2023 Toyota bZ4X Now Cheaper To Lease Than Camry Hybrid

Although the bZ4X has a $12,000 higher starting MSRP, its effective lease cost is $528 per month, compared to $552 for the Camry.

By: Dan Mihalascu

Aug 18, 2023 at 5:43am ET

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Toyota is trying to make its bZ4X electric SUV more attractive to US customers and its latest lease deals are clearly targeted at achieving that.

According to dealer incentive bulletins seen by CarsDirect, the Toyota bZ4X is significantly more advantageous to lease than one of the staples of the brand's US lineup, the Camry Hybrid.

Although the all-electric SUV is over $12,000 more expensive to buy outright than the hybrid sedan, lease deals are clearly in the EV's favor.

For example, in Northern California, Toyota is listing the bZX with a monthly payment of $389 for 36 months with $4,999 due at signing. At the same time, the 2023 Toyota Camry Hybrid LE is offered for $469 with $2,999 due at signing. If you do the math, the effective cost of the bZ4X comes in at $528 per month, compared to $552 per month for the Camry.

As for the lease terms, the Camry has a slightly higher residual value (53 percent vs. 51 percent), but the lease fees are nearly identical and equivalent to about 6 percent APR.

Gallery: 2023 Toyota bZ4X in US specification

That's not bad considering the fact that the bZ4X lease deal is based on an MSRP of $43,835, while the Camry Hybrid's contract is based on a sticker price of $31,584. So how can Toyota offer a cheaper lease deal for the bZ4X than for the Camry Hybrid considering the huge purchase price difference and the superior technology the electric SUV packs?

Well, the main factor here is the fact that the bZ4X is eligible for a $7,500 lease credit via the Inflation Reduction Act lease loophole, whereas there are no incentives for the Camry Hybrid.

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Eligible shoppers from California also get a $2,000 Clean Vehicle Rebate that can make the bZ4X even cheaper to lease.

Lease prices for the Toyota bZ4X have dropped significantly in recent months, with the automaker even paying its own dealers up to $10,000 in August to lease the bZ4X for themselves.

The Toyota bZ4X is not the cheapest EV to lease, but these new deals may help the automaker deliver more vehicles, especially since Toyota dealers are continuing to see car shortages.