Toyota introduces the bZ4X, its inaugural all-electric vehicle, available for lease at a competitive rate of $129 per month with a down payment of just $2,000.
Toyota has been cautiously exploring the electric vehicle market, primarily focusing on hybrid technology rather than fully electric vehicles.
While the bZ4X has had some initial traction as Toyota’s first dedicated electric vehicle, its overall performance has been somewhat underwhelming, likely due to the growing interest in hybrid models. Despite its initial rocky start, which included an early product recall, the issue has since been resolved.
In a market saturated with impressive electric vehicles (EVs), the Toyota bZ4X has garnered surprisingly little attention.
In the fourth quarter, Toyota exclusively purchased 1,897 units of the bZ4X in the US, a 9% increase over the previous year, yet only accounting for 0.4% of Toyota’s total US sales, a significantly lower percentage than electric vehicle sales from smaller companies.
As a result, Toyota has implemented significant price cuts for its electric crossover, transforming it into one of the most affordable options available for lease today.
Here’s a revised version: The sweetest deal can be found on the 2023 bZ4X’s base “XLE” trim, available for just $129 per month with $1,999 due at signing, at least in Southern California. We also observed a promotion in New York, offering a monthly rate of $119 and a down payment of $4,000. This is a record-breaking low resale value for the bZ4X, with it ranking among the worst for any electric vehicle in history.
This lease agreement features a mileage restriction of 12,000 miles per year, comparable to the average annual mileage driven by many American motorists, albeit slightly higher than the typical 10,000-mile caps often encountered in leasing contracts. This offer expires on April 30th; however, a similar opportunity may be extended beyond that date.
The 2024 model offers a financing option for $169 per month, plus a $2,000 down payment, representing a relatively affordable price point, albeit slightly higher than its predecessor’s promotional rate. Toyota has introduced subtle updates to its 2024 model, featuring a standard L1/L2 charging cord, power liftgate, and 8-way power driver’s seat, along with select software refinements.
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At just these remarkably low lease costs, you can drive away in an automobile with a prompt retail value of $44,845 – that’s the starting price for our 2024 model. While a Toyota RAV4 LE costs $369 per month with a $3,000 down payment, it’s significantly pricier compared to the bZ4X lease, despite the latter being approximately $15,000 less expensive.
The rationale behind leasing electric vehicles includes taking advantage of the Inflation Discount Act’s tax credit, which offers an added incentive and is often easier to obtain when leasing rather than purchasing. Given that the applicant’s credit score is lower than expected, the auto lender offers a reduced lease fund amount to the customer?
While the lease deal appears to provide significant savings, it’s essential to note that it only accounts for a substantial portion of the total low-cost benefit, with a staggering $16,250 coming directly from Toyota.
When you find an intriguing lease deal, utilize the affiliate link provided to get in touch with local vendors and inquire whether they offer this deal near your location.
Electrek’s Take
The incentives on this Toyota offer are undeniably extraordinary, a phenomenon that’s particularly striking given my initial skepticism about the company’s approach to electric vehicles.
Recalling those deals reminds me strongly of the promotions surrounding the original Fiat 500e launch around 2015. Prior to his departure from Fiat Chrysler Automobiles (FCA), former CEO Sergio Marchionne was a vocal critic of electric vehicle (EV) adoption. Famously, he conceded that the 500e was a compliance car, citing Fiat’s supposed losses on each sale, implying they only purchased it to meet California regulations. However, at the time, Fiat was also leasing the 500e for a remarkably low $69 per month.
As the cost-benefit equation tipped in favor of fuel efficiency, many Californians, including those already well-equipped with reliable vehicles, found it prudent to acquire a budget-friendly commuter car, enticed by the unusually low fuel prices. Given that $69 per month is significantly less than half of what a typical Californian driver spends on gas for 30 days, these vehicles have essentially been free to operate.
Toyota, traditionally skeptical about electric vehicles, now offers one of the most affordable EV options available.
While I’m not enamored with the bZ4X, its middling specifications fail to impress; even brief exposure left me underwhelmed, offering little to get excited about from the start. While I preferred its cousin, the Lexus RZ, neither car would come near the top of my list of favorite electric vehicles.
When seeking an automobile with Toyota’s renowned quality, isn’t one consideration planning a long-distance trip? The bZ4X falls short in quick-charging efficiency on roadtrips, making it an option to consider for those who prioritize good deals over extensive travel capabilities.
