Costco is known for its massive warehouses full of bulk consumer products and well-priced appliances, but nestled between discounted 24-packs of paper towel and giant boxes of trail mix, you’ll find something even better; cars.
Costco members are eligible for discounts on new cars, which is great considering how freaking expensive the damn things are these days. This month, Costco is offering up to $2,000 off the purchase or lease of a new Polestar 2, and $1,000 off the purchase or lease of a new Chevrolet Blazer EV, Chevrolet Equinox EV, Cadillac Lyric, and most new Volvo models. All of these deals are valid from May 1 through July 31, 2024, and to take advantage of the discounts, folks must have been a Costco member prior to April 30, 2024 so if you’re hoping to sign up for a Costco membership for these deals you’re out of luck.
Here’s how these discounts work: Costco members must register for the discounts online or through Costco’s call center by July 31. Once registered, buyers will receive a certificate with the promotion code that can be taken to any OEM dealership where it will be honored. These Costco member discounts don’t nullify other dealer incentives that the buyer qualifies for, so it’s literally a coupon that saves you an immediate $1,000 or $2,000 off the price of a new qualifying car.
The General Motors deals have fine print that says “take in-stock delivery by July 31,” so that likely means no special order vehicles will be eligible. The Volvo deal’s fine print says “take delivery by July 31,” so the deal should be able to be applied to special orders. The Polestar deal fine print says the order must be placed before July 31, so special order vehicles should qualify here, too. The Volvo deal also applies to retired demonstrator vehicles and prior service loan vehicles, so you may be able to get a screaming deal on a nearly new Volvo. As always, if you’re looking to take advantage of these discounts, make sure to speak with a Costco representative to confirm the terms and conditions.
The list of Volvo models eligible for the $1,000 discount is extensive, and includes new 2024 or 2025 Volvo XC40s, XC60s, and XC60 PHEVs, XC90s and XC90 PHEVs, as well as new 2024 XC40 Recharge models, and C40 Recharge models. All of the eligible GM models, Chevrolet Equinox EV, Chevrolet Blazer EV, and Cadillac Lyriq, are also eligible for the full $7,500 federal EV incentive, so Costco members can feasibly get $8,500 off the price of an eligible GM EV, which is significant.
Good deals are more important than ever now that car prices and all other prices have skyrocketed and most Americans wages unfortunately haven’t skyrocketed in parallel. If you’re in the market for a new car and you’re a Costco member, these discounts might help you pick your new car.