Prime cost less than regular Prius

Hi Lee- The federal Plug-In benefits are powerful because you get the benefit no matter income level, as long as you actually owe taxes on LINE 44 TAX. The history on that goes back to the 2006 Hybrid Tax Credit (which I got) but it was a huge pain, everyone had to go through the Alternative Minimum Tax equations to see how much hybrid tax credit Uncle Sam was going to allow you to keep, and many of us had to give some back. So Congress got rid of that problem for the later Cash for Clunkers and Plug-in credits.

PS- You can use TurboTax to estimate your case

 

They're still priceless in Alberta. Not available till next year. And still no incentives from the Provincial or Federal govt.

 

Right... which is why Prime sales have been booming (even though it's hard to find in many locations) while normal Prius sales have been flat. This isn't a knock against the regular Prius, just the reality. I considered the regular Prius too, but with the Prime you get real EV, extra features, and (with the rebates, if you qualify for them) it's actually cheaper than the Prius. You give up a 5th seat and more hatch space, but if you can live with that, the Prime is certainly a great deal, which is what sold me on it.

Three new articles about the Prime's sales figures, vs Bolt, Volt, regular Prius, etc:

Emerging EV Sales Battle In The US: Prius Prime vs. The Bolt | CleanTechnica
Toyota Prius Prime #1 (er... #3) — Beats Chevy Volt, Chevy Bolt, & Nissan LEAF In May | CleanTechnica
Prius Liftback Sales Lose Ground As Plug-in Prius Prime Excels

 

That is my understanding. It is applied against what you owe in tax up to a maximum of $4502. This is a one time thing with no carryover of any unused portion so if you don't have enough of a tax burden to use the whole $4502 you "lose" the rest.

 

Does anyone have experience with getting federal and state tax credits on a Prius Prime when they LEASE a vehicle. The information on line is conflicting - IRS post in February states you get the federal credit whether you own or lease; edmunds in March said the credit goes to the dealer if you lease. Appreciate any input - thanks

 

The rules for state credits vary by state, but the federal credit goes to the original owner. And if you lease, that is the leasing company. It is up to you to negotiate with the leasing company to recover some part of it.

 

Just upgraded my 2.5 year old gen3 Prius Two which just reached the manufacture's warranty expiration mileage to 2017 Prime Premium for exactly the reason it is now cheaper than what I paid 2.5 years ago. Toyota's aggressive rebate offer in NE made this possible. By the way, during my search of new Prime, I found many dealers has deeper discount on Premium model in effect making it cheaper than Plus.