Last post on Sep 29, 2008 at 6:50 PM
You are in the Hybrid Vehicles - Archived Discussions
This discussion is ARCHIVED. To reactivate the discussion, post a request in the Lost? Ask the Hybrids Host for directions! discussion.
What is this discussion about?
Toyota Prius, Toyota Camry Hybrid, Honda Civic, Hybrid Cars, Car Buying
#16 of 17 Re: lease buy out for 2004 Prius [myrnamather]
Sep 28, 2008 (10:49 am)
Edmund's has info on buying out leases, that I found useful.
I feel you may not be looking at this the right way.The estimated $7k is the hit they will take on resale anyway. Although you see it as a penalty to you, it's not going to be 'free' money to them either.
Here's what I would try. They want $13k, I am assuming that includes sales tax.
Then make a Counter offer for $10k and be FIRM on that as an out-the-door price.
Any reticence on their part - head for the door. Don't let them pitch to you. If they try then just mention there's a Fit across the street you want to look at. Then Shut your mouth and head for the door. I bet they will call you back before you even reach that far !
Here's what they don't want you to know :- With 166kms on the clock car this will almost certainly be going to auction. Auctioneers would need to sell it for $9k to make it worthwhile. LOL And that 166k mileage won't win their hearts either. Plus they would have to offer a warrantee also.
The dealership is going to be highly motivated here, they would really like to wash their hands on this one. I think you should try "This is my final offer" idea..
Believe me they won't hurt - your car may fail eventually and they will be getting the repair biz and you may not have puchased an extended warrantee. It's almost a no lose situation for them.
I bought out my lease, because they discontinued that model in a 2dr version, and I had lo-mileage and no problems on mine. On the other hand had that particular model still been available for purchase I would have discarded the vehicle at end of lease.
This will be a short year for the '09 Prius as the new GEN 3 Prius will be arriving as a 2010 model in April. Once the hoopla is over, with the new plants at full capacity they will be shipped in quantity and prices will reduce. Until then you might try and get the leasing company to go for a lease extension to reach that more opportune time.
#17 of 17 Re: lease buy out for 2004 Prius [toyolla2]
Sep 29, 2008 (6:50 pm)
I don't think your advice to myrnamather is good. Viewing this from Toyota's perspective, they will either sell the car to myrnamather for $13K (+taxes) or they will take it back together with a cheque for $7K when they find out how many kms it has on it. They will be happy in either instance since either they get the $13K they budgeted for or they get a cheque for $7K plus a car that they can certainly unload at auction for better than $6K in which case again they get their $13K. Chances of Toyota negotiating on this one I put at zero.