Anyone Leased a Prius Lately?

My residual was 40 percent of the purchast price when I leased a year ago, May 2007.
I'm buying the car out at the end, and keeping it until I get a shot at a plug-in version.
For a car written-off for work, it had advantages for me.
I had a heckuva time finding one even back then, and had to wait 7 weeks for delivery.

 

I leased one last week. 59% residual after 36 months. Seems low for a car with such good resale prices. Anyway, my drive off was $822 and my monthly is $507 including sales tax. It is a 09 touring package 6.

 

That payment seems REALLY high to me...

Whats the mileage?

That was the lease payment on my Lexus when it was new...and its a $40,000 car...and had a lower residual...

The finance payment on our Prius is only $465...

 

And think about whether it makes any sense at all to lease. In some special cases it makes sense, such as a write-off for business. Otherwise it's almost always more expensive. It's like insurance: if the leasing companies know their business, and they should, they will make money from the transaction. This money comes out of your pocket.

Tom

 

I bought a used one 06 with everything and HOA sticker with 30k miles on it, zero down, 400 dollars payment....

 

I hate getting ripped off but I figured I will save money on gas. I did the math (I'm no genius) but even using lease calculators, it penciled out okay. I wonder where I miscalculated. It is for a 12k mile/year term. Anyway, I'm over this Prius thing and I will probably try to get rid of it in the very near future.

 

With monthly payments over $500 it may be difficult finding someone to take over the lease.

 

Yeah you got hosed. You're paying at least $80 a month too much. How is your credit?

Thats the issue with leasing, you REALLY have got to know what you're doing. There are so many ways that they can hide profit in a lease and all the figures are percentages and decimals and money factors.

If you are going to lease, you have to become an EXPERT on leasing beforehand.

 

I'll have to disagree with those saying you got ripped off.

The lease rate you got is very close to the quote I received last week (haven't bought yet).

For a 36 mo. 12K miles lease, I was quoted $502.67. Touring, package 6.
MSRP = $29,304
Price = $29,214
Residual = $17,543 (60%)
money factor = 0.00264
acquisition fee = $550
total drive off = $1,353.42 (1st mo. payment + $350.75 reg/doc + $500 deposit)

Those are the variables in a lease--so as long as you know what they are, it's very easy to calculate the lease payment so you ensure no shell games are being played.

Calculating a lease payment isn't rocket science:
monthly depreciation = (cap cost - residual) / lease term
monthly interest = (cap cost - residual) * money factor
monthly payment = depreciation + interest + sales tax

For the lease above:
depreciation = ($29,764 - $17,543) / 36 = $339.47
interest = ($29,764 - $17,543) * 0.00264 = $124.89
payment = $339.47 + $124.89 = $464.36 + tax ($38.31) = $502.67

For those interested, here's a simple lease payment calculator I put together: click here

Even with a money factor of 0.0025 (which was quoted in one post), the payment only drops to $495.50, so I don't understand where the $427 in that post came from.

9G-man, I'm curious what assumptions you made to get to $427.

In CA you pay sales tax on the total lease payment, so that could explain some of the difference vs. what other think is correct. Plus MSRP has gone up $500 for the '09, in addition to the $400 increase mid-summer.

 

double post :blush:

 

Comments in bold below

 

I didn't even think of a top line Prius being $30k nowadays...the cap cost on my Lexus was $35k. I had way more miles (20k per year) but my money factor was much lower...

 

As indicated in my post, a '09 touring package 6 is ~$30K. Keep in mind that your 2003 Lexus is ~6 years old.

 

On my 2007 base package 2 (MSRP was approx $23,500)
Lease Sale Price was $22,000
36 month lease
$1500 Trade of 1991 Ford Explorer 4wheel drive Eddie Bauer (88,000 miles)
$500 Down Payment
= $2000 down
Lease Factor was .0009
Sales tax was 6.5 %
Residual was $11,900

Out the door for $285 mo x 35 months and my $500 out of pocket + the trade
add $9.50 a month to that because I got suckered into buying gap insurance even though I knew better.

For $11,900 there is no way I'm not buying it in 2010 when the lease is up.

 

But it was leased new, the calculations don't change with time.

I was operating on what ours cost $26k, at 30K he's certainly not got a great deal at that payment but he didn't get screwed...

 

Yeah the dealer told me at the time that he had never seen Toyota Financial give that low (which is actually how I know what it is). My credit rating is in the 780 territory, but we are a lower income family. I just picked up a second job so that my wife can finish school and not have to worry about working. She is about done and should be able to take her boards in January. Currently working 40 week at one and about 20 at the other.