Toyota is the brand that produces some of the most powerful and affordable vehicles. Almost 30 years ago, the brand entered the hybrid segment by developing the Toyota Prius, a vehicle that became the world's first mass-produced hybrid vehicle, and the best-selling Hybrid vehicle in America. With so much success in the hybrid sector, Toyota decided to introduce a hybrid version of its most famous RAV4 crossover, called the Prime.
The Toyota RAV4 Prime showcases Toyota's 20+ years of hybrids, amplifying both performance and efficiency. The Toyota RAV4 Prime achieved a significant fourth quarter in 2021 with 7,741 units, for a total of 27,703 units. Toyota Motor North America reported cumulative sales for the entire RAV4 range stood at 407,739 units. This meant that the RAV4 Prime hybrid accounted for 6.8%, including 120,983 hybrids, leaving a lot of room for improvement for 2022.
Today, the RAV4 Prime continues to be the most powerful and fuel-efficient model, becoming the best-selling hybrid crossover on the market. With so many plug-in hybrid crossovers on the market, it may be hard to decide which one is best for you. Knowing the average cost of owning a car is important because it gives you a clearer picture of the resale cost, maintenance costs, and more.
In this article, we’re breaking down the costs of owning a 2022 Toyota RAV4 prime.
The 2022 Toyota RAV4 Prime Is A Well-Rounded Hybrid Crossover
If you’re in search of a strong and long-lasting hybrid crossover, then the RAV4 Prime is worth the consideration. It’s undoubtedly one of the best SUVs out there. While the 2022 model is largely similar to the 2021 model, you’ll still find several desirable features, such as a standard 8-inch touch screen, Smartphone connectivity, and a Wi-Fi hotspot, to name a few. Optional features include a bigger 9-inch touch screen, wireless charging, and navigation.
But, it’s important to look into it and ensure that it suits your preferences. That's because even though it's a good crossover, it’s also among the most expensive. Also, there are plenty of options that appeal to a class of hybrid SUVs. But you can still find a lot of cheaper hybrid SUVs with similar features, if not better.
2022 Toyota RAV4 Prime Pricing
The RAV4 Prime starts at $40,300, which is one of the highest starting prices in its class. The top trim, RAV4 Prime XSE, is also priced above average at $43,125. There are plenty of competing SUVs with higher-end versions at similar prices.
If the cost doesn’t fall within your budget, then the Toyota RAV4 Hybrid version will suit you. Priced between $29,000 and $37,500 across its 6 trims, the 2022 Toyota RAV4 offers similar features, dimensions, and build quality.
The 2022 Toyota RAV4 Prime Will Have Moderate Depreciation
Depreciation is inevitable for any vehicle. But, like maintenance costs, you can handle it. Depreciation is simply defined as the difference between the original selling price and the future value of the vehicle. On average, the 2022 Toyota RAV4 Prime will depreciate by about $2,009 in the first year and a lower rate of $1,473 in the second year. But, given that you’ve added between 12,000 to 15,000 miles on the odometer, the crossover will depreciate by $18,519 after 5 years.
Cost Of Insuring A 2022 Toyota RAV4 Prime
According to Edmunds, the average insurance costs of the 2022 Toyota RAV4 Prime should be roughly $1,010 for the first year, and $1,045 for the second year, rising by about 3.2% each year. In about 5 years, total insurance costs will have accumulated to $8,102.
Keep in mind though, that the insurance costs greatly depend on several factors, including the deductible, the level of coverage you want, and the type of insurance you choose. Other factors such as location, age, credit score, and gender can also affect your insurance policy and yearly costs.
2022 Toyota RAV4 Prime: Maintenance And Repair Costs
Given that you’re adding 15,000 miles to the odometer every year, the RAV4 Prime’s maintenance costs will be around $54 in the first year. By the third year, it will cost up to $1,557. Based on our estimate, the RAV4 prime would accumulate up to $2,448 in maintenance costs in its first 5 years. Repairs are fairly low, up to $1,680 in 5 years.
2022 Toyota RAV4 Prime: Fees, Taxes, And Fuel Expenses
On the fuel economy, you’ll be glad to know that you’ll spend considerably less than with a gas-propelled model. The RAV4 Prime’s 2.5-liter Inline-4 is a very fuel-efficient motor, retaining an EPA rating of 40 MPG in the city and 36 MPG highway.
When the electric motor isn’t in use, expect to spend up to $1,800 on fuel in the first year, and up to a total of $2,485 after 5 years. Fees and taxes are typically an issue at first. For the RAV4, expect to pay $3,595 Financing costs, on the other hand, should total $2,874 in 5 years, charged yearly.
Here’s The True Cost Of Owning A 2022 Toyota RAV4 Prime
With all costs considered, the final cost of owning a 2022 Toyota RAV4 Prime after 5 years is $33,699. That's significantly less than the average cost of ownership of $41,526 for the 2022 Honda CR-V Hybrid or $42,649 for the 2022 Toyota Highlander Hybrid over the same five years. So, while the Toyota RAV4 Prime is an expensive hybrid crossover, it will save you a lot of bucks in the long haul.
Sources: Toyota, Edmunds