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Leasing a Prius Plug-In

Discussion in 'Dealers & Pricing' started by John H, Jun 4, 2012.

  1. John H

    John H Senior Member

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    I already own a 07 Prius and am shopping for another for my youngest. I am really looking to lease this time and was wondering what kinda deals people are finding on leases for the plug-in?

    Does Toyota have an inhouse lease that factors the federal rebate into the lease terms (increase the residual) ?

    I have been looking at a domestic plug-in, $39,995 msrp, and it is coming in at $299/month +local tax for a 15,000/yr, 36 month lease with no cash. They get there by having the lease company claim the $7,500 federal incentive and then the usual dealer and factory rebates.
     
    #1 John H, Jun 4, 2012
  2. bayarea99

    bayarea99 New Member

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    I haven't seen a lease program for the Plug-In yet, but your $299 sounds pretty good.

    [​IMG]
     
    #2 bayarea99, Jun 4, 2012
  3. plugable

    plugable Junior Member

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    The federal incentive is only $2,500 for the Prius PHV.
     
    #3 plugable, Jun 4, 2012
  4. John H

    John H Senior Member

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    yes, $0.24/mile isn't bad.
     
    #4 John H, Jun 5, 2012
  5. 9G-man

    9G-man Senior Member

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    Since th
    This post could be a little for confusing for some people. The "domestic plug-in" you speak of is a Chevy Volt right? Why not just say it. That is a heavily subsidized lease, from the mfr. because they can't sell the car. And they are factoring in the Federal tax credit. That is a excellent deal, for a Volt. And ordinarily, I don't like leases.

    You will not find anything like that for a plug-in Prius. If you lease you will lose the Federal tax credit. And the lease deals on a PiP are horrible, because Toyota doesn't need to subsidize the deal in order the sell the car.

    The numbers that Dianne posted several weeks ago for leasing a PiP were such a bad deal, I can't imagine anyone going for that . Yeah, the salesperson will try to dazzle you with all the financial justifications, but it's just pitch to convince you that a bad deal, is really a good deal.
    I got a 2.5% purchase loan for LESS MONEY, AND I KEEP THE CAR.
    with a lease YOU SAY GOODBYE TO YOUR MONEY, AND THE CAR. Why would anyone ever spend that much money on something that they can't even keep.
     
    #5 9G-man, Jun 5, 2012
    DianneWhitmire likes this.
  6. deltheking

    deltheking Junior Member

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    So, you are getting [ I am assuming] , a Chevy volt for $299/mon ,15k miles with no cash down. Boy, that's a steal if the dealer is indeed offering that . I am sceptical though . I dont think you can get it for those terms. But , again , I am assuming. Which dealer is offering this lease ? If it is actually as you say it is, then it's an absolute screaming deal . So , please let us know.
     
    #6 deltheking, Jun 5, 2012
  7. John H

    John H Senior Member

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    This being a Prius forum I thought it was inappropriate to advertise the domestic plug-in. Having not found a similar option for the Prius Plug-In I am pursuing the lease, from a Florida dealer. I realize the leasing company is claiming the federal tax credit ($7,500 in this case) as well as all the other dealer incentives and that I will more than likely walk away from the vehicle in 36 months and not own anything except the experience.

    My reasoning is that at $0.24/mile (plus local taxes) this is a way to ride the technology wave. As we have seen, reasonable improvements have been made with each generation of vehicles.

    Our typical daily drive is just under 40 miles and there are level 2 charging stations available at the main destination. For $25 we can purchase 6 months of unlimited level 2 charges from our municipal utility which also includes a no-charge parking space while charging. The parking space would normally cost me $1/hr along with the hassle of the daily search.
     
    #7 John H, Jun 6, 2012
  8. Todd Effle

    Todd Effle New Member

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    John, would you mind telling us the dealership? I was just about to work with one in Tampa but they want $360 a month for 15K miles per year, base Volt. I'd love to find it for $299.

    Thanks
     
    #8 Todd Effle, Jun 7, 2012
  9. John H

    John H Senior Member

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    Stringray in Tampa, with taxes and delivery you are probably just a bit above where I am at.
     
    #9 John H, Jun 8, 2012
  10. John H

    John H Senior Member

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    got the lease documents today.

    39,995 msrp
    -2,500 discount
    -4,445 gm rebate
    +300 misc fees

    33,352 net sales price. 36 months, 45000 miles.
    23,197 residual

    10,155 depreciation
    1,725 rent

    330 base payment, 350 with tax
     
    #10 John H, Jun 8, 2012
  11. deltheking

    deltheking Junior Member

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    What was the down payment? Or did you do a trade in ?
     
    #11 deltheking, Jun 9, 2012
  12. John H

    John H Senior Member

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    no cash, no trade in, no first month's payment (Ally SmartLease)

    on a side note ...

    I qualified for a free level 2 charging station from ChargePoint America.

    And my local energy utility is offering unlimited level 2 charges for $25/6months, Plug-In Everywhere.
     
    #12 John H, Jun 9, 2012
  13. deltheking

    deltheking Junior Member

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    Also, did they give any wear and tear allowance ?
    And, are these deals mostly in the Tampa/Florida area or do you think they could be applicable in a state like Texas ? Atleast in Texas- the Volt has been a huge flop.

    And what does $1725 rent mean ? And though they quoted $299/mon on their website - they bumped it to $330/ mon ?? So, $299 is not possible ?Thanks.
     
    #13 deltheking, Jun 9, 2012
  14. John H

    John H Senior Member

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    the $299/month advertised on their website is for 10,000 miles/yr. I wanted 15,000 miles/yr.

    the $1725 rent is essentially the interest.

    I tried a couple of Texas dealers and they couldn't figure out how to get to the same monthly number. I don't think very many dealers have learned how to sell or lease the volt. Texas dealers think they have to put all the taxes into a down payment but ally seems perfectly happy to pay the Texas taxes and then prorate them in the lease. There is no reason someone leasing the vehicle for 36 months should pay 100% of the taxes for a vehicle.
     
    #14 John H, Jun 9, 2012
  15. deltheking

    deltheking Junior Member

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    John, thanks a lot for all your responses ! Appreciate it.
     
    #15 deltheking, Jun 9, 2012
  16. John H

    John H Senior Member

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    your welcome!

    Next step is to work on my auto insurance company to get a reasonable rate on the volt. They want to insure the volt for the full msrp value instead of the reduced amounts due under the lease if there is a total loss (wreck or theft). The ally lease is fairly explicit, and rather forgiving, if such a loss occurs.
     
    #16 John H, Jun 9, 2012
  17. 914

    914 Junior Member

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    The last lease deal they had on the Volt I went to two dealers..One said this is not the car for you.The second one showed me one said it was pre sold and took my tele# down,Never called back.I think the dealers want to sell the volt and do not want to lease.I had a previous Prius III that was totaled in a DUI accident..Went to Manhattan Beach Toyota and got a V lift back..The Volt is a very interesting car and a bit bigger then the Prius..
    Take Care,914
     
    #17 914, Jun 13, 2012
  18. John H

    John H Senior Member

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    #18 John H, Jun 20, 2012
  19. John H

    John H Senior Member

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    10,000 miles total, 8,700 EV.

    Very happy :)
     
    #19 John H, Dec 28, 2012
  20. sdtundra

    sdtundra Senior Member

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    I've been looking at leasing a Volt recently. $299/mo +tax with $2400 due at signing for 36 mo. 12k per year. Only time I drive longer than 40 miles without a charger access is to Riverside once every other month.
     
    #20 sdtundra, Dec 28, 2012
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