Toyota Australia has announced it will offer a comprehensive leasing option for its upcoming BZ4X electric car, expected to be available in February 2024. This leasing agreement is a first for Toyota in Australia and offers a complete package where customers can realize monthly leasing payments on a new BZ4X EV. The rental agreement includes registration, insurance, maintenance, tire replacement, roadside assistance, and connectivity subscriptions.
The main reason Toyota introduced this leasing option was the high cost of purchasing a BZ4X outright. Although the price of the electric SUV has not been officially announced, industry experts believe that the entry-level model will cost over $70,000. This price is well above what loyal Toyota customers in Australia are used to paying for a RAV4-sized SUV.
The comprehensive leasing option aims to eliminate fears surrounding electric vehicles and provide potential buyers with a hassle-free alternative. Toyota recognizes that customers may be hesitant to purchase an expensive electric vehicle without knowing whether it fits their lifestyle. By offering a complete leasing package, Toyota aims to mitigate this risk and allow customers to fully experience the BZ4X before making a purchase decision.
Toyota hasn’t revealed the monthly payments for the lease, but they’re expected to be comprehensive and probably not cheap. Other major players in the electric vehicle market, such as Tesla, Hyundai, Kia, MG, and BYD, do not currently offer a similar leasing option. However, as electric vehicle sales slow, supply increases, and more electric vehicles come onto the market, other brands will likely consider introducing similar leasing packages.
One advantage of the comprehensive leasing option is protection against potential downturns in the used electric vehicle market. By leasing a new electric car instead of buying it outright, customers can avoid potential reductions in resale value. Experience in the UK and US markets has shown that electric vehicles can experience alarming depreciation. The UK has seen significant price drops for year-old electric vehicles, with some models losing more than 50% of their value in just one year.
Overall, Toyota’s comprehensive leasing package offers customers peace of mind when it comes to resale value. It offers an alternative to direct purchase and allows customers to experience the BZ4X without committing to ownership. As the electric vehicle market continues to evolve, competing brands will likely closely monitor the success of this leasing option and consider introducing similar packages.