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Now could be the perfect time to pick up the keys to a 2024 Dodge Hornet R/T PHEV as the brand is offering a very competitive lease deal for the compelling new SUV.

If purchased outright, shoppers will need to cough up $40,935, excluding destination fees, for the Hornet R/T PHEV, meaning it is more than $10,000 pricier than the entry-level Hornet GT. Fortunately, Chrysler Capital is making the most of a loophole in the Inflation Reduction Act that allows manufacturers of foreign-built electric vehicles to claim a commercial tax credit on leases, even though the tax credit was initially designed exclusively for vehicles assembled in North America.

Read: Dodge Hornet Prototype Spied In Turkey, Could It Be Sold As A Fiat Too?

Cars Direct notes that the lease has allowed Chrysler Capital to offer a $6,000 incentive on the R/T and a generous $6,750 discount on the R/T Plus. This reduces the price difference between the plug-in hybrid Hornet and the gas-powered one to just $4,200, meaning it is certainly the best deal of the two.

Dodge Hornet PHEV Gets A $6,000 Price Cut Thanks To Tax Credit Loophole

The Hornet R/T PHEV is driven by a 1.3-liter turbocharged four-cylinder supplemented by an electric motor with 121 hp. The pairing of this engine with the electric motor results in a combined 285 hp and 383 lb-ft (519 Nm) of torque, impressive figures for a compact SUV. The R/T also uses a 15.5 kWh lithium-ion battery pack and a starter generator to deliver torque to the engine which Dodge says improves the vehicle’s dynamics. The starter generator also helps to recharge the battery and on electric power alone, the R/T can travel up to 30 miles (48 km).

Coupled with the 1.3-liter four-cylinder is a six-speed automatic transmission sending power through all four wheels.

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Dodge Hornet PHEV Gets A $6,000 Price Cut Thanks To Tax Credit Loophole