Electric vehicle deals to escape negative equity gas guzzlers
June 14, 2026
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Key Takeaways
The Canadian government's iZEV incentive program and provincial rebates, such as those in British Columbia and Quebec, offer significant savings for electric vehicle (EV) buyers, with models like the Ford F-150 Lightning and Kia EV9 eligible for up to $9,000 and $14,100 in incentives, respectively.
Several EV models, including the Honda Prologue and Jeep Wagoneer S, are offering substantial cash incentives, such as $7,500 and $8,250 in sales credits, to help Canadian buyers overcome barriers like negative equity and high down payment requirements.
Canadian pricing for these EV models, combined with federal and provincial incentives, makes them more competitive in the market, with the Kia EV9 and Mercedes-Maybach EQS offering significant discounts of up to $14,100 and $27,000, respectively, and available at dealerships across Canada.
Electric Vehicle Incentives in Canada
For many Canadians, the biggest hurdle to purchasing an electric vehicle (EV) isn't range anxiety, but rather the negative equity on their current car loan. Fortunately, several EV models are now offering significant cash incentives to help buyers overcome this obstacle. These incentives can be a powerful tool for dealers to overcome common barriers such as negative equity, poor credit, and down payment requirements, making it easier for Canadians to switch to an EV. With the Canadian government's iZEV incentive program and various provincial rebates, such as those offered in British Columbia and Quebec, Canadian buyers can enjoy even more savings.
Ford F-150 Lightning
The Ford F-150 Lightning is a top contender in the EV market, offering a unique combination of power, comfort, and capability. With its proven V2X and V2H capabilities, this vehicle is an excellent choice for those who want a reliable and feature-packed EV. Currently, the F-150 Lightning is available with up to $9,000 in retail incentives, making it an attractive option for Canadian buyers. When combined with the Canadian pricing and the federal iZEV incentive, this offer becomes even more compelling. The F-150 Lightning is widely available at Ford dealerships across Canada, including in major centres like Toronto and Vancouver.
Honda Prologue
The Honda Prologue is a capable and spacious crossover that offers ample room for passengers and cargo. With its 85 kWh GM Ultium-based battery, this vehicle can travel up to 308 miles on a single charge. Despite its solid performance, sales of the Prologue have slowed down due to confusion about Honda's EV plans. However, with a $7,500 sales credit and an additional $2,000 in Honda loyalty or conquest cash, Canadian buyers can now enjoy significant savings on this model. The Prologue is available at Honda dealerships across Canada, and buyers can also take advantage of provincial rebates, such as the British Columbia SCRAP-IT program.
Jeep Wagoneer S
The Jeep Wagoneer S is a high-riding crossover that offers a unique blend of style, comfort, and performance. With its lifted Stellantis platform, this vehicle is well-suited for Canadian roads and can deliver solid range and rapid on-road performance. Jeep is currently offering up to $8,250 in total bonus cash allowances on remaining 2025 models, making it an attractive option for buyers who want a luxurious and capable EV. The Wagoneer S is available at select Jeep dealerships in Canada, including in major cities like Montreal and Calgary.
Kia EV9
The Kia EV9 is a popular and highly-regarded EV that offers a unique combination of style, comfort, and performance. With its aggressive customer incentives, including up to $14,100 in lease cash and $10,000 in customer cash on conventional financing deals, this vehicle is an excellent choice for Canadian buyers. The EV9 is widely available at Kia dealerships across Canada, and buyers can also take advantage of the federal iZEV incentive and provincial rebates, such as the Quebec government's Roulez Vert program.
Mercedes-Benz eSprinter and Mercedes-Maybach EQS
The Mercedes-Benz eSprinter is a commercial vehicle that offers a unique blend of style, comfort, and capability. With its high prices and relatively low range, this vehicle has been slow to sell. However, with $20,000 in customer cash and 0% APR financing up to 60 months, Canadian buyers can now enjoy significant savings on this model. The Mercedes-Maybach EQS, on the other hand, is a luxurious and highly-regarded EV that offers a unique combination of style, comfort, and performance. With its massive discount of up to $27,000, this vehicle is an attractive option for Canadian buyers who want a luxurious and feature-packed EV. Both models are available at select Mercedes-Benz dealerships in Canada, including in major cities like Toronto and Vancouver.
Polestar 3 and Volvo EX90
The Polestar 3 is a sporty crossover that offers a unique blend of style, comfort, and performance. With its aggressive $18,000 clean vehicle incentive program and $2,000 clarity conquest credit, this vehicle is an attractive option for Canadian buyers. The Volvo EX90, on the other hand, is a safety-focused SUV that offers a unique combination of style, comfort, and capability. With its $7,500 cash back offer and $500 in owner loyalty cash, this vehicle is an excellent choice for Canadian buyers who want a reliable and feature-packed EV. Both models are widely available at Polestar and Volvo dealerships across Canada, and buyers can also take advantage of provincial rebates, such as the Ontario government's Electric Vehicle Incentive Program.
