2010 Prius Lease

[priusblogg]

I had been waiting for months and have gone to 4 local dealers asking to lease a 2010 Prius, doing so for months on end with no luck. They either told me to pound sand, or quoted me outrageous figures.

Patience is a virtue. I now have a client high up in Toyota Corp who hooked me up with Lynn Lam at Downey Penske Toyota, for $321 a month including tax on a Package three Silver, $2,000 down, 36 months, 12k a year.

I almost got the 15k lease which was $335 a month including tax but Lynn told me most people sell the Prius off the lease, regardless of miles and come out on top, so there's no point.

I was literally in and out of the dealership and on the road in 17 minutes flat. I did the credit app via email.

Tell him Terry sent you. I am extremely happy with the deal.

[creativeguy]

Be careful. Toyota would only make $400 more over the life of the lease if you paid the extra money per month for the 15k miles. But if you return the car with excess miles, they'll charge you a LOT more. Maybe this salesman is telling you the truth about the miles not being an issue, but unless you get the guarantee in writing, I wouldn't count on it 3 years down the road.

[SW03ES]

The saleswoman made him no guarantee, she simply gave him her opinion.

[trashcan]

Unless you have your own business or tight on $$$..paying $321 with $2k down for 3 years is not a wise idea because at the end of the lease, you get nothing. If you still wanna drive another Prius, you'll have to lease again for 3 more years. By that time, you will be driving an old edition of Prius and all other ppl drving a new re-designed Prius. If you pay an extra $150/month, you can finance a Prius for 5 yrs. At the end of the 5 years, sell it for couple thousands or trade it in for another NEW re-desinged Prius.

[djasonw]

Originally Posted by trashcan

Unless you have your own business or tight on $$$..paying $321 with $2k down for 3 years is not a wise idea because at the end of the lease, you get nothing. If you still wanna drive another Prius, you'll have to lease again for 3 more years. By that time, you will be driving an old edition of Prius and all other ppl drving a new re-designed Prius. If you pay an extra $150/month, you can finance a Prius for 5 yrs. At the end of the 5 years, sell it for couple thousands or trade it in for another NEW re-desinged Prius.

Have to agree with you. Only time a lease makes sense is if you truly own a business and use it as a tax writeoff. I think lots of people get into leases because it is a cheaper way for them to get into a car that they could not afford otherwise. I have had a few leases in my life (high end vehicles) and I would never do it again.

[creativeguy]

I'm ending a lease on an Acura RDX that I specifically leased because I didn't want to own Honda's first turbo after the warranty ran out (some people are already reporting oil leaks). And an added benefit, since the economy tanked, is that I won't be affected by the huge depreciation that every SUV has taken. I knew I only wanted to drive the car for 3 years and return it. I've enjoyed driving it, but it is time to move on, and I did by buying a Prius. So leasing does have its benefits, but you have to know what you are doing before you do it.

[SW03ES]

There are other reasons to lease. If you KNOW you will turn the car in after 3 years, leasing is cheaper and it avoids the hassle and risk of having to trade the vehicle after 3 years, pay off the loan, and move on to another vehicle whether you can write it off or not. Depending on the vehicle of course, some vehicles are better to lease than others.

Depending on your state you save on sales taxes too.

In my experience leasing is VERY misunderstood and people are dissatisfied when they go into it without a clear picture of what they want to do when the lease is over.

[grand total]

Originally Posted by creativeguy

And an added benefit, since the economy tanked, is that I won't be affected by the huge depreciation that every SUV has taken.

Unfortunately that is not quite true. While it is true that you are protected on the downside you will likely suffer on the upside. What I mean by that is that until the current meltdown you might resonably have expected your RDX to be worth more than it's residual value at lease end. Typically you can access some of that equity when you change cars. Now however your RDX may be worth only it's residual or even less.

Don't get me wrong, I think you did a smart thing leasing that vehicle. We leased our Prius (first ever lease) to protect ourselves from a collapse in secondhand prices.

[priusblogg]

Originally Posted by creativeguy

Be careful. Toyota would only make $400 more over the life of the lease if you paid the extra money per month for the 15k miles. But if you return the car with excess miles, they'll charge you a LOT more. Maybe this salesman is telling you the truth about the miles not being an issue, but unless you get the guarantee in writing, I wouldn't count on it 3 years down the road.

I didn't say anything about returning it, I said SELLING it.

It's $450 for 3,000 miles. I can assure you at the worst case, they would bury that if getting a new car on return. $450 at the really worst case of me actually paying it back is not an issue in my life.
I was only thinking about the 15k as a hedge against long trips to San Diego or Arizona. I actually only drive 10k-12k anyway.
Again, selling off lease, not returning.

[priusblogg]

Originally Posted by trashcan

Unless you have your own business or tight on $$$..paying $321 with $2k down for 3 years is not a wise idea because at the end of the lease, you get nothing. If you still wanna drive another Prius, you'll have to lease again for 3 more years. By that time, you will be driving an old edition of Prius and all other ppl drving a new re-designed Prius. If you pay an extra $150/month, you can finance a Prius for 5 yrs. At the end of the 5 years, sell it for couple thousands or trade it in for another NEW re-desinged Prius.

Please do NOT turn this into a Lease vs Buy thread. I did not start this as such, and am not an infant.

I owned a dealership for over a decade, and have bought and leased for over 20 years.

This thread was started so people could get a great lease on a 2010, which at least around here, were unavailable or difficult to get in SoCal.

Most people are educated enough to make their own decisions without this beat-into-the-ground-whipped-a-dead-horse Lease vs Buy conversation which this thread was not started for.