Did you buy or lease your Prius 2010?

You need a category for Buy/paid cash. I did.

 

Bought, US/Canada

 

Neither?
Mine's a work cat purchased by my employer----so I guess I don't vote in this one....

FWIW...if/when I ever get one...I'll buy, and not lease.

 

+1

 

I leased. It was the first time I've ever gotten a new car (because they are a waste of money buying new to varying degrees). I did it because the lease offers in March, 2010 we unbelievable and also it gave me the opportunity to painlessly dump the car after three years if I wanted to (I don't; I anticipate buying it out).

 

Bought my Prius; leased my Insight. Glad the Insight is leased. I like the car, but when the lease expires I anticipate we will be a two Prii family.

 

A 2005 Prius and a 2010 Prius, both bought with our own cash
(in EU)

 

We paid cash in the cash for clunkers program. They wouldn't discount it a penny but but we made out well in C4C.

 

If your goal is to save money then:

Getting a new car every 3 years is a waste of money if you lease or buy, period.

If your house is paid for and you have a fair amount saved for retirement the luxury of getting a new car every 3 years is good option. Most people in the category do not go with a Prius.

 

I got mine around the same time and leased it as well. At that time, these cars were in the sweet spot for leasing (low interest rate, steep discounts and high residuals). The interest rate on leases was ridiculously low (1.9% IIRC) as well as generous discounts from MSRP (especially as compared with now). The high residuals also helped the lessees get lower payments. If you buy at the end of the lease, those high residuals will bite you in the rear. However, given the current economic climate (i.e. gas prices) and reduced supply of cars, there's still a good chance the buyout could be below market value. I didn't intend to buy mine at the end of the lease due to the rapidly evolving technology. But, it's such a great car (cheaper to drive), that we're using it more than expected and racking up even more than the extra 3k miles/year I added to the lease up front. Buying it at end of lease will certainly warrant serious consideration given the circumstances.

 

Hmmm ... I think a lot of folks in that category do spring for a prius or some other economical vehicle ... and a good many folks may be in that category, precisely because of the fact that they drive modest cars, rather than fancy pants cars (in addition to being prudent in other aspects of their lives).

Not picking a fight ... just making an observation.

I am of the opinion that most flashy cars, toys, and houses are "owned" by highly leveraged folks that are one or two paychecks away from a fiscal implosion.

 

I bought/paid cash for my Prius.

 

Financed mine. I didn't get Gap insurance either. :-(
I may add it bring that my car is a week old. I figured I'm financing 2k under book due to my great negating skills with my trade in. And with fuel prices I know this car will hold it's value really well.

 

Geek_Law I agree with you. My house is paid if full and I paid cash for my Prius.

 

The price is the car does not change if you lease or buy. The steep discounts are the same both ways. You should never bank on making a lot of money on the residual value of the car. With all the fees in your lease and the hassle of having to sell the car by owner never works out for the owner.

You are correct that 1.9% is a good rate. Paying out right for the car at 0% is a better deal. The biggest problem with a lease is after 3 years you have to choose to buy the car or give it back. 99% of the people give it back. The thought of getting a chance to own a new car always wins. This forces people to get a new car every 3 years. This is a horrible investment of money.

That is a myth a dealer will tell you to close the deal. The facts are the Prius has changed very little over the last 10 years. They will also talk people that finance the car to buy an extended warranty because of all the high tech parts that can break and cost you a fortune. Another myth. The Prius is one of the most reliable cars in the world.

 

Works this way for me, too.

Money frugality and environmental conservation are two sides of the same penny.

 

Not necessarily. You need to take into account opportunity cost. If you think you can invest the money and earn more than 1.9% (after tax), then paying cash could be very expensive.

 

Today a 3 year IRA is 2%. It would be a wash.