If you have been looking for a cheap green car, or if you love bargains on cars that hardly anyone wants, listen up. Chevy and Toyota are offering incentives that are nearly unprecedented on their EV and FCEV models — vehicles that are often overlooked.
In what may be an industry first, Chevy is offering zero-percent financing, for 72 months, on used models of the Bolt and Volt, CarsDirect reports. It’s the best of both worlds for Chevy EV buyers when you can get new-car financing while paying used-car prices.
But in order to qualify, the cars must be factory-certified. This adds a layer of complexity to the equation, because a factory-certified model is not the same as a dealer-certified model, at least not for the purposes of the deal Chevy is offering. Still, if a buyer can source one of these factory CPO Chevys it could make all the difference.
Jalopnik’s resident car buying expert, Tom McParland, does warn those drivers interested in used Bolts or Volts that pre-owned models do not qualify for any federal tax credits, so don’t expect deductions for such models come tax season. But there is still some parity in the case of any GM EV purchase, whether you buy used or new, because GM has reached the sale threshold for any federal credits. State and local credits may still apply.
And if GM’s deal isn’t good enough for you, or if you are just a visionary who believes that the PHEV and BEV craze is overblown and FCEV cars have gotten a bad rap, then hold on to your hat. Toyota released a dealer bulletin that almost outdoes GM, discounting the 2020 Mirai by $32,000, per CarsDirect.
That essentially means you can get a 2020 Toyota Mirai for, say, $8,045 from the dealer. Here’s the cost breakdown: The car costs $59,545, from which you can subtract the discount of $32,000, then subtract $4,500 for California’s Clean Vehicle Rebate and finally, subtract Toyota’s hydrogen refueling credit, which can go as high as $15,000. That leaves you at $8,045.
And don’t forget about the Alternative Motor Vehicle credit from the feds, worth $8,000. So, does that mean you can potentially get a 2020 Mirai practically free after applying all eligible credits? No, not really, since Toyota has all but sold out of the 2020 Mirai.
It is a questionable tactic on Toyota’s part and essentially makes the carmaker that friend who says, “Oh, I would’ve totally given you some of this yummy desert, but there’s none left,” and then disappears when the server brings the check. Still, I would be very interested in reading through the closing documents of a sale under the bulletin’s terms — if it ever even happened. I want to believe so badly that it did.
To be fair, Toyota is offering buyers a bit of a consolation prize in the form of a $9,000 price cut to the 2021 Mirai. Bundle that with incentives already in place— such as 60-month zero-percent financing and a $10,000 APR credit — and the new Mirai seems like a decent deal for its dozens of fans.
And I would count myself among that small number of fans, because I’m a sucker for a good sedan, especially one that does a good fastback impression like the redesigned Mirai.