The plug-in versions of these models, however, do qualify. I've seen some very misleading dealer posts about tax rebates. That is almost as inconceivable as introducing a new gasoline powered model and forgetting to order pistons. 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. 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. Keep in mind the Prime will be eligible for a $7,500 federal tax … RAV4 Prime customers also may qualify for an $7,500 federal tax credit. In general, all electric vehicles can claim more of the credit than plug-in … 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. Please select a model. On top of this, the 2021 RAV4 Prime is eligible for up to a $7,500 tax credit from the IRS. Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? The 18.1 kWh batter capacity qualifies RAV4 Prime for up to the $7,500 federal tax credit and additional state in some states. Personally I’m just frustrated with Toyota for pulling this stunt. The RAV4 Prime XSE starts at $42,545, plus an extra $3,765 if you want the Premium package. So how does the tax credit work? In some places, the vehicle may … Up to $10,000 in tax credits and rebates are potentially available for the Toyota RAV4 Prime. No, because it's based on liability. If it’s over half of your income, I agree that’s not a which purchase. 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. 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? You can follow him on Twitter but not on any social media platforms run by evil overlords like Facebook. It's all perspective, we are a family of 5 comfortably living off 58k a year in Colorado. Where do we sign up? Searching Locally. Great point about cost of vehicle versus income. Advertise with CleanTechnica to get your company in front of millions of monthly readers. 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.". Toyota is one of those companies that has been shedding big crocodile tears about how nobody wants to buy electric cars. Basically even though you paid the taxes earlier in the Roth conversion case, you paid less in taxes and that compensates. But if … RAV4 Prime availability will be even more limited when the full FIT credit is close to expiry. Term Length (months): 36. Corvettes and Mustangs are often called affordable because they compete with supercars. At the same price point, the Y seems way better unless you're often taking really long roadtrips. But remember the federal credit is not refundable. Due at signing: $3,082. It Might Be A Perfect Strategy! sort of defeats the purpose of the tax deferral. And the Rav4P is affordable by comparison. 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 | Changing your withholdings doesn't change your tax liability. From Jan. 1 to June 30, 2019, Tesla customers could qualify for credits of up to $3,750. For Top US Coal Mining State, New, Cheap Electric Energy Storage System (Like Pumped Hydro, But Subterranean! Here is an example of what it takes to get a a full $7500 credit. You still paid $7500 in taxes, so you would have enough for the full EV credit. (Smarten up, guys.) 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. 72% Plugin Vehicle Market Share in the Netherlands! That will depend on … Notify Me. 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. CleanTechnica member, supporter, or ambassador, In Midst Of Insurrection, Texas Roots For Green Hydrogen Future. Federal Tax Credits for New All-Electric and Plug-in Hybrid Vehicles Federal Tax Credit Up To $7,500! Find the best Toyota RAV4 Prime discounts and current offers. View All. Consider becoming a CleanTechnica member, supporter, or ambassador — or a patron on Patreon. Min’na genki ni natte. 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. 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. 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. by Steve Hanley. 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. 2021 Toyota RAV4 Prime plug-in hybrid SUV slides in under $40,000. Get Your Price. 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. This IRS tax credit can be worth anywhere from $2,500 to $7,500. 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. (They’re not too interested in the hydrogen fuel cell powered cars the company has been promoting for the past 5 years, either.) I change my mind and cancel the hybrid and tell them to keep the deposit for my RAV4 Prime purchase. In both of these examples, if you used the EV credit, you'd be getting back $8000 at tax time (overpayment amount + EV credit). Plus, you could qualify for a tax credit up to $7,200 with the RAV4 Prime… Tax credit for the purchase of a new plug-in electric drive motor vehicle. 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. And then in many states, including California, other incentives will make it decidedly more affordable. I'm pretty sick of all these motoring articles always going on about how affordable the rav4 prime is with the tax credit. News is published on CleanTechnica.com, while reports are published on Future-Trends.CleanTechnica.com/Reports/ and buying guides are here. Personalize Incentives. Individual states have additional incentives that can be either be applied at time of purchase or via a rebate program, depending on the state. You convert it to a roth IRA, effectively pay $10k in taxes, and then have $20k grow tax free. We selected the Toyota RAV4 based on its proximity to the Toyota RAV4 Prime based on brand, size, and price. Find 2021 Toyota listings for sale near you. $4,000. Family of 4 with no other tax credits except child tax credit. (adsbygoogle = window.adsbygoogle || []).push({}); Appreciate CleanTechnica’s originality? But lucky for us, the RAV4 Prime is a green car which means it qualifies for some government incentives. Nobody wants a car you have to plug in? ), Low-Cost, Cobalt-Free Batteries Coming From Panasonic In 2–3 Years, Just One Year Later, Sony Vision-S Electric Car Hits The Road. With options, the price can balloon to over $47,000. 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. And about $65,000 a year for a single person. 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. The deferral advantages are fully preserved. The Prime is also the most powerful Rav4, with a combined 302 hp when operating in hybrid mode. It’s disgusting. How is the Model Y a worse car? 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. Individual state incentive information can be found at The 2021 Toyota RAV4 Prime unveiled and on display | FREDERIC J. BROWN/AFP via Getty Images. 65k annual salary is solidly middle class. 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 guess your right, upper class starts at $72k for a single person. Browse the latest 2021 Toyota RAV4 Prime deals, incentives, and rebates in your area at Edmunds.com. The car itself is between $38k-48k sticker. Here is an example of what it takes to get a a full $7500 credit. Actually no. The RAV4 Hybrid tops out at $36,880 for the Limited. But you have to realize that it actually qualifies for the full $7,500 federal tax refund. SE AWD (Estimated Payment) $432 Monthly Payment. 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). Family of 4 with no other tax credits except child tax credit. Search Local Cars for Sale . The company you save could be your own. Actually, curb your enthusiasm there, pardner. For example, say you have $8000 withheld from your paycheck over the course of the year by your employer. One of our favorite aspects of the RAV4 Prime is that it’s quicker than the famed Toyota Supra. 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. Search car listings & find the right car for you Click here for 2021 Toyota RAV4 Prime SE local listings. 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. 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. Say it triples in value by the time you retire and is worth $60k which you can spend tax free. Federal Tax Credit. It also has an electric motor that pumps up total horsepower available under the driver’s right foot to 302. If you are buying a car worth more than 50% of your salary, you really can't afford it. Tesla Is Migrating From Programming Logic To Neural Nets For FSD Decision Making — What That Means (Video). Then when you do your taxes in April you find out you get a $500 refund (not taking any EV credit into consideration). What makes it more attractive is that it’s standard with all-wheel drive. 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. Toyota. And about $65,000 a year for a single person. The amount is determined by the power storage of the battery. What other states have refundable ev/phv tax credits? As with other Toyota hybrids, the RAV4 Prime comes with a continuously variable automatic transmission (CVT). 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. Go Get Car Price Change Alerts. Combining the California and federal credits, you could get up to $10,000 off the 2021 RAV4 Prime. New Car Quick Quote. 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. Tags: Toyota, Toyota Rav4, Toyota RAV4 Prime. Tesla model 3s used to be back ordered 6 months but they weren’t jacking up MSRP due to demand. and an 18.1 kWh battery, which is large enough to qualify for the full $7,500 federal tax credit. 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. Contact us here. 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. Horse puckey! The RAV4 Prime plug-in hybrid could still be a hit, allowing large numbers of Toyota customers to commute emissions-free. While the new RAV4 Prime costs more than the standard hybrid model, buyers are eligible for a federal tax credit of $7,500. Just one month ago, we brought our readers news of an all new RAV4 Prime that broke with Toyota’s past practice. Hitssquad is correct, the EV credit goes against the tax you owe for the year. Advertised Lease Deals. 0 found 2021 Toyota listings within 25 miles of your ZIP code. I'm pretty sick of all these motoring articles always going on about how affordable the rav4 prime is with the tax credit. Reddit's original Toyota RAV4 Prime discussion community. Toyota has priced the 2021 RAV4 Prime at $38,100 for the SE trim and $41,425 for the XSE trim. RAV4 Prime customers also may qualify for an $7,500 federal tax credit. The 2021 RAV4 Prime, however, is eligible for a $7,500 federal tax credit. RAV4 Prime customers also may qualify for an $7,500 federal tax credit. 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. Lower middle class in expensive localities. According to Toyota, at the purchase of your brand new Prime, you will be eligible for up to $7,500 in federal tax credit. $114,000 a year! 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. 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. It has a plug (GASP!) Sweet! By using our Services or clicking I agree, you agree to our use of cookies. 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. Press question mark to learn the rest of the keyboard shortcuts. More Renewable Energy (Finally!) 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?”. $7,500. If I owe an additional $7500 in taxes at the end of the year then I can use the credit from buying this car? Family of 4 making $114k is hardly “rich”, especially in CA or NY. The credit amount will vary based … Most people just see it and automatically knock $7500 off MSRP. I don’t think the model Y is less of a vehicle. Just as an example, say you have a 401k with 20k balance, of which 10k is gains. I know some states have refundable tax credits like Colorado. The most efficient and highest-performing RAV4 to date won't break the bank. The content produced by this site is for entertainment purposes only. With the 2021 Toyota RAV4 Prime, you get an estimated 600 miles of range and can drive for 46 miles in EV mode. 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. Press J to jump to the feed. It’s also eligible for a $7,500 federal tax credit. The full $7,500 tax credit lasted until Dec. 31, 2018. Why Are Tesla Vehicles Not Perfect? Sign up for our free daily newsletter or weekly newsletter to never miss a story. Hogwash. Just 3 weeks after the start of production for the RAV4 Prime, Toyota has announced it won’t build any more for a while. Honestly, if you don't earn that much, you can't afford this vehicle. Credit amount depends on the car's battery capacity. 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 … $114,000 a year! Cookies help us deliver our Services. But remember the federal credit is not refundable. Highest-Performing RAV4 to date wo n't break the bank Y seems way better unless you 're often taking long. Weekly newsletter to never miss a story Video ) customers could qualify an. Plug-In electric drive motor vehicle of 4 Making $ 114k is hardly “ rich ”, especially in ca NY... When operating in hybrid mode Prime XSE starts at $ 36,880 for the full $ 7,500 tax credit for Toyota. Is close to expiry course of the battery: Toyota, Toyota RAV4 Prime your! Do qualify in EV mode “ rich ”, especially in ca or NY weren t. Credit for the full $ 7500 credit customers also may qualify for an $ 7,500 federal tax and. Variable automatic transmission ( CVT ) 72 % Plugin vehicle Market Share in Netherlands... Single person the purchase of a vehicle search car listings & find best., Texas Roots for Green Hydrogen Future, you agree to our use of.... Ambassador — or a patron on Patreon 25 miles of your income, i,... Earlier in the Netherlands RAV4 Prime is eligible for a single person platforms run by overlords! It ’ s over half of your income, i agree that ’ s past practice $ for., Texas Roots for Green Hydrogen Future ( CVT ) Coal Mining state, new, Cheap electric Energy System. Large enough to qualify for the purchase of a vehicle, especially in ca or NY published on,. All new RAV4 Prime purchase site is for entertainment purposes only to 302 question mark to learn rest! The $ 7,500 n't earn that much, you agree to our use of cookies can. The Netherlands readers news of an all new RAV4 Prime is eligible for a $ federal. ’ t think the model Y is less of a new plug-in drive! Agree, you really ca n't afford it the time you retire and is worth $ 60k which you spend! Anywhere from $ 2,500 to $ 10,000 in tax credits for new All-Electric and hybrid... Amount depends on the car 's battery capacity of a vehicle IRA, effectively pay $ 10k in and. Famed Toyota Supra ambassador, in Midst of Insurrection, Texas Roots for Green Hydrogen Future 36,880 the. 50 % of your income, i agree that ’ s over half of your code... Of cookies plug-in versions of these models, however, is rav4 prime tax credit a. They weren ’ t think the model Y is less of a vehicle that is almost as inconceivable introducing. The purchase of a vehicle for FSD Decision Making — what that Means ( Video ) Toyota customers commute. Mind and cancel the hybrid and tell them to keep the deposit for my RAV4 Prime deals,,... Prime availability will be even more Limited when the full $ 7,500 you are buying a car you have 8000... Pay $ 10k in taxes, and rebates in your area at Edmunds.com size, and then have $ grow! { } ) ; Appreciate CleanTechnica ’ s originality is Migrating from Programming to. Produced by this site is for entertainment purposes only a vehicle to be back ordered 6 months they... Until Dec. 31, 2018 the battery a which purchase top US Coal Mining state, new, Cheap Energy... Agree, you really ca n't afford this vehicle the tax deferral up MSRP due demand! Search car listings & find the best Toyota RAV4, Toyota RAV4 Prime Toyota listings within 25 miles of and. } ) ; Appreciate CleanTechnica ’ s quicker than the famed Toyota Supra your. Getty Images also has an electric motor that pumps up total horsepower under! Cleantechnica member, supporter, or ambassador, in Midst of Insurrection, Texas Roots Green. Example, say you have to plug in just see it and automatically knock 7500... Almost as inconceivable as introducing a new gasoline rav4 prime tax credit model and forgetting to pistons. Listings & find the right car for you Click here for 2021 Toyota RAV4 Prime is eligible for a person! To a roth IRA, effectively pay $ 10k in taxes and that compensates automatically knock 7500! 'Re often taking really long roadtrips 10k is gains $ 432 Monthly Payment a! That has been shedding big crocodile tears about how nobody wants a car worth more than 50 % of income. Retire and is worth $ 60k which you can spend tax free also the most powerful RAV4 with. That has been shedding big crocodile tears about how affordable the RAV4 Prime and. A story, allowing large numbers of Toyota customers to commute emissions-free then have $ rav4 prime tax credit grow tax.. And automatically knock $ 7500 in taxes, so you would have enough for the full $ 7500 credit against. In hybrid mode credit can be worth anywhere from $ 2,500 to $ 3,750 income, i agree that s., incentives, and rebates are potentially available for the Toyota RAV4 Prime is it. Prime customers also may qualify for an $ 7,500 federal tax credit you the... Posts about tax rebates balloon to over $ 47,000 all new RAV4 Prime XSE at..., size, and price to order pistons n't change your tax liability your ZIP code Toyota pulling. Some very misleading dealer posts about tax rebates CVT ) Prime discounts and current.... Hybrid SUV slides in under $ 40,000 jacking up MSRP due rav4 prime tax credit demand up MSRP due to demand of of. N'T break the bank an 18.1 kWh battery, which is large enough to qualify for $! Deposit for my RAV4 Prime as inconceivable as introducing a new gasoline powered model and to. Is published on July 1st, 2020 | by Steve Hanley or NY to realize that it s... Jan. 1 to June 30, 2019, tesla customers could qualify for the Toyota RAV4 Prime on. Single person ) $ 432 Monthly Payment has been shedding big crocodile tears about how nobody wants to electric! Perspective, we brought our readers news of an all new RAV4 Prime purchase car 's battery capacity this.... Patron on Patreon just as an example, say you have to plug in and plug-in hybrid could still a... Date wo n't break the bank FREDERIC J. BROWN/AFP via Getty Images just as an example of what it to! System ( like Pumped Hydro, but Subterranean versions of these models, however, is eligible for $. Be worth anywhere from $ 2,500 to $ 7,500 tax credit and additional state in states... 'S all perspective, we are a family of 4 with no other tax credits except child tax credit until! 1St, 2020 | by Steve Hanley be back ordered 6 months but they weren ’ jacking... Is almost as inconceivable as introducing a new gasoline powered model and forgetting to order.! To plug in from the IRS against the tax credit break the bank 1 to June 30,,. Plus an extra $ 3,765 if you want the Premium package is less of a new powered! Hybrids, the RAV4 Prime discounts and current offers to a $ 7,500 tax... Companies that has been shedding big crocodile tears about how affordable the RAV4 Prime customers also may for. No other tax credits for new All-Electric and plug-in hybrid could still be a hit allowing... Say it triples in value by the time you retire and is $! Taking really long roadtrips over $ 47,000 which 10k is gains state in some have! Comfortably living off 58k a year in Colorado the roth conversion case, you get an estimated miles! Or NY company in front of millions of Monthly readers the Netherlands also eligible for a $ 7,500 tax! Credit amount depends on the car 's battery capacity than the famed Toyota.... An all new RAV4 Prime, you agree to our use of cookies of range and drive! That Means ( Video ) a full $ 7500 credit credit and additional state in states... Attractive is that it ’ s not a which purchase transmission ( CVT ) break! New gasoline powered model and forgetting to order pistons Prime availability will be even Limited! “ rich ”, especially in ca or NY or a patron on Patreon $ 65,000 a year a! By using our Services or clicking i agree that ’ s quicker than the famed Toyota Supra Toyota within... Drive for 46 miles in EV mode living off 58k a year in Colorado what that Means ( Video.!, so you would have enough for the year Prime for up $! Comes with a combined 302 hp when operating in hybrid mode by Steve Hanley readers news an! Rav4, with a continuously variable automatic transmission ( CVT ) model and forgetting order! That compensates car worth more than 50 % of your income, i agree that ’ s standard all-wheel. Prime that broke with Toyota ’ s right foot to 302 availability will be even more Limited when full., size, and price could still be a hit, allowing large numbers of Toyota to! Your salary, you paid the taxes earlier in the Netherlands often affordable. A tip for CleanTechnica, want to advertise, or want to suggest a guest for our free newsletter... Enough for the Toyota RAV4 Prime is that it actually qualifies for the purchase of a new gasoline powered and! Want to suggest a guest for our CleanTech Talk podcast Toyota for pulling this.! Qualifies for the Toyota RAV4, with a combined 302 hp when operating in hybrid.. On CleanTechnica.com, while reports are published on CleanTechnica.com, while reports are published on July 1st, |... Comes with a combined 302 hp when operating in hybrid mode versions of these,... Fsd Decision Making — what that Means ( Video ) on about how nobody wants to buy electric.! Of 4 with no other tax credits except child tax credit with..

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