The Toyota bZ4X will be offered to select Australian customers on a comprehensive lease plan – similar to a subscription service – amid buyer concerns about electric vehicle (EV) depreciation.
Toyota Finance announced today a ‘Full-Service Lease’ package for the bZ4X, alongside the reveal of local pricing and specifications for its RAV4-sized EV.
This lease deal includes scheduled servicing, maintenance, repairs, roadside assistance, replacement tyres, registration and compulsory third-party insurance costs – all of which are paid for under the monthly payment.
Toyota Finance has not specified how much monthly payments will be, as these figures vary from customer to customer and are also dependent on location. Only approved customers will be able to access the lease deal, which will run for a three-year term.
It’s understood those who are willing to pay more can add optional accessories and a charge card – providing access to EV charging stations – to the lease plan.
Customers who apply for a lease before June 30, 2024 and take delivery of their bZ4X before the end of the year will be given a complementary home charger (or money towards a three-phase charger) and an additional two years of Toyota Connected Services, for three years total coverage.
Throughout the entire three-year lease period, Toyota retains ownership of the bZ4X, with customers given the option of retaining the EV – with a fresh lease term – at the end of the initial period.
Toyota Australia had previously hinted at offering a lease deal for the bZ4X, citing uncertainty amongst EV buyers about residual values compared to traditional petrol and diesel vehicles.
“We know from our research that some customers are still a little unsure about BEVs [battery electric vehicles] and whether they will be suitable for their lifestyle needs,” said Toyota Australia vice president of sales and marketing Sean Hanley.
“By offering a comprehensive lease that covers vehicle running costs bar the recharging, with no upfront payments, we are giving customers a hassle-free option that alleviates anxieties they might have about stepping into a BEV.”
It’s not the first time Toyota has launched such a scheme in Australia, with its Mirai hydrogen fuel-cell powered sedan arriving in 2021 and only available on a 36 month/60,000km lease contract – which cost $1750 per month at the time.
However, the Toyota Mirai is only offered to a limited number of businesses selected by the brand which can also support and make use of the sedan’s unique hydrogen powertrain.
Similarly the upcoming Toyota Tundra pickup is understood to only be ‘sold’ to 300 customers from April this year, with a $2500 monthly payment covering ‘ownership’ of the vehicle as well as the additional service and associated costs.
Toyota will also allow prospective customers to buy the bZ4X outright, with pricing ranging from $66,000 before on-road costs for the base front-wheel drive model, and $74,900 before on-road costs for the flagship all-wheel drive.
The bZ4x was originally meant to launch in Australia almost 18 months ago and is expected to account for approximately 1500 sales this year – with only niche models such as the Granvia, Supra and GR86 achieving lower figures in 2023.
By comparison, there were 29,627 Toyota RAV4s sold in Australia throughout 2023 – making it the most popular vehicle outside of the Ford Ranger and Toyota HiLux utes – while the 28,769 Tesla Model Ys delivered made it the best-selling EV.
Toyota’s sales target of 1500 bZ4Xs in its first year would put it behind last year’s sales figures for the Kia EV6, of which 1831 were sold, as the South Korean EV became the eighth best-selling battery-powered vehicle in Australia.
The Toyota bZ4X is due in Australian showrooms imminently.
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