In the US, over 463,000 EVs were sold in the first half of 2026, reflecting the growing popularity and availability of electric vehicles.
Why this matters
These Labor Day deals provide consumers with a rare opportunity to purchase or lease top-selling EVs at reduced prices, just as new 2027 models arrive. With the expiration of certain tax credits, automakers are using direct discounts and attractive financing to maintain sales momentum.
As the EV market expands and competition intensifies, these incentives help make electric vehicles more accessible to a broader range of buyers, supporting continued growth in the sector.
What this means for buyers
With significant discounts and competitive lease offers available through early September (Hyundai) and the end of the month (Toyota), buyers looking for a new EV may find the best value in outgoing 2026 models. Shoppers are encouraged to compare deals across brands and act quickly, as these incentives are time-limited and inventory may be limited as 2027 models arrive.
Key Specs
- Hyundai IONIQ 5 Starting Price: $35,000 (~AUD 48,884)
- Hyundai IONIQ 5 SE RWD Range: 318 miles (~512 km)
- Toyota bZ Starting Price: $35,000 (~AUD 48,884)
- Toyota bZ XLE Plus Range: 314 miles (~505 km)
- Tesla Model 3 RWD Range: 321 miles (~517 km)
- Hyundai IONIQ 9 Lease Offer: $369 (~AUD 515)/month for 36 months with $3,999 (~AUD 5,585) due at signing
- US EV Sales (H1 2026): 463,000 units
- Hyundai Labor Day Deal End Date: September 8, 2026
Source
Images sourced from: caranddriver.com, electrek.co
