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Looking to lease Prius package 6 2008 - Bay Area

Discussion in 'Local Prius Club Main Forum' started by duroprius, Apr 9, 2008.

  1. duroprius

    duroprius New Member

    Joined:
    Apr 9, 2008
    1
    0
    0
    Location:
    San Francisco, CA
    Vehicle:
    2008 Prius
    Just started search in Bay Area to lease an 08 Prius package 6. I have a long commute so I'm targeting a 3 year, 20,000 mile lease. I was quoted:

    $509/ mo with $899 down.

    I'm sure this pricing is high since it's my first quote, but I'm looking for some way of determining what a reasonable price should be on this type of lease. Any suggestions?
     
    #1 duroprius, Apr 9, 2008
  2. stream

    stream Senior Member

    Joined:
    May 12, 2008
    2,977
    452
    14
    Location:
    Long Island, NY
    Vehicle:
    2010 Prius
    Model:
    V
    Leasing a car can be a shell game if you allow it to become one. Simply focusing on lease payment and money down is risky. You first need to negotiate the purchase price, then understand the other moving parts: money factor, residual, acquisition fee, registration, etc.

    You can search the web and find the current lease money factors & residuals, so you go into the process prepared. The lease payment calculation is straightforward:
    (Cap Cost – Residual Value) / Term = Depreciation
    (Cap Cost + Residual Value) X Money Factor = Interest
    Depreciation + Interest = Base Monthly Payment

    Sales tax also needs to be added. In CA, for example, it's added to the monthly lease payment; in other states it's added to the purchase price.

    Here's a spreadsheet I put together when helping a friend lease a car a while back:
    click here
     
    #2 stream, May 24, 2008
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