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You are in the Prices Paid - Buying & Leasing Experiences
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Toyota Prius, Car Leasing, Hybrid Cars
#180 of 473 Should I Lease or Purchase?
Jun 27, 2010 (1:24 am)
Hi everyone, I need a car asap and I need your help to see which one is a better deal with zero down if purchase. Thank you in advance.
Here are the deals:
Prius II Lease Option:
Amount due at signing includes DOWN PAYMENT of $1,800, FIRST MONTHLY PAYMENT of $199 and no security deposit. Tax, title and license are extra. Based on MODEL #1223 (5 Dr. Hatchback) TOTAL MSRP $24,374, & NET CAPITALIZED COST of $22,273. LEASE END PURCHASE OPTION is $15,232 plus tax, title and license. Customer is responsible for excess wear & tear and 15 cents per mile over 36,000 miles. Dealer participation may affect final negotiated price and applicable taxes. NOT ALL CUSTOMERS WILL QUALIFY. Payments are calculated using TFS Tier 1+ rate. Other tier credit payments are higher. Offer ends 8/2/2010 and you must take delivery from dealer stock between 6/2/2010 and 8/2/2010. Offers available in AR, LA, MS, OK, and TX. 2010 EPA 51/48/50 city/highway/combined mpg estimates. Actual mileage will vary.
Prius II Purchase Option: $24,000 walk out
0.0%, 2.9%, 2.9% Annual Percentage Rates (APR) on all new 2010 Toyota Prius Models available to Tiers I+, I, II and III customers with approved credit through Toyota Financial Services only. Special APR available on 36 month loans, monthly payments of $27.78 per $1,000.00 borrowed; 48 month loans, monthly payments of $22.09 per $1,000.00 borrowed and 60 month loans, monthly payments of $17.92 per $1,000.00 borrowed. Offer ends 8/2/2010 and you must take delivery from dealer stock between 6/2/2010 and 8/2/2010. Not available with lease offers. Dealer sets final price. Contact Dealer for details. Offers available in AR, LA, MS, OK, and TX.
#181 of 473 Re: Just signed [evahnulahm]
Jun 27, 2010 (3:59 pm)
"Residual 58% plus 2400 residual assistance = 18,798 "
What is "residual assistance" ?
#182 of 473 Re: Should I Lease or Purchase? [sunnydallas]
Jun 27, 2010 (4:04 pm)
Look at the fine print details on the lease and see what the money factor is (MF). Multiply by 2400 to get the effect interest rate. Is it higher or lower than the buy rate? Here they are doing 1.8% effective lease.
Notice also the lease deal is limited to tier 1+ while the purchase rate is available to those with lesser credit.
Leasing is not for everyone, no matter if a lease deal is better than a purchase deal. If you drive a lot of miles, trade cars often, don't take good care of your cars, or don't have top notch credit then leasing is not for you.
#183 of 473 Which to choose to lease, a Prius II or III ?
Jun 28, 2010 (3:28 pm)
The biggest no brainer I have seen in leasing .
The MSRP on the III is $1,000 more than the II and that is just for an upgraded stereo and BT hands-free. Does not sound like most folks should or would want to pay that extra, but that is not the case if you are leasing.
The invoice difference between the II and III is $750 so that is (hopefully) all the extra you will be asked to pay when you negotiate your selling price. The good news is that the residual percentage is the same for both, So if you have a II with just mats and III with just mats you are looking at $23,750 MSRP, $22,912 invoice and $24,750 and $23,662 invoice.
Residual (here, anyway) is 68% of MSRP not including the mats or $750 destination for 12k leases and 66% for 15k leases. So $22,800 * .68 = $15,504 * .66 is $15,048 for the II and $23,800 * .68 = $16,184 * .66 = $15,708 for the III.
So on the 12k lease the residual difference is $680 and $660 for the 15k. Since the difference at invoice between the II and III is just $750 then your extra cost for the III over the II is just $70 for the 12k lease and $90 on the 15k lease! Divide by 36 payments and you have < $2 a month or $2.50 more to get the III (plus interest, but here that is 1.8% effective using 0.00075). Now that is a no brainer if I ever saw one!!! The only downside is that it is easy to find a II equipped like you want it, there are few options (mats and bumper thingy being the most common) while a lot of the III models are loaded up with the NAV pack or NAV + roof pack. For pennies a day it is worth finding a non-loaded III and enjoying your upgrades
#184 of 473 Re: Which to choose to lease, a Prius II or III ? [dwynne]
Jun 28, 2010 (6:08 pm)
Just signed a lease on a III for $246+tax. The lease on a II would have been $239. I figured the $7/month was getting upgrade stereo and BT.
#185 of 473 Re: Which to choose to lease, a Prius II or III ? [linhtwu]
Jun 29, 2010 (6:46 pm)
What options did you get with the III? I am looking for a III with the roof, no leather. Wondering how much they are leasing for with zero down. I am in Cleveland Oh 44067
#186 of 473 Re: Which to choose to lease, a Prius II or III ? [easternguy2]
Jun 29, 2010 (7:40 pm)
The III does not come with leather. W/O any options you are looking at $275 to 299 plus tax, but the fees and rates and taxes do vary widely. The roof and nav package adds $3,166 to invoice (what a rip) and maybe $1.5k or something to residual. So the high residual that makes the Prius such a good lease does not extend to the options.
#187 of 473 Re: Which to choose to lease, a Prius II or III ? [easternguy2]
Jun 30, 2010 (3:40 am)
Eaasternguy2.....Only option I got was floor mats. If you are interested, I can send you the email of sales person I dealt with. She was up front and gave me the best quote from the beginning. I was very pleased and transaction was easy as I was in/out of dealer in about 60 minutes on delivery.
#188 of 473 My Prius III lease deal
Jul 01, 2010 (3:20 pm)
Picked it up the other night for my wife.
Prius III with just mats and the dealer installed remote start (0% residualized, of course).
MSRP: $24,750 + remote start ($529 or more)
Sell price: $23,985 including remote start
Acquisition fee: $650
Doc fee: $250
Taxes / fees / tags / title: $99
Net Cap cost: $24,984 including remote start
Residual: $15,708 (high mile)
Term: 36 months / 15k miles per year
Money factor: 0.00075 (1.8%)
Payment: $288.19 + tax
Due at signing: first payment + tax
Not the world's best deal, but I thought it was a nice deal. My wife loves the car so far. I did get quotes from several other dealers, one that came too late was $268.64 plus tax per month with just 1st payment due at signing. This was for a III with just mats, no car starter at this price.
#189 of 473 2010 Prius Lease Deal
Jul 06, 2010 (7:30 am)
Toyota is offering a lease deal in the NY/NJ area:
"Valid in NY, NJ and CT only.
Lease a new 2010 Prius for $179 a month for 36 months with $1,799 due at signing, which includes $1,799 down payment which totals $1,620 down, and $179 first month's payment and $0 security deposit.
Example based on model #1223. Base MSRP excluding freight is $22,950. Monthly payments of $179 total $6,444."
What other fees can I expect? What is a Lease inception fee? Tax in NJ is 7%. Does this apply to $179. per month or part of it?