Last post on Mar 20, 2009 at 2:56 AM
You are in the Prices Paid - Buying & Leasing Experiences
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Toyota Matrix, Car Leasing, Hatchback
#16 of 25 Should I lease or buy the Matrix
Aug 19, 2008 (10:14 am)
I plan to get a Matrix 2009 for myself. I am not able to decide wheather to buy or lease. Since, everyone is going hybrid i was wondering, if I buy, i may not get a good resale value in next 4 or 5 years. That is the reason for leasing option.
Folks, what is the best residual value. Internet suggests 9,500+ and the dealer is saying (just saying) it will be 11,000. Could anyone suggest me the way to go......
I wont be driving the vheicle everyday. Its mainly for the family use during week ends and shopping.
#17 of 25 2009 Matrix S AWD 36mo/12K lease numbers
Nov 01, 2008 (6:40 am)
I just leased a 2009 Matrix S today (10/31/08). 36mo/12K per year. This was from Walser Toyota-a pretty well-known 'fixed price/no negotiation' dealership chain here in the Minneapolis/St. Paul area.
Here is how the car is equipped:
2009 Toyota Matrix
S 4dr Hatchback AWD (2.4L 4cyl 4A)
MSRP / Invoice
Base Price 20,400
(Edmunds has base price $100 higher)
SR Power Tilt and Slide Moonroof $890 $712
AA 17" Aluminum Alloy Wheels $880 $704
EV AM/FM/6CD w/6 Speakers $420 $326
Z1 Preferred Accessory Package $314 $204
SP Sport Package $270 $216
VS Vehicle Stability Control $250 $215
CL Cruise Control $250 $200
CF Floor Mats $199 $126
FE 50 State Emissions $0 $0
Black Sand Pearl
Destination Charge $660 $660
(Edmunds has dest at $720)
Total with Options $24,219 $21,825
Here is the deal:
Selling price 21,719
(that selling price is their first, only and final offer-no negotiation-and is $106 bucks under invoice. I tried to negotiate anyway but they politely declined-it's against company policy) While I thought the offer was very fair, old habits die hard and I just thought I'd give it a try on negotiation! LOL.
Traded a 2003 G35 (35K miles-loaded-nav) as part of this lease, for $13,000, which had $2035.17 trade equity, which I used to reduce the cap cost.
Wrote the lease up as a 'sign and drive'. Paid absolutely zero today. Therefore, the following additional charges were included in the cap cost:
How the Trade Equity was used:
Cap Cost Reduction $1420.19
First Monthly Payment: $221.98
Title Fee $8.00
Registration Fees (MN) $290.00
License Fees $11.50
Doc Fee $75.00
MN CVR Fee $8.50
Acquisition Fee $650
Total: $2035.17 (trade equity)
Gross Capitalized Cost is 22369.00 (selling price + $650 Acquisition Fee)
Less Cap Cost Reduction 1420.19
Adjusted Cap Cost 20948.81
Residual Value (36 mo/12K per year) $13415 (55.39%)
Aside: This is one of the pain points of leasing a Toyota-residuals that are difficult to impossible to calculate without contacting the dealer about any specific car's residual due to the complex way Toyota calculates it. Note this residual (percentage-wise) is not as high as some other cars like Altima, Camry, etc. Oh well. One nice point is that I understand you can theoretically end up with some negotiable equity in the vehicle (market value vs. lease buyout price) that you can use towards your next vehicle. Anybody ever actually done that with Toyota?
Money Factor .00037 (Tier 1)
(this is the happy part! An incredibly low money factor due to the current programs. Equivalent to 0.89% APR)
Total Depreciation and Amortized amounts $7533.81
Rent Charge $457.56
Total (base of monthly payments) $7991.37
Monthly payment $221.98
I started the day at the Nissan Dealer owned by this same automotive group (same one price policies), and leased a 2009 Toyota Matrix S today. I posted those numbers in the Altima lease forum as well.
Yes, two new vehicles in one day! I am stepping down from two much more expensive vehicles, a 2005 BMW X5 and 2003 Infiniti G35. The X5 is at lease end and the G35 I had on a loan. Lowered my monthly out-of-pocket costs by 40% ($404) by doing this, which I believe is the right thing to do when staring into a very uncertain economy, although I have to admit, as nice as these new cars are, they just aren't quite in the same class of what I've left behind! But my budget thanks me.
#18 of 25 Re: 2009 Matrix S AWD 36mo/12K lease numbers [careyd1]
Nov 02, 2008 (5:49 pm)
Hi careyd1. Wow, thanks for sharing such a detailed description of your lease. If you'd like, you can hop on over to the Dealer Ratings & Reviews to share your thoughts on your recent dealer experience there as well. Enjoy your new Matrix .
Prices Paid: Buying & Leasing Experiences Forum
#19 of 25 Re: 2009 Matrix S AWD 36mo/12K lease numbers [Car_man]
Nov 02, 2008 (6:08 pm)
You're welcome car_man! Thanks for all you do to keep these boards hopping.
Question, can I edit the post above? I mistyped when I said the other car I bought on 10/31 was a Matrix. It was an Altima S 2.5 w/SL Package. I did post the complete write-up on that lease over there in the Altima Lease Questions forum.
This was my first time with a non-negotiation dealer and I'm left wondering if I could have driven an even harder bargain at a traditional negotiation-based dealership. I hope others will post their deals here for comparison. I do think I got a pretty good deal, however I wonder just how desperate manufacturers and dealers are going to get in the coming months with the economy and how low things will go.
All the best,
#20 of 25 Re: 2009 Matrix S AWD 36mo/12K lease numbers [careyd1]
Nov 04, 2008 (8:23 pm)
No problem CareyD. Unfortunately after a fifteen minute or so window has passed users cannot edit their posts. You can always re-post the message again with the correction if you'd like.
Prices Paid: Buying & Leasing Experiences Forum
#21 of 25 Re: Should I lease or buy the Matrix [gowthaman]
Nov 06, 2008 (7:46 am)
My advice to you would be to never lease a car unless you use it as a company car and they are paying for it. My advice would also be never to trade in a car at the dealership and don't get financing through the dealership unless you have a perfect credit score.
In my experience, (I used to be in customer service for a major car manufacturer, NOT TOYOTA) the easiest way to get "ripped off" is to do the above things. I'm not saying it ALWAYS ends up that way, clearly leasing works best for some people.
If you buy a new car and only drive it on the weekends, you are going to have a nice, newer car in a few years that only has a few miles on it and the resell value will be higher. Plus, Toyotas hold their resell value like crazy. I has an 07 XR that got totaled about 2 months ago and I ended up getting $2500 more than I owed on it because:
1. I did a lot of research on pricing
2. Added some options
3. Got good financing through my bank
Just my .02
#22 of 25 Re: Should I lease or buy the Matrix [texasgirl2]
Nov 06, 2008 (9:11 am)
Hi Texasgirl, I agree with one principle in everything you said above…that is the "don't get yourself ripped off" part. The rest of what you said are really blanket statements based either false or very shaky information. Not very useful to folks who are perusing a forum specifically dedicated to finding good lease deals.
I'm a small business owner (literally a mom and pop business) and we lease both our company car and our personal car. It works well for us and we appreciate the payment savings that would normally be going towards building equity in our vehicles. We don't want or need to build equity in our vehicles. We choose to free up that capital and build equity elsewhere in appreciable assets like our home.
Of course, being a smart lease shopper is required. Yes, you can get 'taken' on a lease if you are foolish and uninformed-but that pretty much goes for anything.
You need to get comfortable with residuals, money factors and other lease variables such as acquisition fees and disposition fees. Do NOT shop payment amount only without fully grasping these things. Understanding them will allow you to determine what cars are 'leasing well'. Just looking at sticker price alone (or those crazy payment offers in the newspaper) will probably bring you more confusion than clarity. Learn the principles and you can run your own numbers.
As far as not doing manufacturer financing, that all depends. As a matter of fact, the very best money factors in the industry are coming from companies like Nissan and Toyota financial right now. Especially Toyota at this time. Nissan has slightly higher money factors but generally an extra point or two of residual which basically mitigates this in the payment amount.
So, leasing is a very good thing for certain buyers. It's something that generally must be evaluated based on your own needs. Blanket statements for or against simply are not useful or beneficial to anyone.
#23 of 25 Re: Should I lease or buy the Matrix [careyd1]
Nov 10, 2008 (9:37 pm)
As I said, it does work out for SOME people better to lease. And anyway, if you own the company, seems like it could be used as a tax write off. Like I said, I can only speak from my experience. It's good to do your own research....which is what forums are all about!
#24 of 25 What are current Rates?
Mar 12, 2009 (11:25 am)
Car Man, what are the factors for a 2009 Matrix S AWD for 36 months with 10, 12, & 15K miles and how much is the current rebate? I was told the money factor is an attractive .00084 with a 54% residual. Are these correct? Is there a rebate too that can be used to reduce the Cap Cost?
#25 of 25 Re: What are current Rates? [lch77]
Mar 20, 2009 (2:56 am)
Hi lch77. The money factor that you were quoted for the Matrix is correct. Its lease program varies by region, but the .00084 factor is the most widely available one. Toyota is providing consumer cash incentives on the Matrix right now, but that cash is not compatible with its special lease program.
Prices Paid: Buying & Leasing Experiences Forum