Lease buyout ??

welcome! how much without taxes? i'm thinking a new 3 is around 23k?

 

seems like a good deal to me.

 

It may sound like a good deal, but you have to add in the three years you have already been paying on that car with the lease.

 

how much more is a 4 over a 3?

 

By my math, you would be paying almost 30K if you bought out the lease. The 2013 Model Three that I bought had a price of $29,766 plus TT&L. Of course they give me a good trade in on the old Gen II Prius.

I never was much on leases. Almost leased a Nissan Leaf when I bought the Prius we now have. I will be grateful if I live long enough to pay it off. Owe 14 more payments.

Best of luck to you. If you look around and am content with Gen III, I would get one of the 2015's on the lot's now. The 2016 will be first year of the next generation. Sometimes it is best to let them get the bugs out when ever a new generation is released.

 

you can't compare payments to purchases. payments include finance costs. what was the cash price of the car when you leased it?

 

You can if you don't pay any interest on the loan bisco

 

good point. never heard of a zero interest lease. interesting.

if that's the case, the payoff includes the interest, or the car was 30k to begin with.

either way, it's water under the bridge. you have a 2012 three, with 24,500 miles for 15k vs whatever else you can buy today for comparison.

 

I was referring to the zero interest loan on our car. The OP is getting taken if he buys out the lease IMO

 

i know they have done zero interest financing. if every other 2012 three he could find with the same mileage, would he still consider him being taken to buy his?

 

Read my post #9 OP would be paying almost 30K for the lease with the amount of money he paid over the lease and the buyout on top of it. Too much money IMO

 

understood. but the 16k is already gone, even if he buys a different car. i think i'm just confused.

 

If you like your leased car and will drive it for a few more years, buy it. If you really want a change, let it go and buy what you want, or lease what you want. The least expensive option is to buy your leased car and drive it till the wheels fall off (Should be10 to 15 years).

 

That's the problem with leases, all you are doing is basically "renting" a car over a LONG time frame. In the end, all you have to show for it is a bunch of receipts and no car unless you pay more to buy it out. And when you turn them in, some leases have a fee that has to be paid there also.

Leases are a funny thing, when you compare them to purchasing a car.

But leases will also get you into something you may not be able to purchase, such as a high dollar Lexus, Mercedes, Tesla, etc.

 

Here's my take on it...

You've rented the car for three years. That's all a lease is. You cannot consider this part of what you would pay for the car today. That is over and done with. But you can consider it a Rent-To-See-If-You-Like-It... You seem to have liked it.

Your options are now to either pay $15300 for a car that you know the entire history on, or roll the dice and pay about the same for a different used one that you know nothing about, or pay about $7K more for a new Gen3, or pay $10K+ more for a new Gen4 when they finally become available.

If it were me, and I liked the one I had, I'd keep it. But if I wanted new features or the new model, or badly wanted a different color, I'd get a different one. There are good deals on Gen3s out there. But, again, if you don't want/need new features/color, then keeping the one you have makes more sense to me. Have you tried negotiating the buy-out price to save some more?

My story... I have been waiting all this time to see the Gen4s, planning on buying one. But equipped the way I'd want it would have been about $28K. I saved $12K by getting a 2012 PiP Advanced last week.

 

That amount is sunk cost. It's already gone. OP has to or has already paid $12k no matter what option OP chooses next. So this amount doesn't matter. It is lesson learned never to lease again.

1. OP can purchase a new car at $26k.
2. OP can purchase the lease for $16k.
3. OP can purchase another used car. A 2012 Prius 3 is about this much. I know I'd rather buy a Prius that I know the full history of.

If OP wants a new car choose 1. If OP wants to save money, choose 2. Obviously, ignore 3.