New to Prius: Plug-In vs Regular Prius

Chris,
I live in Pasadena too. I have a suggestion concerning the lease. I did this back when I was researching getting a Prius back in late 2012, early 2013. Start watching the car ad's in the L.A. Times. Various dealers have specials from time to time. I did this for several months. Elway Toyota in Manhattan Beach seemed to have the best deals, though not every week. I once saw that they were offering the 2013 PiP for an insanely low 36-month lease for like $249 per month. I thought it was a 3 or 5 car gimmick, but it was for every PiP they had on the lot! I still can't believe it to this day, and I may even have saved the ad's. Anyway, I ended up getting a 2013 Persona for leasing which costs way more than $250 per month. If I had to do it over, I would have snapped up a PiP back then. They now have charging at my work, which they didn't have previously. I think you ridea of leasing with the possible intent of buying makes sense. Things can change a lot in 3 years.

RT

 

Leasing can be a great option, but be careful of the advertised deals. The most common way to get a low monthly payment is by increasing the down payment. You shouldn't put anything down on a lease. Learn how the lease payment is calculated and you can always do better than those advertised deals - my 36 month lease is under $250/month including all taxes/fees/everything and I put nothing down.

 

I worked out the cost of leasing vs. the cost of owning my Corolla for 3 years, and reselling it. No comparison. It cost me half as much, because there wasn't a dealer middleman taking a huge cut.

 

In general, for a new car, assuming the incentive and finance deals are similar, there shouldn't be much difference if you plan on a new car every 3 years or so. In a lease, all you are doing is paying for the depreciation of the mileage you put on it. As that depreciation is fixed at the signing of the contract, the risk of the end value of the vehicle resides with the bank, not with you. Better yet, if it turns out that the depreciation calculation was off and the car is worth more than was estimated, you are free to buy the car for the original estimated cost and resell it for a profit. Actually you can usually do better than that even because the dealer will usually still haggle further because they'd rather keep you in the car than have to take it back and deal with reselling it.

 

no question i would have been better off leasing, i don't think anyone foresaw the drastic depreciation and eventual msrp reduction of the pip, volt or leaf.

 

Either way, you should NEVER negotiate the payment IMO. Negotiate the price FIRST. Then start working on the payment options. Tell the dealer you are paying cash. Don't get caught up in all the dealers smoke and mirrors.

 

I agree in that case. I saw massive depreciation with my Dodge Ram from 2006 to 2009. The retail price dropped by about $15k for new vehicles in that period.

 

timing is everything i guess.

 

Absolutely. To this point, it is my opinion that the best deals on the 2014 PiP in California have already come and gone for this year. When I bought at the end of may, I got 0%/$4k Toyota rebate on top of my negotiated price. Purchase price was $24.5k(plus tax/license), before CA rebate and federal tax credit, and I got my HOV decals about a month after purchase.

I'm hoping that 2014 PiP values in 2 years will be what 2012 Pip values are now. If that's the case, I may actually get some profit out of driving this car for 2 years. (insurance/taxes/registration aside)

I have a coworker who is now looking to buy, needs the HOV decals, so doesn't want to risk buying without, and can't find anything under $30k. I can't believe how quickly those decals are going. I'd be seriously concerned about having them available if I purchased now.

 

To the OP, some counterpoints, to favour going with a regular Prius:

1. You're apartment dwelling with sketchy (or no) home charging.
2. This being your first Prius, keep it simple?
3. Comparable regular Prius cheaper?
4. The Plug-In version lacks a spare.

I'm not knocking the PIP, just saying don't dismiss the regular Prius option without some thought.

 

Some great points. #1 is primary. If there's a substantial price difference between the two, lack of available outlets makes it a no-brainer, though I often use free public charging in Pasadena, which may be an (inconvenient) option for OP.

I should note that, living in a hilly area, the PiP's ability to hold a greater charge can be advantageous even without plugging in. Driving down from my house, I can get 2-3 miles stored. The same can be done on more gentle descents over longer distances, though that's outside the scope of OP's question.

 

To the OP, some good advice here. Regarding the spare tire issue, you can get a donut spare for a very reasonable price and strap it down in the cargo area with the included strap and cargo anchors. There are some threads here about the spare issue. Donut spares from several models will fit, and auto dismantlers have them available.
You can have the dealer install leather, which is what I did. I bought from Dianne Whitmire at Carson Toyota, and I would urge you to give her a call. She is easy to deal with, and delivers on what she promises. She posts on PriusChat her inventory and has lately had several with HOV stickers available.
I've driven the 210 fwy, and the stickers will cut your commute significantly. Also, the PiP gets better overall mileage than the lift back model. Good luck, whatever you decide.

 

ripoff.

 

Would it have to be a "sneak"? Can't you ask them, say you will pay the actual cost of the electricity, and that of course anyone can unplug your car if the outlet is needed?

 

Having had a G1 Insight, and the wife having a G2 Prius, I would say the PiP is the vehicle that covers the most options for you, while being highly efficient. As noted above, it will do half your current commute in EV. Even with a 70 mile commute, you'll still see over 60 mpg if you are a conscientious driver. On top of that, you'll never have range anxiety, as most of the EVs available are below 70 miles range or too close for comfort, especially at highway speeds.

I bought mine 2 months ago when there was a factory incentive of a $4500 discount, which put it at less than the cost of a Prius 3 (when subtracting the $2500 Fed Tax Credit). That incentive is likely still in force, with Toyota wanting to clear out inventory before the new model year. The solar panel is intended to keep the car interior cooler in the summer sun by powering the ventilation fan, and if you are in a parking garage, that would not have any benefit at all

 

+1 for all these reasons I would have not bought a PIP if not for the Green Sticker. That weighted more than all those combined. Decision you will have to make what you want more.