In some places, the vehicle may … $114,000 a year! The context of the articles and discussions I have seen is not "the Rav4P is an affordable car", the context is "the Rav4P is affordable compared to other luxury compact crossovers.". The 2021 RAV4 Prime, however, is eligible for a $7,500 federal tax credit. (adsbygoogle = window.adsbygoogle || []).push({}); Appreciate CleanTechnica’s originality? If you consider that the MSRP of the regular hybrid RAV4 is $28,500, shelling out a few thousand more for a Prime might be worth it. What other states have refundable ev/phv tax credits? I've seen some very misleading dealer posts about tax rebates. And about $65,000 a year for a single person. The deferral advantages are fully preserved. RAV4 Prime customers also may qualify for an $7,500 federal tax credit. Family of 4 with no other tax credits except child tax credit. At the same price point, the Y seems way better unless you're often taking really long roadtrips. Reddit's original Toyota RAV4 Prime discussion community. SE AWD (Estimated Payment) $432 Monthly Payment. Nobody wants a car you have to plug in? That is almost as inconceivable as introducing a new gasoline powered model and forgetting to order pistons. Personalize Incentives. In general, all electric vehicles can claim more of the credit than plug-in … Just as an example, say you have a 401k with 20k balance, of which 10k is gains. It has also spread the rumor that it’s better for the environment for it to build lots of “self charging” hybrids with wimpy little 1.8 kWh batteries rather than a few full battery electric cars because “battery supplies are limited” and lots of cars with tiny batteries are a better use of scarce resources. Changing your withholdings doesn't change your tax liability. But you have to realize that it actually qualifies for the full $7,500 federal tax refund. Where do we sign up? CleanTechnica is the #1 cleantech-focused news & analysis website in the US & the world, focusing primarily on electric cars, solar energy, wind energy, & energy storage. Due at signing: $3,082. From Jan. 1 to June 30, 2019, Tesla customers could qualify for credits of up to $3,750. Advertise with CleanTechnica to get your company in front of millions of monthly readers. The 18.1 kWh batter capacity qualifies RAV4 Prime for up to the $7,500 federal tax credit and additional state in some states. Though the initial cost places the RAV4 Prime at the top of the RAV4's model hierarchy, the Prime currently qualifies for a $7500 federal tax credit from Uncle Sam. Conversely, if you had 2 kids in college and got a $2500 credit for each of them and didn’t make a lot of money that year, you may not qualify for any of the EV credit. The RAV4 Prime will start at $44,990 (plus freight and delivery), meaning it qualifies for the maximum $5,000 EV rebate from the federal government. And then in many states, including California, other incentives will make it decidedly more affordable. Get Your Price. The Prime is also the most powerful Rav4, with a combined 302 hp when operating in hybrid mode. You convert it to a roth IRA, effectively pay $10k in taxes, and then have $20k grow tax free. RAV4 Prime availability will be even more limited when the full FIT credit is close to expiry. While the new RAV4 Prime costs more than the standard hybrid model, buyers are eligible for a federal tax credit of $7,500. But remember the federal credit is not refundable. RAV4 Prime customers also may qualify for an $7,500 federal tax credit. Personally I’m just frustrated with Toyota for pulling this stunt. Sweet! No, because it's based on liability. Go Get Car Price Change Alerts. New Car Quick Quote. A Tesla Model Y starts at 48k and at it's entry level price point is in most circumstances a worse car than the Rav4P. Federal Tax Credits for New All-Electric and Plug-in Hybrid Vehicles Federal Tax Credit Up To $7,500! Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? It has a plug (GASP!) 0 found 2021 Toyota listings within 25 miles of your ZIP code. Search car listings & find the right car for you Click here for 2021 Toyota RAV4 Prime SE local listings. Searching Locally. The best part is the new RAV4 Prime, with all-wheel drive standard, can be had for under $32,000 after the federal tax credit. Toyota is one of those companies that has been shedding big crocodile tears about how nobody wants to buy electric cars. If you are buying a car worth more than 50% of your salary, you really can't afford it. I know some states have refundable tax credits like Colorado. Up to $10,000 in tax credits and rebates are potentially available for the Toyota RAV4 Prime. Please select a model. Consider becoming a CleanTechnica member, supporter, or ambassador — or a patron on Patreon. Honestly, if you don't earn that much, you can't afford this vehicle. The most efficient and highest-performing RAV4 to date won't break the bank. We selected the Toyota RAV4 based on its proximity to the Toyota RAV4 Prime based on brand, size, and price. 72% Plugin Vehicle Market Share in the Netherlands! That will depend on … Tags: Toyota, Toyota Rav4, Toyota RAV4 Prime. (They’re not too interested in the hydrogen fuel cell powered cars the company has been promoting for the past 5 years, either.) View All. Cookies help us deliver our Services. Actually, curb your enthusiasm there, pardner. Steve Hanley Steve writes about the interface between technology and sustainability from his homes in Florida and Connecticut or anywhere else the Singularity may lead him. With options, the price can balloon to over $47,000. Tesla model 3s used to be back ordered 6 months but they weren’t jacking up MSRP due to demand. 2021 Toyota RAV4 Prime plug-in hybrid SUV slides in under $40,000. Just 3 weeks after the start of production for the RAV4 Prime, Toyota has announced it won’t build any more for a while. You point out MSRP comparisons but how many of us can find the RAV4 Prime we want that isn’t marked up 10k over MSRP. More Renewable Energy (Finally!) And about $65,000 a year for a single person. The 2021 Toyota RAV4 Prime unveiled and on display | FREDERIC J. BROWN/AFP via Getty Images. Notify Me. The real surprise is that the price I had negotiated (half way between MSRP and Invoice) and agreed to pay for the 2020 RAV4 Hybrid Limited max trim is only $1548 less than my R4P after State & Federal tax credit. Published on July 1st, 2020 | Here is an example of what it takes to get a a full $7500 credit. Find 2021 Toyota listings for sale near you. I don’t think the model Y is less of a vehicle. One suspects the big bosses at Toyota simply didn’t believe the car would sell well and failed to arrange for an adequate supply of batteries. The RAV4 Hybrid tops out at $36,880 for the Limited. Tesla Is Migrating From Programming Logic To Neural Nets For FSD Decision Making — What That Means (Video). Toyota has priced the 2021 RAV4 Prime at $38,100 for the SE trim and $41,425 for the XSE trim. But if … Combining the California and federal credits, you could get up to $10,000 off the 2021 RAV4 Prime. It’s disgusting. You can follow him on Twitter but not on any social media platforms run by evil overlords like Facebook. Why Are Tesla Vehicles Not Perfect? Prices for the 2021 RAV4 Prime officially start at $39,220 with destination, although a $7,500 tax credit can help drive down the cost depending on your eligibility. Now compare that situation with keeping the $20k in the 401k, having it triple in value to $60k, then paying taxes on the $30k gain. Inside EVs asks this highly pertinent question: “What is the problem, and why did it happen in times of general slowdown of car sales, when a surplus of manufacturing capacity over sales could be redirected towards plug-ins?”. Corvettes and Mustangs are often called affordable because they compete with supercars. The amount is determined by the power storage of the battery. All-electric and plug-in hybrid cars purchased new in or after 2010 may be eligible for a federal income tax credit of up to $7,500. The 0–60 mph sprint takes just 5.7 seconds — making it the fastest RAV4 ever and faster than almost any other crossover SUVs in America (except for one that features falcon-wing doors). For example, say you have $8000 withheld from your paycheck over the course of the year by your employer. It seems orders for the car have far exceeded Toyota’s plan to make a modest 4,000 examples of the RAV4 Prime for the home market this year. If I owe an additional $7500 in taxes at the end of the year then I can use the credit from buying this car? Reports in the Japanese media suggest Toyota simply failed to line up a large enough supply of batteries to meet the demand, even though all the batteries for the planned home market production of 4,000 vehicles would only require about 5.5 MWh of batteries — a very modest amount in today’s world in which battery factory output starts at 10 GWh and goes up sharply from there. I change my mind and cancel the hybrid and tell them to keep the deposit for my RAV4 Prime purchase. 65k annual salary is solidly middle class. Press question mark to learn the rest of the keyboard shortcuts. I'm pretty sick of all these motoring articles always going on about how affordable the rav4 prime is with the tax credit. So can I just change my with holdings now to reduce how much I'm paying so by time the end of the year comes around I didn't pay enough? Sign up for our free daily newsletter or weekly newsletter to never miss a story. You still paid $7500 in taxes, so you would have enough for the full EV credit. Here is an example of what it takes to get a a full $7500 credit. Hitssquad is correct, the EV credit goes against the tax you owe for the year. Search Local Cars for Sale . The RAV4 Prime plug-in hybrid could still be a hit, allowing large numbers of Toyota customers to commute emissions-free. But lucky for us, the RAV4 Prime is a green car which means it qualifies for some government incentives. Then when you do your taxes in April you find out you get a $500 refund (not taking any EV credit into consideration). And the Rav4P is affordable by comparison. The RAV4 Prime XSE starts at $42,545, plus an extra $3,765 if you want the Premium package. Find the best Toyota RAV4 Prime discounts and current offers. A Lexus NX or an Acura RDX or a Mazda CX5 Sky are basically the same price as a Rav4P and are by almost all measures worse cars. Keep in mind the Prime will be eligible for a $7,500 federal tax … CleanTechnica member, supporter, or ambassador, In Midst Of Insurrection, Texas Roots For Green Hydrogen Future. $4,000. Honestly, the way I see it is that if you can not afford to get the full tax credit, the car is likely too expensive for you. Hogwash. By using our Services or clicking I agree, you agree to our use of cookies. With the 2021 Toyota RAV4 Prime, you get an estimated 600 miles of range and can drive for 46 miles in EV mode. The car itself is between $38k-48k sticker. Tax credit for the purchase of a new plug-in electric drive motor vehicle. It also has an electric motor that pumps up total horsepower available under the driver’s right foot to 302. This IRS tax credit can be worth anywhere from $2,500 to $7,500. Credit amount depends on the car's battery capacity. But OP brings up a legitimate point that some people don’t understand in that the $7500 tax credit is only available if you have that tax liability in the first place. by Steve Hanley. The 0–60 mph sprint takes just 5.7 seconds — making it the fastest RAV4 ever and faster than almost any other crossover SUVs in America (except for … The company you save could be your own. In Q4, the RAV4 Prime’s second quarter of sales since its US launch, the pace was twice that of its first three months of sales. But remember the federal credit is not refundable. It Might Be A Perfect Strategy! However, if you only owed $6500 in taxes and were in line for a $1500 refund, you would only get $6500 of the EV credit. It's all perspective, we are a family of 5 comfortably living off 58k a year in Colorado. Federal Tax Credit. Contact us here. Perhaps the large number of orders for the RAV4 Prime will shock upper management into realizing the EV revolution is real and they better get on the bus PDQ or get left behind as Tesla and other companies eat their lunch. $7,500. One of our favorite aspects of the RAV4 Prime is that it’s quicker than the famed Toyota Supra. The content produced by this site is for entertainment purposes only. and an 18.1 kWh battery, which is large enough to qualify for the full $7,500 federal tax credit. $114,000 a year! Plus, you could qualify for a tax credit up to $7,200 with the RAV4 Prime… News is published on CleanTechnica.com, while reports are published on Future-Trends.CleanTechnica.com/Reports/ and buying guides are here. Advertised Lease Deals. If it’s over half of your income, I agree that’s not a which purchase. The plug-in versions of these models, however, do qualify. What makes it more attractive is that it’s standard with all-wheel drive. Term Length (months): 36. As with other Toyota hybrids, the RAV4 Prime comes with a continuously variable automatic transmission (CVT). Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries. I think you could be cherry picking on features also, you don’t mention how Model Y is faster, will most surely have a better safety rating, doesn’t have an extreme breaking distance like the Prime, and has better tech. Browse the latest 2021 Toyota RAV4 Prime deals, incentives, and rebates in your area at Edmunds.com. So how does the tax credit work? Family of 4 with no other tax credits except child tax credit. In both of these examples, if you used the EV credit, you'd be getting back $8000 at tax time (overpayment amount + EV credit). ), Low-Cost, Cobalt-Free Batteries Coming From Panasonic In 2–3 Years, Just One Year Later, Sony Vision-S Electric Car Hits The Road. The good news, though, is that the RAV4 Prime does qualify for a full $7,500 federal tax credit – so you could (theoretically) walk away with one for much cheaper. Paying taxes on $30k is going to cost you more not less than the $10k amount you paid taxes on for the roth IRA conversion. Toyota. Actually no. There is also a hint that Toyota is unsure of what tax credit programs will look like next year, but that is clearly an attempt by the company to cover up for its incompetence at the executive level. RAV4 Prime customers also may qualify for an $7,500 federal tax credit. Most people just see it and automatically knock $7500 off MSRP. The full $7,500 tax credit lasted until Dec. 31, 2018. I guess your right, upper class starts at $72k for a single person. How is the Model Y a worse car? Great point about cost of vehicle versus income. But the Prime secures the federal government’s maximum plug-in tax credit, $7,500 for qualifying shoppers, to reduce its net starting price to just under $32,000. Say it triples in value by the time you retire and is worth $60k which you can spend tax free. Min’na genki ni natte. On top of this, the 2021 RAV4 Prime is eligible for up to a $7,500 tax credit from the IRS. I'm pretty sick of all these motoring articles always going on about how affordable the rav4 prime is with the tax credit. Just one month ago, we brought our readers news of an all new RAV4 Prime that broke with Toyota’s past practice. The credit amount will vary based … Individual state incentive information can be found at Family of 4 making $114k is hardly “rich”, especially in CA or NY. It’s also eligible for a $7,500 federal tax credit. According to Toyota, at the purchase of your brand new Prime, you will be eligible for up to $7,500 in federal tax credit. Press J to jump to the feed. Basically even though you paid the taxes earlier in the Roth conversion case, you paid less in taxes and that compensates. Individual states have additional incentives that can be either be applied at time of purchase or via a rebate program, depending on the state. Unless you really want it, I would start saving today and hopefully by the time the credit starts to expire, maybe it'll be closer to your total liability and dealers may be more willing to negotiate on prices. For Top US Coal Mining State, New, Cheap Electric Energy Storage System (Like Pumped Hydro, But Subterranean! (Smarten up, guys.) Lower middle class in expensive localities. Horse puckey! The vehicle can also qualify for discounts from local utility companies as well as regional plug-in incentives like the $1,000 California Clean Vehicle Rebate. sort of defeats the purpose of the tax deferral.

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