Toyota usually doesn’t reveal many details about its cars until right before they launch. But in Sept. 2010, John Hanson, company spokesman, said the plug-in hybrid version of the Toyota Prius was likely to sell for about $3,000 to $5,000 more than the traditional Prius. The most expensive Prius package—for the current non-plug model—is just past $28,000. So, we expect the Prius Plug-in Hybrid to sell for approximately $32,000.

Given that tax incentives have been completely phased out on the conventional Prius—and that the plug-in hybrid version will probably earn a federal tax credit of $2,500 (plus a $3,000 rebate in California)—it could make the plug-in version net out on par or even cheaper than the fully loaded conventional Prius.

The company is aiming to sell about 20,000 of the plug-in Priuses globally in the first year or two.

The closest competition for the Prius Plug-in Hybrid is the $41,000 Chevy Volt—although the comparison is not entirely fair. The Prius-with-plug is only capable of about 14 miles of all-electric range, and its gas engine can come on anytime the car needs extra oomph. The net result is very efficient—with many drivers of the prototype version getting 80 or 90 miles to the gallon. But the Volt is completely all-electric during the first 35 or so miles—giving it more of an electric car feel. And yet, the $10,000 or so you might save buying a Plug-in Prius versus a Volt, will buy a lot of gas, while still delivering an extraordinary amount of efficiency. The Prius is also bigger and seats five, while the Volt feels more cramped and is limited to four passengers.