New Prius Lease Special - Good Deal?

Discussion in 'Dealers & Pricing' started by Oblio, Feb 3, 2010.

  1. Oblio

    Oblio Junior Member

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    Monthly payment of $205.26 and the residual is $15,840 for a Prius II with an MSRP of $22,819 with the Rear Bumper Applique as the only optional equipment. This includes everything except the first month's payment. Appreciate the feedback.
     
  2. Oblio

    Oblio Junior Member

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    I should have added I need to put $2000 down and "everything" including fees and taxes are included in this price. Should I be negotiating a purchase price first and then working that into a lease. I pursued the lease due to a "special" lease offer the two dealers mentioned.
     
  3. HTMLSpinnr

    HTMLSpinnr Super Moderator
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    It's simply a car-buying tip in general - negotiate price before you negotiate payment terms. Negotiating the payment already allows the dealer to mask the true price of the car.

    I.e. I walk in saying "I can afford $350/mo". That could turn into a full MSRP car with unneeded dealer options and $350/mo at 84 months and 9-10%. Whereas, negotiating price first may turn out to be $355/mo, but at 60 months or less and 7%. I'm making up the numbers, but it's a known fact that being a payment buyer doesn't benefit you in the end.

    If you sit down to negotiate and the sales droid attempts to do a 4 square on you, asking what you can afford, you're being treated as a payment buyer. He may write down random numbers that really mean nothing in an effort to confuse the situation even further.

    Not all dealers are evil - but you do need to walk in prepared to deal in a way that benefits your bottom line.

    Check out: http://www.carbuyingtips.com/

    As for your deal - only putting it through a lease calculator will answer that question. What fees are included in that $2000? What's the money factor on the lease? What are the lease terms? How likely are you to buy the car at the end of the lease term?
     
  4. Radiant

    Radiant New Member

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    How long is the lease?
     
  5. AKCMommy

    AKCMommy New Member

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    A lease is NEVER a good deal.
     
  6. macmaster05

    macmaster05 Senor Member

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    Yeah I wouldn't lease it. Buy it. OWN THAT SUCKA.
     
  7. Oblio

    Oblio Junior Member

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    Just sold my 2008 Prius because I needed to turn it into two cars. Can't buy and have to lease if I want to get back into a new Prius. Could use some help figuring out what the dealer invoice is for this particular package. I figured I'd find this information on some web site but am finding conflicting and incomplete information on the dealer invoice. Is this a good deal? Under the current circumstances, I'm figuring there is no better time to lease/buy a new Prius. Can I get the price down from the $23,250? I have three dealers competing for my business and they are all in this ballpark.

    MSRP: $23,719 - Dealer Offer: $23,250 (Prius II in Blizzard Pearl with rear bumper applique and preferred accessories)

    .00130 money factor;
    12k miles/year for 3 years;
    16,128 residual;
    $199 dealer fee;
    registration and other fees $110;
    Bank acquisition fee $650;
    $439.26 tax;

    $231.53 per month with $2000 down at signing (plus first payment due at signing)
     
  8. wvgasguy

    wvgasguy New Member

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    comment deleted
     
  9. bagwell

    bagwell Active Member

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    not a bad deal, but be sure to compare 72 or 84 month straight financing thru a credit union (I managed to get a 4.9 84 month loan on $32K)
     
  10. paprius4030

    paprius4030 My first Prius

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    Don;t forget with a lease your mileage is restricted, go over the miles allowed and you better be prepared to empty your wallet.
     
  11. bagwell

    bagwell Active Member

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    true, unless you just keep (buy) the car after the lease is up...they won't care what the mileage is if you decide to keep it...then you can sell or trade it in on your own.

    oh and you can negotiate the purchase price after your lease is up as well!!!
     
  12. adamace1

    adamace1 Senior Member

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    if you really think you will be driving under 12k a year, have you thought about getting something like a corolla? I would think you could find a good deal on one, for about the same payment your looking at. Like maybe one thats 1-2 years old. Then you could own it.
     
  13. SDM44

    SDM44 Señor Member

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    Although I can afford to purchase/finance a Prius, this is why I'm leasing one. Running the numbers on a Prius V in my area, and a finance rate of 4.25% for 60 months....


    - It would've cost me $100 more a month on payments to finance the Prius for 60 months, and that's with a $6000 down payment.

    - I'm getting the V with $0 down (I pay nothing, drive off fees rolled into the lease).

    - I'm getting 18k miles per year (54k total) on the lease. If I get a Prius, I might as well drive it and save on gas (I barely put 5k-10k miles a year on my other cars). At $.15 a mile over the limit, that's cheaper than other cars I've leased.

    - I like getting a new car ever 2-3 years. With that comes no resale issues, and I don't need to worry about selling the Prius for a specific amount in order to break even to get back my $6000 down payment 2-4 years later (more like a $6k deposit, if you're not upside down on the loan).

    - A few times I've offered the car at the current buyout price to others who may want it at a cheaper rate (or sell it if there's a profit to be made, but that's rare).

    - If I ever needed to get out of the lease, I can use swapalease or lease trader (I've used swapalease 2 times.... the last time being a couple of weeks ago). It's very easy to do and doesn't really cost you anything out of your pocket except for minor fees.

    - I can use the lease as a write off for my work.


    Regardless if you think a lease is still a rip off or what not, those are my reasons and financially a smarter choice for me.


    EDIT: I forgot to mention... You can always negociate the purchase price (cap cost) on the vehicle for a lease, as well as the money factor and the residual (although it's hard to to get the dealership to move much on the residual since that's already set). Just because you lease doesn't mean that you're stuck negociating only the price of the car.
     
  14. Judgeless

    Judgeless Senior Member

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    I agree 100% I have been telling friends and family that for years. I learned it is bad advice. Most people do not listen, and do whatever they want.

    I tell people not to buy extended warranties. They never listen. A lot of people like wasting money. You cannot stop them.
     
  15. hockeydad

    hockeydad New Member

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    Don't do it.

    Very good chance, if it hasn't happened already, that Prius prices will drop. If you can wait, you'll probably be able to get a better deal in the near future. Maybe even some current g3 owners wishing to unload their low mileage Prii at substantial discounts. :eek:
     
  16. adamace1

    adamace1 Senior Member

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    You have good reasons. Another one is having a brand new car every 3 or so years, with a full warranty all the time.

    But some people lease to get a small payment and thats not a good deal for them. I have done this two times myself when i was younger.
     
  17. pri2b

    pri2b Junior Member

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    i don't think that's a good deal.
    the dealer offer should be lower
    money factor seems a little high with excellent credit
    2,231.53 due at signing?

    closer to $200/mo, 15k year, 2,000down incl. 1st. payment seems more reasonable.
     
  18. creativeguy

    creativeguy Member

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    Renting to own is definitely the worst of all options. Leasing has advantages and disadvantages, owning does too. But leasing and then buying puts the most money in the dealer's pocket, especially for a car that will likely hold its value well.
     
  19. Scrittibear

    Scrittibear Junior Member

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    How did you get 18K miles instead of 12K? I am looking at the Toyota website and I am seeing a base prius lease for $179 /mo w/ $1999 down for 36 months - still a good deal but why are you getting a better model/ better miles?? Clarify??
    Lease info at: Buyatoyota.com
     
  20. SDM44

    SDM44 Señor Member

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    For the most part, whenever you see any manufacturer advertise a lease deal, they always do it at 12k miles and assume you'll drive the car 1000 miles each month (seems to be the industry standard when advertising). However, you can still negociate the mileage to what best works for you. Usually the increments include 7k, 10k, 12k, 15k, 18k, and 20k - although I've never seen anyone get below 7k or over 20k miles on a lease. The mileage rate increase/decrease is going to depend on the residual value of the car over the amount of time you want to lease it. You just need to negociate this with the salesman.

    Don't think you need to do the deal above. You can always get more miles, but it will cost a little bit more in your payments. You can negociate less drive off fees, but that will make your payments higher (I like putting down as little money as possible on a lease, so if I get rid of the car early then I'm not throwing away extra cash spent on it). You can even negociate the terms (months) on how long you want to lease the car. But whenever you see an ad showing 36 months, or 39 months on some European cars, that's because the best residual values are available at those terms for that particular car.
     
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