2024 Toyota BZ4X full service lease? Better have deep pockets
Toyota’s launched its first EV in Australia, the $66,000 BZ4X medium SUV landing with a slightly cheaper price than expected.
Regardless, that’s still $26,000 over the cheapest petrol Toyota RAV4.
Too rich? Toyota Australia’s introduced its first full service lease deal, supplying you a new BZ4X, registration, insurance, service, tyre replacement, roadside assist and connectivity subscriptions.
“It’s a hassle-free alternative for battery electric vehicle intenders,” said Sean Hanley, Toyota Australia’s VP of sale and marketing.
But boy it ain’t cheap.
Rough estimates show you’ll spend approximately $1700 a month for the $66,000 single motor BZ4X, or around $1900 monthly for the $74,900 dual motor BZ4X all-wheel-drive. Ouch.
Cost varies depending on the driver’s location and annual kilometres – it’ll be bespoke tailored to each individual – but those rough figures equate to at least $20,400 annually.
Sure, it’s risk free in terms of running costs and resale, but these are locked-in lease deals for three years (the only option for now), so you’re staring down the barrel of at least a $60,000 bill over that time.
And, of course, Toyota takes back its BZ4X after those three years.
Why do it?
Hanley said it would “take away the concerns being expressed globally about residual values of battery electric vehicles.”
Fair point. You won’t have missed the media surrounding weaker than expected demand for EVs in Europe and the US, tanking resale values and new vehicle price cuts.
Only last week, Toyota BZ4X’s twin-under-the-skin Subaru Solterra saw its retail price slashed by up to $8000 to $69,990 to better meet Australia’s EV market.
After all, the best-selling Tesla Model Y, key rival for BZ4X and Solterra, undercuts both with a $65,400 plus on-roads sticker price.
Positively, Toyota Australia takes the resale value risk under this lease deal. EV insurance can also prove cripplingly high for some, and re-shoeing a BZ4X with new 20-inch tyres is another cost Toyota picks up.
“It’s a one-stop shop with running costs bundled into a monthly payment,” Hanley said, while acknowledging this full-service lease won’t be for everyone.
But it plays to Toyota’s belief that “no one is left behind” in our market’s transition from ICE to EVs, including catering to those not willing or able to fork out for full BZ4X ownership.
Adding a bit of extra value for early adopters, full-service lease applicants before June 30 (with the car delivered this year) receive a complimentary 7kW home charger, or a subsidy towards a bigger unit if they have three-phase power. They also receive an additional two years of Toyota’s connected services.
Toyota expects 1500 BZ4Xs will be sold or leased in its first 12 months on sale.
