Toyota’s electric bZ4X is now cheaper to lease than the Hybrid Camry

If you’re deciding between an electric or hybrid Toyota, the bZ4X EV may offer a better value. Despite its higher MSRP, the all-electric bZ4X is now cheaper to lease than the Toyota Hybrid Camry.

The 2023 Toyota bZ4X XLE has a base MSRP of $42,000 with 252 miles EPA est range (MPGe –131 city / 107 highway). On the other hand, the 2023 Toyota LE Hybrid has a base MSRP of $28,655 (MPG – 51 city / 53 highway).

Toyota’s advertised lease deal (according to CarsDirect) on the 2023 Camry Hybrid LE sedan is $439 for 36 months with $2,999 down.

Meanwhile, the all-electric bZ4X is offered at $389 per month, with $4,999 due at signing. The Camry Hybrid’s effective total is $552 per month. For the bZ4X, the cost is $528 per month.

How can this be, you ask? The bZ4X lease deal is based on an MSRP of $43,835, while the Camry Hybrid’s is substantially lower at $31,584. That’s an over $12,000 difference.

Toyota bZ4X is cheaper to lease than Hybrid Camry

The most significant factor is that the bZ4X is eligible for the $7,500 lease credit. Qualified buyers can receive a $7,500 tax credit through the Inflation Reduction Act (IRA) passed last August.

For a model to be eligible, it must pass strict battery mineral sourcing and assembly requirements. However, a loophole allows leased EVs to claim the credit.

Under the IRA, leased EVs are classified as commercial vehicles, which makes them exempt from the sourcing requirements that disqualify many EV purchases.

Although the Camry Hybrid has a slightly higher residual value than the bZ4X (53% vs. 51%), the underlying financial factors are nearly the same (equivalent to about 6% APR).

The IRA credit is the most significant factor behind the lower Toyota lease price. In addition, lease prices on the electric SUV have fallen drastically over the past few months.

The Toyota bZ4X is the better lease deal over the Hybrid Camry if you’re looking for more value. And that’s before factoring in how much you will save on gas, maintenance, etc.

The best part? You can secure your all-electric bZ4X for a great price at a nearby dealer. Use our link to reach out today.