Last post on Apr 06, 2009 at 2:32 PM
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#666 of 669 Re: Prius Battery creates dilemma [stevedebi]
Apr 04, 2009 (7:23 pm)
I would not advise storing any car for 2 years, during which time you are making lease payments!
I agree. Then I would never lease a vehicle. It is a giant rip-off unless you can write the whole thing off. This preacher hardly makes enough in a year to pay any taxes. He leased as it was $200 per month less and he was planning to finance the payoff after 5 years. Why he likes the rough riding noisy little beast is beyond me. But he likes it. I feel for him and would loan him the $24k except he cannot make that big of a payment if I did not charge him any interest for 5 years. No wonder I despise lending companies almost as much as our Congress and government.
#667 of 669 Re: Prius Battery creates dilemma [gagrice]
Apr 06, 2009 (7:21 am)
"The problem is getting it licensed in Hawaii. We thought about buying it. I just don't want a red POC Prius for a $24k payoff on the lease. That is what I can buy a new one for. "
The cost of the vehicle is a moot point: the lease is what is referred to as a "sunk cost", which has to be paid, and it would be much cheaper to simply pay the 24K and drive the vehicle, rather than
1. Risk having the battery go bad and have to replace or pay for it at the end of the lease. Yes, HE would have to pay because he did not treat the car appropriately, and cars need to be driven.
2. Paying lease payments on top of whatever transportation costs the minister has in HI.
Actually, the car payments may not be bad if he goes with a 60 month payout - possibly similar to the lease payments.
#668 of 669 Re: Prius Battery creates dilemma [stevedebi]
Apr 06, 2009 (2:32 pm)
The payments on $24k are about $500 a month for 5 years. He has a 5 year lease at $299 a month. He was not sure his payoff at the end. Typical pastor. Very trusting of people and easily duped or talked into things. The best thing would be to get out of the lease if Toyota will not allow them to take the car with them. If he had any money he would not be in this mess.