Redesign Coming soon? and other questions

Some think 2023 will be the next gen for the Prime.
Best incentive for now is the 2021 if you can still find one.
$4500-5000 Toyota cashback
$500-1000 dealer discount
$4500 tax credit
$750 if you are an Uber driver
$900 CA clean fuel if you live in CA

With all of the above incentives, some of us here trade in for newer model yearly at break-even

 

good questions, stay tuned

 

If a redesigned is announced for 2023, there will likely be good incentives on the 2022 in the last half of the year.

The federal tax credit for Toyota could be into the phase out period by then.
Federal EV Tax Credit Phase Out Tracker By Automaker – EVAdoption
Which may not matter if a new incentive program is passed by Congress.

 

Thanks much for the link.
Assuming there is no new incentive program passed, will we expect to see a cut off date from IRS
stating something like "any vehicle purchased before this xyz date will be eligible for the tax
credit"????
As far as I know, we won't get this kind of update tax credit from dealer at all.

 

Yes, the IRS will give advance notice before the phase-out begins. Here is the notice for GM's phaseout, issued 6 days prior to the phase-out's start:
Plug-in electric vehicle manufacturer crosses 200,000 sold threshold; tax credit for eligible consumers begins phase down on April 1 | Internal Revenue Service

Note that the phase-out is in 2 steps taking a full year: 50% credit for 6 months, then 25% credit for 6 more months. And qualifying is based on the in-service or delivery date of the vehicle, not when you file to get the credit. You file with your regular annual income tax return.

For bureaucratic reasons, phaseouts begin only on calendar quarters (1st of January, April, July, or October), and will start somewhere between 3 and 6 months after a maker's 200,000th qualifying car is sold. It takes some time for the IRS to receive the official sales figures and process and release the phase-out notice. So if you watch industry news releases such at Trollbait's link above, not just IRS news releases, you should have at least 'nearly' 3 months warning for when the 100% credit will end.