UPDATE: Unfortunately, this tax credit is no history with little to no hope of seeing it again.
With a base price of $67,700, the 2011 Cayenne S Hybrid is not inexpensive. Fortunately, thanks to a Federal Tax Credit, it just became a bit more affordable. In an announcement released earlier today (see the full release at the end of this post), Porsche notes that the new Cayenne meets the guidelines required to be considered a "Qualified Hybrid Motor Vehicle". What does that mean to you, the consumer? Simple. If you have already purchased, or plan to purchase a Cayenne S Hybrid before the end of 2011 (assuming you can find one on your local dealer's lot) you may be eligible for an $1800 tax credit.
Important information about leasing a 2011 Cayenne S Hybrid
One thing to note about the tax credit; it's available only to those that purchase the new Cayenne. In other words, according to the tax code, if you lease your new Cayenne the leasing company can claim the credit on your behalf. Definitely keep this in mind when negotiating a lease on your new Cayenne. I know I would hate to leave $1800 on the table.*
*We're definitely not tax accounts here at PorschePurist, so take the above advice at your own risk and do your own research. 🙂 Our statements above are based on our interpretation of this document on the IRS's web-site and this explanation about leasing hybrids on cars.com. If anyone knows differently, be sure to let us know.
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Porsche’s first production hybrid, the 2011 Cayenne S Hybrid sport-utility vehicle, has been certified as being eligible for the Alternative Motor Vehicle Tax Credit as a Qualified Hybrid Motor Vehicle. Customers who purchase a new 2011 Cayenne S Hybrid before December 31, 2010 or who have already purchased one earlier this year may be eligible for a one-time tax credit up to $1,800.
The Cayenne S Hybrid accelerates from 0 to 60 mph in just 6.1 seconds on its way to a top test track speed of 150 mph, yet it delivers an impressive EPA-certified 20 mpg city/24 highway. Its base price before the federal tax credit is $67,700 (excluding destination).
In the Cayenne and Panamera model lines the ‘S’ designation indicates a V8 under the hood. But the ‘S’ in the Cayenne S Hybrid name is there for a different reason – to identify the true performance character of this SUV’s highly sophisticated parallel full hybrid system. With a combined power output of 380 horsepower from the supercharged V6 combustion engine and an electric motor, the Cayenne S Hybrid delivers performance nearly equal to the Cayenne S with its 400-horsepower V8 and fuel economy estimates that exceed those of the Cayenne with the V6 engine.
The all-new Porsche Cayenne has earned some significant awards since going on sale this summer. It is the 2011 Motor Trend Sport/Utility of the Year® and also recently received the Auto Pacific Motorist Choice Award for Best Premium Active Lifestyle Vehicle. Finally, the Cayenne Turbo was named Luxury ALV of the Year, On-Road in the 2011 Active Lifestyle Vehicle of the Year Awards competition.
The North American Cayenne lineup also includes the Cayenne, Cayenne S and Cayenne Turbo. They are powered by a 300-horsepower 3.6-liter V6 in the Cayenne, a 400-horsepower 4.8-liter V8 in the Cayenne S, and a 500-horsepower twin-turbocharged 4.8-liter V8 in the Cayenne Turbo. The Cayenne, Cayenne S and Cayenne Turbo SUV models are on sale now, and their base prices (excluding destination) are as follows: Cayenne, $46,700; Cayenne S, $63,700; and Cayenne Turbo, $104,800.
[Source: PCNA, IRS, Cars.com]