Why buying an electric Toyota Prius makes financial sense: From saving on fuel costs to taking advantage of substantial federal tax credits

When you think of electric vehicles, Westboro Toyota wants you to think of several things—from the phenomenal fuel economy and the roomy cabin and cargo space present in many of the electrics of today to the latest technological bells and whistles discerning consumers have come to expect in their electric vehicles and yes, of course, those precious tax credits!
Purchasing a plug-in vehicle, such as the Toyota Prius, could mean big savings in the federal tax department. For example, the Prius is available for the Federal Qualified Plug-In Electric Drive Motor Vehicle tax credit—and the 2012 tax credit maxes out at $2,500 (not too shabby)!

Now is a great time to get in on the federal-tax-credit action because the Bay State is one of just 14 states where the Toyota Prius Plug-in launched earlier this year.  Also, according to the Internal Revenue Service (IRS), those who purchase a Rav4 EV may be eligible for a tax credit of up to $7,500. 

Right now, Westboro Toyota's brand-new 2012 Prius Plug-ins start at a little more than $31,000. Plus we've got many other Priuses in stock right now, like a brand-new 2012 Prius Two (model #1223, stk #35964) for just $23,263, which offers tremendous value with its 51/48 mpg. The Prius v Two is priced to sell, too, at just $25,610 (model #1243, stk #36007).

The IRS regularly posts announcements concerning tax credits and other tax news. If you’re in the market to save money when purchasing a new electric vehicle (and who isn’t), be sure to visit the IRS to see if the agency has established any new tax credits for qualifying vehicles.
Keep in mind, too, that it’s a good idea to consult with your individual tax advisor to determine the specific amount of a tax credit you may be eligible to claim on your federal income tax returns.