Did the Toyota Prius Prime Really Rise 21% in Price in 1 Year?
In this article:
New and used car prices are volatile, especially among hybrids and electrics. However, the latest data suggests that the no hybrid model experienced as dramatic a price increase from 2022 to 2023 as the Toyota Prius Prime. Unfortunately for fans of the plug-in Prius Prime, the Toyota hybrid experienced a year-over-year increase of over 20%.
How much did Toyota Prius Prime prices rise from 2022 to 2023?
According to the latest data, the average price of a new Toyota Prius Prime increased by 20.9% from 2022 to 2023. As a result, the Prime takes the top spot among vehicles with dwindling affordability in 2023.
Specifically, iSeeCars reports that the Prius Prime, the plug-in hybrid (PHEV) model in the Prius family, may cost potential buyers as much as $7,000 more than its starting price. Still, many fans might be happy to pay the bloated costs, given the Prius family’s much-needed updates.
Is the Toyota Prius Prime the only car to get a dramatic price hike?
Just because the Toyota Prius Prime experienced a price hike from 2022 to 2023 doesn’t mean other vehicles didn’t escape unscathed. Many vehicles, like the Volkswagen Golf GTI and Hyundai Tucson Hybrid, decreased in affordability.
|New car make/model||Price rise from Oct 2022 to Oct 2023 (%)|
|Toyota Prius Prime||20.9%|
|Volkswagen Golf GTI||10.7%|
|Hyundai Tucson Hybrid||7.3%|
However, the unfortunate price hikes aren’t specific to these models. “With the average new car price rising from $46,551 to $49,499, plus the big interest rate hikes we’ve seen over the past year, new cars are less affordable for consumers today compared to last year,” said iSeeCars Executive Analyst Karl Brauer.
The unfortunate news comes ahead of improved pricing for electric vehicles (EVs). For instance, Tesla, the dominant marque in the EV space, has cut its prices. Consequently, the lower prices drove segment-wide decreases. “New electric vehicles remain much more expensive than the average new car, but unlike the increasing cost of traditional new cars, average new EV prices have fallen as a direct result of Tesla’s price cuts,” said Brauer on the subject.
How much does a 2023 Prius Prime cost?
The latest iSeeCars data shows that, despite the SE trim starting at $33,770, the average price of a new Toyota Prius Prime is $40,015.
|2023 Model||Starting price|
|Prius Prime SE||$33,770|
|Prius Prime XSE||$37,020|
|Prius Prime XSE Premium||$40,465|
Unfortunately, the dramatic year-over-year price increase means the Prime is much less affordable than in 2022. Furthermore, the Prime exceeds the affordability threshold of $36,217 by 10.5%. As a result, the Prime is 2.4% more unaffordable than the No. 2 least affordable proposition, the Hyundai Tucson Hybrid.
Will there be a 2024 Prius Prime?
Toyota is carrying over the Prius Prime PHEV into 2024. Of course, the Prime isn’t alone; the perennially popular and redesigned Prius hatchback also returns in 2024. However, it’s unclear whether the Prime’s average new car price will equalize in 2024.
Keep up with MotorBiscuit for the latest hybrid car content and industry news!