If you choose to rent, the Toyota Prius Prime plug-in hybrid can be significantly less expensive to drive than the Prius hybrid—depending on where you live and what incentives Toyota might take into account.
As a partner site CarsLive pointed out, the Toyota Prius Prime SE has a rent payment of just $435 a month, with $435 payable at contract signing. It’s a 36-month lease that allows for 12,000 miles per year.
Based on a Los Angeles location, the Prius Prime SE costs $33,445, including a $1,095 destination fee. A Prius XLE hybrid costs $31,990, including destination. But for the same $435 out of pocket, it would cost $509 a month to rent.
Toyota Prius 2023
In a recent time Review of Prius 2023, Green Car Reports found a lot to like in good looks, great mpg, performance, price and usable rear seats. Impressive front seats, messy interfaces and cabin noise make the list of pros and cons stack up fairly evenly. ONE first ride of the 2023 Prius Prime found it to be a stealth EV that matched some of the previous green car credentials Chevrolet Volt. The Prius Prime SE offers an all-electric range of 44 miles plus a combined 51 mpg in hybrid mode after a full charge.
While Green Car Reports didn’t spend as long with the Prius Prime as it did with the Prius hybrid, the Prime does offer some other advantages — like faster acceleration over the hybrid.
Why Prius Prime rental deals are so good
Toyota confirmed to Green Car Reports that federal funds helped make this unreasonable lease.
“Under the provisions of the Inflation Reduction Act 2022, as a rental company, Toyota Lease Trust can claim tax credits to consumers when renting a battery electric vehicle (BEV). and plug-in hybrid electric vehicles (PHEVs). “We’re working with Toyota, Lexus and our private label customers to pass the benefits of those tax credits on to customers. This makes renting more affordable and there are cleaner vehicles on the road.”
Toyota doesn’t disclose on its consumer pages whether it factored the Commercial Vehicle Credit (IRS 45W) into the lease and it isn’t necessary—but it makes up a big difference in affordability. pay between these two models. According to Toyota, it applies that credit as a reduction in the Rental Charge Factor (RCF) to existing vehicle leases.
Toyota Prius Prime 2023
Under 45W, if the car manufacturer has a fixed finance company or an affiliated company and can lease the vehicle, it can claim a credit up to $7,500and pass it on to the customer in the form of a lower rent payment. Not the same with Clean Car Credit (30D) For EV purchases, vehicles declared under 45W do not have to be U.S.-made or sourced, and they don’t need to meet the price cap requirements of $55,000 for cars and $80,000. USD for SUVs, pickups and vans.
Senator Manchin tried to delay the execution of these Inflation Reduction Act (IRA) credits, which aim to see rental vehicles subject to the same stringent U.S. sourcing and assembly requirements, but essentially, Mr. was booed off the stage.
Some rental loophole advocates say this help level the playing field—basically, making rental EVs affordable to EV buyers with sizable upfront payments. But keep in mind that Toyota’s bargain Prius Prime rental price for this Japanese-made vehicle is for those with “excellent” credit, and so even lessors can run into problems. similar institutional barriers.
