Prius Prime - official prices paid thread

A1 Toyota in New Haven, CT, they sold to me even though I was from out of state. I did find dealers in NY But further away, and one in NJ/

 

I think the after SEP 31 is double wrong.
1. There is NO SEP 31st - ever.
2. The credit are base on the 200k sale, on EV of Toyota, and they reached on July 5th. Therefore any sale after that are only $3750.

Let me know if I read this correctly.

 

Letting you know that you did not read [the regulation] correctly. Google is your friend. Phase out happens over quarters.

 

you are pretty much wrong here, the only thing you get it right is not 09/31
Just wondering why you use such a mocking tone here?

 

Let me know where do we find $7500 federal credit phase-out based on quarterly ?

Here is the reference link I found :
Toyota Runs Out of US Tax Credits for Electric Cars, Joining Tesla and GM - Bloomberg
...
The company said Friday that it sold 3,876 plug-in hybrid and electric cars in June. The US allows automakers to offer a $7,500 tax credit to buyers of fully or partly electric cars, but only up to 200,000 per company. Toyota’s cumulative sales of eligible vehicles have now surpassed that threshold, according to data compiled by Bloomberg and confirmed with the company.
...

I am happy to be corrected, and receive more credit to my pocket.
I am refusing to take suggestions without clarification.

You are welcome to send a reference link for your insight.

EV_

 

See:
Toyota Runs Out of US Tax Credits for EVs - Bloomberg.com: 07/01/2022 | PriusChat

Right now, it's literally the third thread in:
Prime Main Forum (2017-Current) | PriusChat

Excerpt:
=============
According to Bloomberg.com, as of last quarter, Toyota sold more than 200,000 EVs, in total over the years.

Therefore, for the Prius Prime, the Federal Tax Credit will be:
$4,502 for cars bought and ?delivered? until September 30th 2022.
$2,251 for cars bought and ?delivered? between October 1st 2022, until March 31st 2023.
$1,126 for cars bought and ?delivered? between April 1st, until September 30th 2023.

From a Federal Tax Consideration, the date is likely the "placed in service" date.
?Therefore, that might be the official delivery date?

Note: The official State-consider "placed in service" date may differ from State to State.

That may be different from what the tax Federal "placed in service" date.
Note, for people right on the cusp of a date, I suggest that you consult a tax attorney!
I am not a tax specialist, nor an attorney.
I'm a geek researcher/engineer.

Fwiw, some links:

Code:

Qualified Plug-In Electric Drive Motor Vehicles (IRC 30D)
https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit
IRC Section 30D(g) Qualified 2- or 3-Wheeled Plug-In Electric Drive Motor Vehicles

https://www.irs.gov/businesses/irc-section-30dg-qualified-2-or-3-wheeled-plug-in-electric-drive-motor-vehicles
Excerpt: (note, out dated)
Internal Revenue Code Section 30D(g) currently provides a credit for qualified 2-wheeled plug-in electric vehicles. The amount of the credit is 10 percent of the cost of any qualified 2-wheeled plug-in electric vehicle placed in service by the taxpayer during the taxable year and cannot exceed $2,500.

Qualified Plug-in Electric Drive Motor Vehicle Credit
https://www.irs.gov/pub/irs-pdf/f8936.pdf
Excerpt:
Line3 Enter date vehicle was placed in service (MM/DD/YYYY)
Instructions for Form 8936 (01/2022)

https://www.irs.gov/instructions/i8936
Excerpt: (note, out dated)
Credit for two-wheeled vehicles. The credit for qualified two-wheeled plug-in electric vehicles expired for vehicles acquired after 2021. However, if you acquired the two-wheeled vehicle in 2021, but placed it in service during 2022, you may still be able to claim the credit for 2022. Do not report two-wheeled vehicles acquired after 2021 on Form 8936 unless the credit is extended.


https://www.investopedia.com/terms/p/placed-in-service.asp
Excerpts:
===========
According to the Internal Revenue Service (IRS) Reg. Sec. 1.167(a)-(11)(e)(1), property is considered to be placed in service when it is "first placed in a condition or state of readiness and availability for a specifically assigned function." This may or may not coincide with the purchase date of a depreciable asset, depending on how a company interprets "state of readiness and availability." IRS's Reg. Sec. 1.46-3(d)(1)(ii) applies the same criterion as the above regulation for the purpose of an investment tax credit for the purchase of property.
...
If an asset is purchased and stored in a warehouse, but still needs to be fixed before use, the IRS will not consider it placed-in-service. The company thus will not be allowed to take depreciation charges to lower pretax income. Only when the asset is "placed in a state of readiness and availability for a specifically assigned function" will the IRS allow depreciation to commence. Buildings are usually considered placed-in-service when a certificate of occupancy is issued. However, there have been numerous disputes between companies and the IRS over the exact interpretation of the placed-in-service language.

=============

 

See also:

Very top of the web page:
https://electrek.co/2022/07/29/which-electric-vehicles-still-qualify-for-us-federal-tax-credit/
July 29
Here’s every electric vehicle that currently qualifies for the US federal tax credit


Previous article:
https://electrek.co/2022/04/11/federal-tax-credits-will-soon-be-phased-out-for-toyota-ev-customers-in-the-us/
Federal tax credits will soon be phased out for Toyota EV customers in the US
Scooter Doll
Apr. 11th 2022
Excerpt:
=========
If Toyota does in fact reach the 200,000 vehicle limit by the end of June, the phase-out would gradually occur over the course of a year. The credits initially continue at full value until the second quarter after the 200k threshold is reached, then half value for six months, followed by one-quarter value for an additional six months.

Here’s a rough timeline of the phase-out should Toyota’s June 2022 estimate be correct:
July 1 to September 30, 2022 – Full $7,500 tax credit remains available for qualifying Toyota EVs.
October 1 to March 31, 2023 – Credit drops to $3,750.
April 1 to September 30, 2023 – Credit drops again to $1,875.
October 1, 2023 onward – Toyota federal tax credit is zero.
=========

 

Thanks, Prius16.

I just hope this will clarify and make sure we are not jumping into a Prius Prime (like me going into) and expecting the full credit

I would arm myself with the current information and sit down, and negotiate the bottom line.

Enough with OT: expect to hear from me in 2-5 weeks.

EV-

 

Just remember that even if you can close the deal before the end of Sep, the "full credit" for a PP is only $4502 due to its traction battery size. Do not expect to receive a $7500 tax credit like on the Rav4 Prime (or bZ4X if it can be bought now). After Oct 1, the phase-out period will start and it will be 50% until March 31, 2023, if the current code is still in effect.

 

You are correct. I’m sure a set of good winter tires would make an enormous difference. But I have an irrational fear of driving in snow in anything but something like a truck or SUV. i know it’s silly but it’s like from past bad experiences some form of mild PTSD - especially when there was no snow in the forecast and I come out of where I’m at and there’s 2” on the ground. That feeling. Just pure dread. I’m not sure if winter tires on the Prime would get me to feel differently. Help me get home better but I’d be a nervous wreck and it’s like I panic attack where I have to physically recover from it. Lots of bad things happened driving in ice and snow when I was a little kid with the family or when I was older with friends and stuff and alone.

Just really bad stuff. Stranded, stuck, sliding down things. And it’s not that I would go out on purpose to play around, it was always the random snow squalls of a few inches that were “not supposed to happen” that got me because I was already out somewhere and had to be home.

Ahh the price of living in a temperate climate.

 

Thanks! We checked with them and said it was a 4+ month wait, but the deposit was refundable. We might get on the list and see.

 

Umm, y'all do know you can check in stock inventory via cargurus.com ?

IE:

New Toyota Prius Prime for Sale in Avon, CT - CarGurus

 

And what they list is not accurate.....stuff already under deposit

 

On another note...I'm looking for advice. In June I put down a deposit with a dealer who said I was 4th on waitlist for a prime xle. Last month I asked where I was in the list and supposedly I as next up. Well, they got an allocation this week and I didn't get a phone call so I called. Oh...yea the salesman says. My bad... you weren't next on the list... and oh by the way there is now one person ahead of you for the next allocation to come. So naturally I am royally ticked off because I want the darned 4502 and not 2250. There is another dealer a half hour away claiming no waitlist. My 500 deposit is refundable until I get called with an allocation. do I jump ship? The place that has my deposit is biggest dealership in area. Not sure about the other one as I've never been there.....

 

There is now a Sept 31'st because I manifested it . I'm giving you one extra day to get that full credit before phaseout. Go get em' tiger. My message still stands.

 

Checked your link. Those seem way underpriced for the current gas crisis. Notice almost every listing is a stock photo and not the actual vehicle. Bet each one has a mark up somewhere.

Heck, I saw a 2022 XLE w/ only a little
mileage listed at about $41k on Carvana. Yes- Carvana is overpriced, but usually what vehicles they over charge for are ones that are in high demand for whatever reason. New, or fuel efficiency etc.

 

Ok, anything between 2-3k over invoice seem to be " great price" and fair price ...

I am heading out this week, and will see what available ( physically in stock, ready to deal).

And if the Rav4P is there, and reasonable , I take that too.

EV-

 

can you put a deposit at the second one and hold the first until further notice?

 

Reached out to a recommended VT dealer by our own @prius16 and if what I heard on the phone right they said the wait is about 10-14weeks for ordering a 22 PP with them. Sounds super fast to me but I'm not complaining. Let's see what happens.

Put down a $500 deposit. XLE in blue magnetism, black interior (I wanted the moonstone interior but they said that would be even longer wait), and just all weather floor mats, no other add-ons and no MSRP markup as far as I'm aware. Still waiting on them to give me the final spec sheet.

On the other hand...does anyone have recommendations for a reputable car shipping company? The dealer said they won't arrange shipping and I'll have to DIY...debating if its worth it to flyin and drive it back to Missouri. Online quotes for an enclosed transport from Vermont to Missour ranges from 2000 to 3000....crazy....

 

Summary:
Fwiw, my guess, is that New Prius and Prius Prime availability will be an "~2-4 months wait", for the next ~~~2-6 months.


Longer bla, bla, bla:
Good Luck with Faith. They were one of the 4+ dealerships that I had deposits with.
I was very lucky, and I was able to end up going with a local dealership.


There are a number of factors today (08/11/2022), that effect getting a new Toyota PHEV, EV (or any new vehicle).
These are factors today, the factor will be different in 1, 2 months, years. Life is not like the Ground Hog Day movie.

For Toyota PHEV, EVs, the Federal EV Tax Credit will start declining soon.
Although it's very likely that the current tax laws on how the EV tax credits will decline for Toyota will remain, that is not a 100% given.
The Tax law can, and has, changed "over night". In fact, that's what may happen with the EV Federal tax credits if/when the final laws are signed by Biden.
Last I read, those new tax credits go into effect when Biden signs, but the declining Federal Tax credits (iirc, that effects only Toyota, will be Grand Fathered in).


Factors today, for new cars, used cars in general:
Interest rates have risen recently.
The interest rates will rise again by ~1% very soon. Over 90% of people finance. Therefore, interest rates make a big difference.
Toyota currently has massive supply issues - MASSIVE!
That means that Toyota can't come anywhere close to making "many" vehicles. That means that Toyota rebates/incentives are very low, and in most cases, non existent. Typically, manufacture rebates are ~$3K to ~$7K.

Some major factors are, interest rates, concerns about the current/future recession, concerns about current/future job security, concerns about the current/future inflation, concerns about current/future prices of items in general (e.g. oil, natural gas, electric, food, milk, meat, health insurance, etc).

"In General", the new and used car markets are seeing a noticable decline.
Note, Rav4 Primes, and F150 lightnings make up a very very small percentage of the market.
So, those markups have nothing to do with buying a Prius or a MB C-Class. For each make of vehicle, the availability and consumer demand will differ. Those dictate markup or discounts (like Lincoln SUVs).


So, you can see, that you are in a "unique spot".
Similar to how it's been for the past 2 years for many people.
What the supply/demand is, varies a lot. So, what is "true today", is different than what was true 3 months ago, and is different how things will be 3 months in the future.

Fwiw, my guess, is that New Prius and Prius Prime availability will be an "~2-4 months wait", for the next ~~~2-6 months.
That's assuming that the Toyota supply issue doesn't get much worse.
Fwiw, indications are that Toyota's supply issues may get worse.
However, Toyota's may be able to mitigate some/many of it's supply issues. I'm sure that people at both Toyota and their suppliers, are working hard to mitigate supply issues.


Fwiw, imho, the "YAA" Youtube channel is best place to get a good feel on the present new and used car market.

Code:

https://www.youtube.com/c/YourAdvocateAllianceYAA

The older person, the father, was a new car finance manager, until he retired a few years ago. So, he has, and offers, a lot of insight into how dealerships really work, without the concern about getting fired (like has happened to many youtube people, that work(ed) at dealerships, and have their own channel). Also, the dad, is able to use his decades of dealership new/used car selling experience, to offer his views/ideas on the present, and possibly future new/used car markets.


Btw, fwiw, only buy the Toyota extended "warranty". And buy it directly from a Toyota dealership. Imho, every other extended warranty is a 100% waste of money. Before, a Toyota dealership offered to sell the Toyota extended "warranty" to buyer online. That's how I was able to find a reasonable price for the warranty _I wanted_, and then negotiate my dealership down to a better offer.
Fwiw, I got my 10year/100K Toyota extended "warranty" for $2,000. Imho, that was a fair price, and worth the extra cost to get it from my local dealership.


Good Luck!