Buying my leased 2010 Prius....! Is this a good deal?

Im not too familiar with buyout options since I've never leased before. But $15,849 isn't bad for a 36k mile Prius. Looking at it from a finance point of view at that price, you are essentially buying a used car with 4.9%...not too bad but you said you have very good credit.

If you have very good credit, try a credit union first as they usually have low APR promotions. However those are usually with new cars. If the banks can't offer a lower APR than the dealer, then another option is to go through dealer for a couple months and refinance at a credit union as soon as you are able to (I've went from a 3.6% Toyota finance to a 1.98% credit union). The tricky part is though, that when you refinance via a promotional rate, your car's value to loan ratio has to be within a certain range.

You're obviously gonna have to do a bit of research since there's a lot of factors that come into play.
FWIW, I was in the sales manager's office last night trying to crunch out numbers on a Prius C. I fall into the top credit tier, and was only able to get 3.25% APR 60 month financing from Toyota. The manager told me the only way I can get it lower was through a 3rd party lender. This was a brand new car, so your 4.9% isn't too far off.

 

seems to me like you're better off leasing again if you can get the same deal. do you want to own an 8 year old car with 100,000 miles? i think how much you put down the first time is important. do you have to buy the service agreement? car is still under warranty for some hybrid parts.

 

Well you know the car...not a horrible deal but........interest seems a bit high. and you can get a new one for about 6 to 7 grand more...and it comes with the warranty so subtract 1500.......and you will get better interest rate on a new car.....so the price of a new rig may not be really much more than the used one??????? I would at least look at the deals to be had. You might be able to get a new rig, depending on your credit for 50 to 75 a month more...or make an offer on your old rig. If you want the old rig I would tell him you want the warranty(if it wasn't a prius I would pass but the electronics give me pause) and You'll give him the $3000 down with payments of $225 out the door. What you got to lose?

RAL

 

True he can get 0.9% 60 month on a new. With $3k down, he's looking at financing say $22.5k after TTL depending on trim level and how much they knock off the car. Which would put him at about $389 per month. Total interest accrued would be like $600. Plus he would not be bound to getting the service agreement.

This is only $100 more per month, which I would personally do, but we don't know OP's situation, (because +$100/mo does = $6,000 total).

But if he really wants to keep the current car, finding another lender or refinancing is the best option IMO.

 

Step #1 - you absolutely need to verify your OWN credit score. Never trust a dealer, a bank, a realtor, etc. It's your right to get your credit score once a year. Don't be uninformed or you might get a lesser deal. I would also absolutely check around with different lenders on their rates. Getting a 3 year old car that you know the service history and condition of for that price is a good deal, I think. Do you really have to get a service warranty? That sounds like a dealer trick to me. But yes, as I've been looking into leasing myself, the lease rates in 2010 were much lower than they are now. While there are specials going on ($229/mo in my region for a Prius liftback), P00kie is right - the monthly payment is much higher than that advertised $229. Hope that helps!

 

I've never leased a car, but I just bought an 07 prius touring editon for 10k. I put down 6k and financed the rest. We have good credit, but finance rate was 6.99%. I was told that the rate was high because the age of the car not my credit score. If I bought one new I could get a better rate. I was ok with the higher rate since I intend on paying it off in less then a year. Just wanted to mention it since your interest rate might reflect the age of the car not your credit score. You can check your credit for free online. Just type in free anual credit report and you will find the website. This does not effect your credit by checking your own credit score Good luck!