Hello! I'm an 18 year old that loves getting good MPGs and going on long road trips! Right now I own a mechanically amazing 2005 Prius that I've taken 7500 miles in the last two months, and a $900 2006 Prius project (which isn't going so well so far) I am wondering, does anybody know when the Prius and Prius prime are due for a redesign? I'm looking to buy a brand new car in probably 2 years because I want to maintain it perfectly and know everything that happens to it. I see that Toyota just released the 2022 Prius and Prius Prime, but I was sad to see there are little to no changes to the looks (although some of the options have gotten better) Also, what do you guys think is the best way to buy new? I want the most incentives possible to cut the price down, and the most tax credits and/or rebates possible. Obviously some of this information will change by the time I'm going to buy new, but I'm just wondering what's out there. Replies are very appreciated!
Some think 2023 will be the next gen for the Prime. Best incentive for now is the 2021 if you can still find one. $4500-5000 Toyota cashback $500-1000 dealer discount $4500 tax credit $750 if you are an Uber driver $900 CA clean fuel if you live in CA With all of the above incentives, some of us here trade in for newer model yearly at break-even
If a redesigned is announced for 2023, there will likely be good incentives on the 2022 in the last half of the year. The federal tax credit for Toyota could be into the phase out period by then. Federal EV Tax Credit Phase Out Tracker By Automaker – EVAdoption Which may not matter if a new incentive program is passed by Congress.
Thanks much for the link. Assuming there is no new incentive program passed, will we expect to see a cut off date from IRS stating something like "any vehicle purchased before this xyz date will be eligible for the tax credit"???? As far as I know, we won't get this kind of update tax credit from dealer at all.
Yes, the IRS will give advance notice before the phase-out begins. Here is the notice for GM's phaseout, issued 6 days prior to the phase-out's start: Plug-in electric vehicle manufacturer crosses 200,000 sold threshold; tax credit for eligible consumers begins phase down on April 1 | Internal Revenue Service Note that the phase-out is in 2 steps taking a full year: 50% credit for 6 months, then 25% credit for 6 more months. And qualifying is based on the in-service or delivery date of the vehicle, not when you file to get the credit. You file with your regular annual income tax return. For bureaucratic reasons, phaseouts begin only on calendar quarters (1st of January, April, July, or October), and will start somewhere between 3 and 6 months after a maker's 200,000th qualifying car is sold. It takes some time for the IRS to receive the official sales figures and process and release the phase-out notice. So if you watch industry news releases such at Trollbait's link above, not just IRS news releases, you should have at least 'nearly' 3 months warning for when the 100% credit will end.
