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Want to save big money on buying a car in 2024? Here’s a quick hack: choose a plug-in hybrid. Here’s why they’re worth considering. [[{“value”:”
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Are you in the market to buy a car in 2024, but not sure you’re ready for an electric vehicle (EV)? If you’re worried about home battery charging and suffer from range anxiety, there are ways to get a good deal on a car in 2024 — and even qualify for EV tax credits — without committing to a fully electric vehicle.
Here’s a car you should consider buying in 2024: the Toyota Prius Plug-in Hybrid. Used Toyotas of this model will qualify for used EV tax credits of up to $4,000. This could be a great way to get an affordable car in 2024.
Let’s look at a few reasons why the Toyota Prius Plug-in Hybrid is a great choice for a car to buy in 2024, and how you can save thousands of extra dollars at the dealership.
Why buy a Toyota Prius Plug-in Hybrid
I drive a Toyota Prius Plug-in Hybrid, and this is my favorite car that I’ve ever owned. It’s sleek, it’s comfortable to sit in, it’s easy to park, and it’s fun to drive: it accelerates from zero to 60 really fast when I need to get onto the freeway. And its plug-in hybrid technology combines the best of gas-powered hybrid cars and fully electric vehicles.
Here’s how it works: the Toyota Prius Plug-in Hybrid has a gas tank, just like a regular gas-powered car or other Toyota hybrid cars. But along with this gas engine, it has an all-battery electric mode, with a plug-in port where you can plug the car into a standard household outlet (like in your garage) to charge. My 2017 Toyota Prius Plug-in gets about 22 miles of battery range when fully charged, and it takes about six hours to recharge. So depending on your commute or other daily driving needs, you might be able to do most of your driving with battery-only power.
But you don’t have to worry about range anxiety! When your Toyota Prius Plug-in Hybrid battery runs down after that 22 miles (or so) is up, the car switches to its gasoline hybrid engine and you burn gas instead. Between the two modes of propulsion, my car gets about 100 miles per gallon of gas. And while this car doesn’t rank as one of The Ascent’s picks for cheapest cars to insure, the insurance is not expensive — I pay about $90 per month to insure my Prius Plug-in. (Of course; your car insurance rates will vary based on your age, location, driving record, and more.)
And did I mention that this car is fun to drive? It feels like driving a happy, zippy little electric spaceship.
How to get used EV tax credits for a Toyota Prius Plug-in Hybrid
Another benefit of the Toyota Prius Plug-in Hybrid is that it qualifies for EV tax credits! That’s right: EV tax credits aren’t just for fully “electric” vehicles. You can also get tax credits for buying some models of plug-in hybrid vehicles — and used Toyota Prius Plug-ins are part of this deal!
As of March 29, 2024, Toyota Prius Plug-in Hybrids from model years 2017-2022 can qualify for up to $4,000 of used EV tax credits. The car must have a sale price of $25,000 or less, and you also must have qualifying income that’s not above a certain limit.
If you and your choice of vehicle qualify for a tax credit, you can get it at the car dealership in the form of an immediate discount. The dealership will help you process the paperwork, and you’ll have to file a form with your taxes next year.
Other hybrid cars that get EV tax credits
The Toyota Prius Plug-in Hybrid is not the only plug-in hybrid on the market. Here are a few other plug-in hybrids that qualify for new EV tax credits of up to $7,500, with the amount of tax credit that each vehicle can get:
Audi Q5 PHEV 55 TFSI e quattro ($3,750)Chrysler Pacifica PHEV ($7,500)Ford Escape Plug-in Hybrid ($3,750)Jeep Grand Cherokee PHEV 4xe ($3,750)Lincoln Corsair Grand Touring ($3,750)
If you choose a used plug-in hybrid, you can qualify for EV tax credits on a much wider range of models and makes. Here are a few other plug-in hybrids that qualify for used EV tax credits of up to $4,000:
Audi A3 e-tron (2016-2018 model years)BMW 330e (2016-2018, 2021-2022)Ford Fusion Energi (2013-2020)Hyundai Ioniq Plug-in Hybrid Electric Vehicle (2018-2022)Kia Nero PHEV (2018-2022)Lexus NX Plug-in Hybrid (2022)Mitsubishi Outlander PHEV (2018-2022)Volvo XC90 (2016-2022)
Sales of used EVs have been slow in the past several months. You might find some really competitive pricing at your local dealership, on cars that still have lots of miles left under warranty. If you qualify for an extra $4,000 discount with a used EV tax credit, this could make a pre-owned plug-in hybrid into a good move for your personal finances.
See the full details about EV tax credits at FuelEconomy.gov.
Bottom line
If you like the reliability of the Toyota brand and want a car that’s already been on the road for a few years (not “the first” one of its model), the Toyota Prius Plug-in Hybrid can give you the best of both worlds: Electric Vehicle efficiency without range anxiety. Use the gas-powered hybrid engine as your back-up plan for road trips or for everyday driving. Whatever car you buy in 2024, be sure to shop around for cheap car insurance before you go to the dealership.
Our best car insurance companies for 2024
Ready to shop for car insurance? Whether you’re focused on price, claims handling, or customer service, we’ve researched insurers nationwide to provide our best-in-class picks for car insurance coverage. Read our free expert review today to get started.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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