Prius Prime - official prices paid thread

Ahhh yes. California rebate yes. However I say wait a couple years and they'll have new prius that will qualify for the full 7500.....I'm hoping anyways. Especially with that BZ Line their coming out with.

 

Another note to make. Toyota is selling primes like crazy. When I started looking through cargurus their was about 2200 and now their are like 300. They sold a ton of them which makes sense with given rebates. That's just my area out to 50 miles. Wow

 

Well, with an easy $4K profit on PP, I have no reason to wait for a couple years. I can buy PP and sell this year, and if the credit is still available, then I can buy another PP or maybe an all-new Toyota BEV. Not a profit maker, but the Rav4 Prime has a $7500 tax credit right now. And Rav4 Prime in high demand, Toyota may reach the 200K quota quicker. There may not be any fed credit available when Toyota starts selling the BEVs.

 

Exactly my point for comment. There going really fast. I hope there is some left cause I'm really considering the BZ. Trade my limited in a heartbeat if the deals right if course!

 

Well, that [your wife] and IRS restrictions.
1 flip - not likely a flag. Multiple purchases and resells within a year...

Instructions for Form 8936 (01/2021) | Internal Revenue Service

• You acquired the vehicle for use or to lease to others, and not for resale.

 

I did it! Flew to Baltimore on Friday and purchase my 2021 Prime Limited in Blue Magnetism with Black interior on Saturday. Got it from Sheehy Toyota and the salesman was Todd Bell. He was great. It took me almost 3 months of researching and 2 months of texting/emailing Todd. The finance guy was Kadeem Rogers. He was great. Not at all "sharky" or overly pushy. He did his job and tried to upsell me on products, but let it go when I said no. I drove the car back to FL (took a couple quick visits to DC and Savannah) and arrived home last evening. I was a bit concerned because I am a woman buying a car by myself, but I feel that it was a very good experience and great deal! I absolutely love the car. The radar dynamic cruise control is wonderful, and made the 730 mile drive less painful. I financed the car and was offered 3.9% APR, but I prequalified before I arrived at 2 banks and Toyota matched my bank rate of 2.74%.
MSRP $35528
Dealer discount $3725
Rebate $5750 ($5000 rebate plus $750 Uber Driver discount)
Dealer fee $500
I added Door Edge guards $181 installed
Total out the door with tax and tag $29314.

 

You might not to post that on a public forum because of the reason below. Lol

 

Ya I would delete that comment or your account immedialty. LOL. In other news I figured their would be some kind of restrictions. However every new car is going to be for resale eventually but immediate resale issue, that makes more sense. Probably doesn't apply as well.

 

Starburst just a fyi. Next time use true car with multiple zip codes about 20 miles from eachother up to 100 miles or whatever. Then look at all those offers and take the cheapest ones and look for internet/fleet pricing for the cheaper dealers. It may save you some months. LoL.

 

Yeah, IRS is not clear on the definition of "for resale". So far, I have not heard or read anyone reporting a case the IRS denying the credit or asking for the return of the credit because the car was sold after it was purchased "for use". That is not to say IRS will never ask for the recapture of the credit which is stated clearly in the IRS code. Will see if anyone reports such a recapture incident does actually happen.

Recapture of Credit

If the vehicle no longer qualifies for the credit, you may have to recapture part or all of the credit. For details, see section 30D(f)(5).

(5) Recapture
The Secretary shall, by regulations, provide for recapturing the benefit of any credit allowable under subsection (a) with respect to any property which ceases to be property eligible for such credit.
​

 

Yeah, no definition of resale vs personal use is provided. So you have to go with what a reasonable person might think - multiple vehicles bought and sold within a single year - that leans towards resale. A single vehicle bought and sold within 0-2 years - that sounds like personal use. Plenty of new vehicle owners sell b/c they end up "not liking" it - and usually taking a huge loss on the vehicle!

 

@Starburst: Congratulations, you're gonna' love the Limited!

@SalamnderKing: no problem with "flipping" your car, as I assume you did not purchase the car to re-sell as a new vehicle, but used it and then sold it as used. Big difference.

 

That is my take on the "resale", but there still is a question of the Recapture clause that is a part of the tax code. I am not a tax expert, but the code seems to give IRS a final say on when they may ask for the return of part of all of the credit.

 

I agree that as long it doesn't look too "excessive" the IRS probably has bigger fish to catch so to speak. Of course they have the final say. I do know there was a recent article that mentioned how the EV credit was being abused by people who would file and get the credit for cars they were leasing or perhaps they would file for the credit for a used EV. I think the IRS would want to get money back from those people before trying to come after someone buying an EV and then getting one or two more in a 12 month period, esp if it's a couple that has two cars and the husband wife each bought an EV at the beginning of the year and then decided to "upgrade" to a newer one at the end of the year. That's 4 credits right there. Just my two cents.

 

Here's the article for the EV credit abuse

Lots of People and Automakers Have Cheated EV Tax Credit, Feds Say.

 

I have seen several posts on BoltChat with Bolt owners stating that they have received letters requesting documentation supporting their claim for the credit on tax returns from several years ago. Maybe the IRS is starting to audit this?

I claimed the credit on this year’s return and it seems to be taking longer than normal to get my refund, so I’m wondering if it is getting a little closer scrutiny than normal.

 

This seems to be the reason for the request for supporting documents for the Bolts "In yet more cases, according to the Treasury's report, it appears as though Tesla and GM EV owners or lessees in particular have kept claiming IRS credits—and the IRS allowed them—after these automakers exceeded their sales thresholds that made their owners ineligible to receive the claimed amounts." from the article.

I don't think the IRS is going to care if you owned the car for a few months or a year or five, there's no use test for it. They are going to care if you leased the car and claimed a credit, never owned the car and claimed it, or claimed the credit past the allowable threshold after the credit expired (Tesla or GM for example). People buy cars and change their minds all the time, the IRS can't account for that. There should be an online tool to review a VIN to see if a credit has been claimed, and it sounds like the IRS never tracked that nor when a car was purchased and the credit had expired for that manufacturer.

 

The ones I read about were all 2017’s, purchased (not leased) new.

But your analysis is likely correct. I’ll just feel better when mine goes through!

 

I got my deal and then used Truecar. My deal was better for same car. I enjoyed the research. That’s what I do. I research stuff to death! It’s part of the fun.

 

Pretty sure I saw you there! I picked up the white limited right next to yours with the same salesman. I also came from out of the area to Sheehy for the great deal. Price breakdown.

MSRP: $35589
Dealer Discount: $4471
Rebate: $5000
Mil rebate: $750
Adjusted: $25368
Doc: $500
Tax: $948.54
Non-Tax fees: $361
OTD: $27177.54