You Can Get a $50,000 Toyota for $16,000 Right Now, But You Won’t

Dealer mark-ups—oftentimes misleadingly referred to as “market adjustments”—have become more common than we’d like them to be. On the other end of the spectrum, however, sometimes it doesn’t matter how good a deal is if it’s on a car no one wants to buy. Here’s a real-life example: Toyota is offering 70% off one of its cars, though it’s one you’re highly unlikely to buy.

Released for 2021, the second-generation Mirai carries a base price of $51,285 including a $1,095 destination charge. It’s an attractive sedan with one major setback: it’s powered by a hydrogen-electric drivetrain. Where do you fill it up? The answer, dear reader, is “almost nowhere unless you live in California.” There are 54 hydrogen refueling stations in the United States, and 53 are in California (the remaining one is in Hawaii).

Even in The Golden State, the Mirai isn’t a hit. Toyota sold 499 units nationwide in 2024, an 81.9% drop from 2023. The brand is trying to clear out existing inventory, and some dealers in Southern California are offering a 70% discount to drivers who can live with a hydrogen-electric sedan.

Buyers can claim $35,000 in Finance Subvention Cash if they take home a 2024 Mirai XLE and $43,000 if they choose the 2024 Mirai Limited, according to CarsDirect. The publication explains Finance Subvention Cash is only offered with promotional financing. You get 0% APR for 72 months, so you can save over $11,000 in interest during the six-year loan. Toyota is also throwing in $15,000 in complimentary hydrogen fuel.

The company is basically begging you to buy a Mirai. Shoppers who take advantage of the rebates can get a $51,285 car for $16,285 (or, for the Limited model, a $68,210 car for $25,210), pay no interest on their loan, and not pay for a tank until they’ve used $15,000 in fuel. Imagine if you could get a similar deal on a Land Cruiser—it would be sold out for years! On a secondary level, the rebates speak volumes about the great deal of popular disinterest in hydrogen-electric cars. Without the right infrastructure, the technology isn’t ready to merge into the mainstream.

Not every Toyota dealer is offering such massive discounts. CarsDirect found that the rebates on the XLE and Limited trims check in at $25,000 and $33,000, respectively, in Northern California, which is still absolutely massive. For context, $33,000 is about the price of a new Tacoma.

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