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2010 Prius Lease (New York, Model II)

Discussion in 'Gen 3 Prius Main Forum' started by head_honcho, Jun 15, 2010.

  1. head_honcho

    head_honcho Junior Member

    Joined:
    Jun 15, 2010
    8
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    Location:
    New York
    Vehicle:
    2010 Prius
    Model:
    II
    Hi Everyone,

    This is my first post on PriusChat :) Please be kind!

    I am currently looking at leasing the 2010 Prius Model II (no package). Color is not a big deal for me as my ultimate goal is lowest price I can get. I went to about 4 dealers in Queens, New York with the following requests: 36 month lease, 12k miles/yr, Prius Model II, no package, color no preference.

    Currently there's a special going on for the Prius which I've copied and pasted from buyatoyota.com:

    This special offer is applicable for these models: 2010 models include 1223. Offer ends 6/30/10, cannot be combined, is subject to availability and may vary by region. Valid in NY, NJ and CT only. See participating dealer for details. Lease a new 2010 Prius for $179 a month for 36 months with $1,799 due at signing, which includes $1,799 down payment which totals $1,620 down, and $179 first month's payment and $0 security deposit. Example based on model #1223. Base MSRP excluding freight is $22,950. Monthly payments of $179 total $6,444. Capitalized cost of $22,760 based on down payment and dealer participation which may vary by dealer. Lease-end purchase option is $14,960. Lease does not include taxes, license, title fees, acquisition fee, insurance, regionally required equipment and other dealers’ charges are extra and not included in the amounts shown. Closed-end lease. Payment may vary depending upon final transaction price. Customer responsible for maintenance, excess wear and tear and $0.15 per mile over 12,000 miles per year. To qualified Tier I+ customers through Toyota Financial Services.


    My FICO score is about 760.

    I went to four dealers and the best offer I received was this:

    36 month lease, 12k miles/yr, silver color

    $229/month
    $1079 down (includes registration and other fees)
    The dealer also said he'll give us one payment off.

    I'm not sure if the number above includes interest... My guess is that it includes everything because I was asking him for the final per month payment number.

    This is my first time ever doing any car purchases...

    I was hoping all of you wise folks can just let me know I am getting a good/bad deal...

    I really appreciate it!

    Thanks!
     
    #1 head_honcho, Jun 15, 2010
  2. New_Yorker

    New_Yorker New Member

    Joined:
    Oct 27, 2007
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    Vehicle:
    2010 Prius
    Model:
    V
    I lease because I am not paying for it. At lease end I get to buy my Prius 5 for 19 grand. If I were simply paying the costs from day one, I would purchase the Prius outright. The Prius will, if you keep it long enough, pay for itself in fuel savings alone. Absorbing the greatest depreciation of the new Prius makes more sense in this context. Leasing inflicts the highest costs on you, while the next owner reaps the benefit of a very reliable and efficient car that you helped him get for far less money. If, like me, others are paying the lease, and its a car you get to keep and buy in the end, then you have the best of all worlds, a new car for a used car price.
     
    #2 New_Yorker, Jun 16, 2010
    1 person likes this.
  3. Kora

    Kora New Member

    Joined:
    Jun 11, 2010
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    Location:
    Michigan
    Vehicle:
    2010 Prius
    Model:
    N/A
    You have to ask him for the money factor, the ADIUSTED Cap. Cost (not the gross cap. cost that I think the dealer is making his calculations on).

    It is BS that he says he will give you one payment off... and chances are he is talking about the first month off. But you see, you are already paying for first month when you put down $1079. If that's the case, he is not an honest salesman. Also, basing on your fico score, you should be paying a lot less.

    Also, you should be asking him about what incentives he is giving you (all adds to the final Cap. Cost reduction). DO not, ever, negotiate basing on how much you can afford monthly. Also, as a side note, judging on your fico, with that much residual, and that much money on Lease sign, I think you should be looking somewhere around $190/mo.
     
    #3 Kora, Jun 16, 2010
    1 person likes this.
  4. head_honcho

    head_honcho Junior Member

    Joined:
    Jun 15, 2010
    8
    0
    0
    Location:
    New York
    Vehicle:
    2010 Prius
    Model:
    II
    Dear Kora,

    Thank you so much! This is really helpful!!!

    I will need to rethink my master plan... haha.

    This is really good information. If I can get the monthly lowered to 190/month... Would it then be a good lease?

    Thank again Kora!
     
    #4 head_honcho, Jun 18, 2010
  5. mikeroz1985

    mikeroz1985 New Member

    Joined:
    Jun 24, 2010
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    Hey Head, I'm close to you actually in New Jersey and also looking for a Prius II deal. I'm in the market to get one ASAP for just as much as you are willing to pay. I want to put nothing down absolutely nothing NO FEES,. I want to be at $240 or less a month. My Father's credit (which i will be using) is also above 750. I got a quote of $265 per month with nothing down and taxes included for a car that is MSRP: 23,750 , 36 mo. 12k a year. Residual on this was 15,504

    What do you say we work out deal where we make the same offer but get two cars, but our offers would be substantially small... maybe $200 per month out the door with no money out of pocket.
     
    #5 mikeroz1985, Jun 25, 2010
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