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While buyers approach Prius and Highlander Hybrid from their own personal perspectives, Toyota hybrid owners enjoy at least one thing in common - tangible bottom-line benefits.
Drive down what you spend on gas
Lower fuel consumption is a benefit of Hybrid Synergy Drive® that brings smiles at the gas pump. Rated by the Environment Protection Agency (EPA) at 60 mpg city / 51 mpg highway,* the 2005 Prius is the most fuel-efficient midsize sedan in the Department of Energy's and EPA's 2005 Fuel Economy Guide. How much can you save compared to a conventional car? Check out the Prius interactive fuel cost savings calculator. Mileage ratings for the upcoming Highlander Hybrid will be announced soon, and Toyota has estimated that the EPA fuel economy will top the 27.6 mpg average for compact cars!* With today's gasoline prices, that adds up to real savings.
A $2,000 tax break from Uncle Sam
Retail buyers of a new Prius in calendar years 2004 and 2005 may be eligible for a $2,000 IRS tax deduction. Visit the Prius tax deduction page on toyota.com for more information, and be sure to consult with your tax advisor.
Some states are on board with hybrid benefits
Additionally, some states offer incentives for hybrid owners. Notable examples are:
- Colorado grants an additional state tax credit for buyers of hybrid vehicles based on model year and other factors.
- Connecticut offers a sales tax exemption for purchases of new hybrids with an EPA-estimated highway mileage rating of at least 40 mpg.
- Maine buyers of a new Prius are eligible for a partial sales tax exemption of approximately $500.
- New Mexico allows a one-time exemption of the excise tax-amounting to 3% of the purchase price-for hybrid vehicles with a minimum estimated EPA rating of 27.5 mpg.
- Oregon has a state income tax credit of up to $1,500 for buyers of qualifying hybrid models.
- Pennsylvania grants funds to partially offset the cost of new hybrid vehicles, but the program is only open during certain periods. Costs must not be incurred prior to submitting an application.
- Maryland and Virginia exempt hybrid vehicles from mandatory emissions testing.
Please be sure to consult with a tax advisor for additional details on all of the incentives.
The real story on hybrids and HOV lanes
Many people across the country believe that their states allow single-occupancy driving of hybrids in HOV (high-occupancy vehicle) "carpool" lanes. In fact, it's not that simple. Only Virginia has established the practice as policy, but it has been under review.
What's the catch? Although state and local governments set some highway laws, the federal government provides a large portion of highway funds and establishes its own regulations. Federal policy on HOV lanes essentially permits single-occupancy HOV driving for natural gas and battery electric vehicles only. That is why states can permit single-occupancy driving for natural gas and all-electric vehicles, but not for gasoline-electric hybrids.
At the same time, other states, including Arizona, California, Utah and Florida, have passed single-occupancy HOV legislation for some hybrids with the hope that the federal government will allow the practice. Rulings are under consideration in Washington, with legislation written and decisions pending.
Free parking? Why not!
Some cities are joining state and federal governments to encourage the use of hybrid vehicles. Los Angeles has passed a trial to allow free meter parking for hybrids through March 2005. The policy will be reviewed for renewal this April. San Jose has had a similar free-meter-parking rule since 2003; it expires soon but may be extended. Albuquerque recently passed an ordinance for free meter parking downtown. In all cases, posted limits on parking must be followed.
Hybrid Synergy Savings
Fuel economy, low emissions and great performance are reasons that everyone can appreciate for choosing a Prius or Highlander Hybrid with Hybrid Synergy Drive®. And it's good to know that state and local governments offer consumer-focused incentives to reward good choices for cleaner air and energy conservation.
Important note: Check with your state government to make sure that programs are in effect, as regulations can change without notice.
*EPA estimates. Actual mileage may vary.
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