Last post on Dec 03, 2013 at 6:38 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Toyota Highlander, SUV
#3991 of 5207 Attempted Purchase or Lease of 2009 Highlander Limited
Sep 04, 2009 (6:04 am)
I just ended a painful session attempting to lease this car in Plano, TX. This Limited came with the extra value package #8, car mats, body side moulding, vehicle shield package and a destination charge of $855. MSRP - $38,028. Edmunds shows invoice amount for this car with $800 destination charge as $33,918 ($29,762 + 2,952 + 180 + 125 + 99 + 800). I offered $34,250 and they countered with (purchase price negotiations started after lease negotiations) $36,950. I shared all my Internet-obtained information with the sales manager and increased my offer to $34,800, and he countered with a best and last offer of $$36,900. The best offers I could get for a lease were the following based, according to the sales manager, on a residual of $13,417 and money factor of 0.00285 (6.84%): 48 months - 598/month, 12K miles, 2,500 "down pymt" plus pre-pmt of last month's rent and pmt of license and registration fees; 60 months - 560/month, 12K miles, 2,500 "down payment" plus pre-pmt of last month's rent and pmt of license and reg fees). Using the sales manager's residual and money factor amounts, I calculated and offered to lease this car as follows:
33,070 - 13,417 = 19,653 divided by 48 = $409.44
33,070 + 13,417 = 46,487 times 0.00285 = $132.49
409.44 + 132.49 = 541.93 times 6.25% (sales tax in TX) = $33.87
Monthly pmt = $575.80, no "down payment" but pre-pmt of first month's rent and pmt of license and reg fees with 12K miles
I also offered $542 per month for 36 month lease with same terms as above but using residual of 47% and money factor of .0001 calculated as follows:
33,070 - 15,542 + 17,527 divided by 36 = $486.86
33,070 + 15,542 = 46,487 times 0.0001 = $4.86
486.86 + 4.86 = 491.72 times 6.25% = $30.73
Excuse for the foregoing terms ran the gamut for low inventory due to cash for clunkers, Toyota going low with residual amounts given the economy and prior experience with cars coming back off of lease, and a desire to make "just a little bit of profit".
Was my experience atypical of what others are experiencing or have experienced? Also, were my offers out of line and/or unrealistic? Any guidance will be much appreciated.
#3992 of 5207 Re: Attempted Purchase or Lease of 2009 Highlander Limited [perrysdad]
Sep 04, 2009 (6:28 am)
You do know that the 2010 Highlanders will be out very soon.
At the very least, you could get a 2010 for the same price since the 2010 MSRP remains the same as the 2009 MSRP (unless you get a Sport which is $50 more than 2009 - but you get a shiny chrome exhaust tip).
#3993 of 5207 Re: Attempted Purchase or Lease of 2009 Highlander Limited [steven1357]
Sep 04, 2009 (7:02 am)
Yes. Which is why my visit was so frustrating. Perhaps things will change this month. I anticipate that my wife will be driving this car for at least 7 or 8 years (she currently drives a 2001 Highlander) so I am not that concerned about buying a 2009 instead of a 2010. That said, would you recommend purchasing a 2009 Highlander Limited at invoice this month or purchasing a 2010 model at MSRP when they roll out? Would leasing the car change your recommendation? Thanks.
#3994 of 5207 Re: Attempted Purchase or Lease of 2009 Highlander Limited [perrysdad]
Sep 04, 2009 (10:22 am)
See my post # 3971- 38793 OTD For a 4WD Limited, etc. I don't know the sales tax on an auto in Texas- it's 3 % in N.C. but the buying experience for me was terrible also. I think if you plan on keeping the 2009 for five plus years, it makes sense to buy a 2009. Getting a 2010 might be a long wait. I ended with a somewhat high price because I need to replace a vehicle I sold. I have had little contact with the dealer since giving a deposit- hope I get it. You have done all the research as I did, but after a while it gets old talking to multiple salesmen and dealers who don't really seem to give a darn whether you buy from them. Your purchase price isn't too bad.
#3995 of 5207 Re: Attempted Purchase or Lease of 2009 Highlander Limited [johnman1]
Sep 04, 2009 (11:46 am)
Thanks. I'm getting a little bit better treatment now that cash for clunkers is over. But not yet close to invoice.
#3996 of 5207 Re: Attempted Purchase or Lease of 2009 Highlander Limited [perrysdad]
Sep 04, 2009 (1:13 pm)
Originally I thought that I'd start hearing more about INVOICE than MSRP this weekend. Sadly it isn't happening. In fact I just got an email from a dealer in Northern Virginia that had his "WOW" quote for a Limited HL at $500 off of MSRP. I told him that his wow price was nothing of the kind and that I'd be waiting until they were closer to Invoice. He wrote me back rather smart-alec and said "no problem, see you next year". I hope I don't have to wait that long but I'm not getting ripped off because these guys think the good times are still here!
#3997 of 5207 Re: Attempted Purchase or Lease of 2009 Highlander Limited [rally_point]
Sep 04, 2009 (2:08 pm)
I got a similar "WOW" quote from one local dealership (believe it or not, their quoted prices were full MSRP), but only after I had received quotes from 2 other dealerships at approximately $1,300 and $1,500 off of MSRP. When I replied to the "WOW" dealership that they were too high and that I would not be doing business with them, I got a non-computer response that apologized for the "problem" with their response system and offered to "beat any other deal out there". I have not, however, been able to get a second quote from this dealership, although I would expect to get one later today or tomorrow. For what it's worth, one internet sales manager told me, without being asked to do so, that he showed 2010's arriving at his dealership in 51 days.
#3998 of 5207 Re: Attempted Purchase or Lease of 2009 Highlander Limited [perrysdad]
Sep 05, 2009 (9:56 am)
Well I'm finally making some progress.....some. Got a call from a dealer who's willing to sell me a HL Limited with EVP#8 with the colors I want for what he says is $75 over invoice. He says that will be around 36,500. That's before the rebate. That sounds a little more than I thought invoice would be but it's much better than the 38 or 39K I was hearing last week. Interested in hearing what people think about this. The incentives expire on Tuesday. At that point I have to believe that they'll come out with new incentives, maybe some that are even better with the 2010s coming out.
#3999 of 5207 Re: Attempted Purchase or Lease of 2009 Highlander Limited [perrysdad]
by kyfdx@Edmunds HOST
Sep 05, 2009 (11:40 am)
You have to remember.. Toyota doesn't residualize all of their options, so the more expensive Highlander you choose, the more the lease is, even on an MSRP adjusted basis... The dealers can't even figure the residuals... that's why each unit has it's own dollar amount residual.
Plus, if you are leasing in Texas, that is part of the Gulf States distributorship, which adds a whole lot of unresidualized costs to your vehicle. On top of that, Texas taxes the entire selling price, not the monthly payment...
Add it all up... I wouldn't lease a Toyota in Texas..
Sep 05, 2009 (2:31 pm)
I live in North Central Texas (Sherman area) and have been looking for a few weeks for a Toyota Highlander 4 cylinder base model in pearl white. I would like the EVP #2, and also want to add blue connect, night mirror, leather package, auto start; no third row.
What would be a reasonable price for this? I have had some negative experiences with dealers in this area so far (Red River, Pat Lobb) giving me the run around, and telling me one thing on the phone and another when I get to the dealership. I got the Consumer reports print out so I could tell what all the options cost, etc, and took that information, as well as the Edmunds information that I had.
These guys seem to want to tell me I will get a good deal, and then when I get there, jack up the price with add ons.
Any suggestions for dealers in the North Central texas area? Also, what could I expect to pay for the options I want?
Thank you for your help!