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Toyota RAV4 EV Receives Half-Price Lease Deal

Is Toyota trying to increase interest in the RAV4 EV with a price cut?

Many electric vehicles have been receiving significant price cuts recently, and the Toyota RAV4 EV is the latest to receive a discount thanks a special $299-a-month lease deal offered in Los Angeles and San Francisco. This essentially cuts the original lease deal of $599-per-month in half.

Toyota announced the RAV4 EV at the 2010 Los Angeles auto show and began offering the vehicle to buyers in California starting in 2012. In two of the RAV4 EV's key markets, Los Angeles and San Francisco, Toyota is offering a special Labor Day weekend deal for either the $299-per-month lease for 36 months with a $3999 down payment or 0% financing for 60 months. The RAV4 EV MSRP remains at $49,800, and the incentives are valid only until September 3. It's likely that these incentives are meant to boost the RAV4 EV's sales numbers, as just 709 RAV4 EV models have been delivered since the vehicle went on sale in September 2012.

The Toyota RAV4 EV was developed in conjunction with Tesla Motors and features a 115 kilowatt electric motor paired with a lithium-ion battery pack for an EPA-estimated electric driving range of 103 miles. The only electric vehicle with a higher EPA-rated electric range is the Tesla Model S, which is rated at 265 miles with the top 85 kW-hr battery pack.

Toyota currently has no plans to offer the RAV4 EV outside of California, but right now might be the best time for eco-minded buyers on the west coast to get their hands on Toyota's crossover EV.

Source: Bloomberg, Toyota

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