Costco offering $2,500 off Volvo EVs, $1,000 off other models

Costco (COST) members looking for a stylish Volvo electric vehicle will need to act fast for a big discount.

The membership warehouse club is currently offering $2,500 off the price of new 2023 or 2024 Volvo XC40 Recharge and C40 Recharge SUVs. These two models are currently the only full EVs Volvo has on offer, and Costco members qualify for the discounts if they buy or lease.

Costco is also offering $1,000 discounts on popular models like the S60 and S90 sedans, the V60 Cross Country V90 Cross Country station wagons, and the XC40, XC60, and XC90 SUVs. Members have to purchase or lease the new vehicles by July 31st to get the discount.

As for the X40 and C40 Recharge EV models, both SUVs are powered by a dual motor setup outputting 402 horsepower, with an EPA range of 223 miles (226 miles for the C40 Recharge). The XC40 Recharge starts at $53,550, while the C40 Recharge has a slightly higher MSRP of $55,300.

Aside from the Recharge EV models, all of the other models listed can be purchased as plug-in hybrids or mild hybrids, except for the V90 and V60 Cross Country models which only come as mild-hybrids. By 2025 the brand intends to have 50% of its sales by full EV, and the rest hybrid.

Nonetheless, for Costco members looking for an EV or hybrid Volvo, now would be a good time to jump on the deal. In addition, the $60 annual Costco membership fee would be more than worth it for new members looking to get on this deal as well. Considering Volvo’s EVs do not qualify for the federal EV tax credit, the Costco incentive is probably the largest discount on offer for Volvo’s full EV vehicles.

Costco members have for some time been able to use the membership club’s car-buying service, though large incentives like this one are rare for the club. Usually, Costco auto deals are pre-negotiated prices for cars the club strikes with local dealerships.

As of last quarter, Costco reported 123 million members internationally across 68.1 million households.

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As for Volvo, just last week the brand (majority owned by China’s Geely) announced earnings that beat analyst expectations, reaffirmed its guidance, but interestingly CEO Jim Rowan told Reuters price cuts were not necessary at this time due to healthy demand.

Which of course makes news of this Costco deal all the more interesting for Volvo, and the demand story here in the U.S.

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Pras Subramanian is a reporter for Yahoo Finance. You can follow him on Twitter and on Instagram.

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