The Japanese automaker Toyota is offering a discount for its battery-electric SUV RAV4 EV, which recently started selling in California. Potential Toyota RAV4 EV buyers who act fast can get in on Toyota’s $5,000 cash back offer with 0 percent financing. In addition, Toyota is offering $2,500 in loyalty cash. Discounted prices are in effect until January 7, 2013.
All told, customers factoring in the $7,500 federal tax credit for plug-in vehicles and the $2,500 clean-vehicles rebate from the state of California can cut the cost of a new RAV4 EV by $17,500. That means the RAV4 EV’s sticker price rings up at about $32,000 instead of the more typical $49,800.
Toyota, which first unveiled the RAV4 EV at the 2010 Los Angeles Auto Show, disclosed initial pricing in May, and in September announced a 36-month lease option with a 1.9-percent APR loan that runs $599 per month with $3,499 down. That month, the RAV4 received a 78 miles-per-gallon equivalent rating from the EPA, which gave the car a 103-mile single-charge range rating.
Toyota hopes to sell 2,600 EV units over the next three years to satisfy CARB requirements and earn its needed ZEV credits. Sales of the RAV4 EV have averaged only 30 units per month. In order to sell 2,600 units over three years, Toyota will need to increase that monthly average to more than 70 units.