Need advice ASAP!(LEASE)

I just did a lease....got $3k off. All dealers here are doing $3k off on 2010's. I'm in TN.

 

Toyota national advertising recently showed a Prius III for $169 per month at no down. Sounds like your $300 per month is good for the dealer only!

BTW, I was an automotive leasing manager for many years and I can tell you from experience, it's a "no win" way to drive a car. I doubt you qualify for lease tax deductions. If you don't have cash to invest in financing a car, maybe you should hold off.

Happy Motoring!

Tom

 

Great advice.

 

There is no national ad at 169 a month with no down.
Not one.
You can't even get a base Corolla for that.
PLEASE check your numbers before you post.

 

Still wondering why people think lease is a no win. It's significantly cheaper a month to lease. So if you are short on cash and need a car- seems like a great way to go. And then no repairs- its all covered. Sure you dont own after 36 months- but after that- the warranty is up on most cars and I gotta believe all the basic repairs you put into a car end up about equal by the time you are done.

 

There is nothing wrong with leasing if you are willing to always have a car payment, especially if you can get the car with a zero down, sign and drive situation. I have a brother who only leases, every 2 years, mainly because he gets bored with his cars and wants to change it up. He knows he will always have a payment but knows he will always have a warranty and variety.

 

too expensive, move on down the road.

 

it's always different.

There are leases that make way more sense than buying.

There are leases that make no sense financially, but they make a ton of sense to the person doing to leasing.

There are also leases that make NO sense (financially).

The trick is knowing when it's wiser (for YOU and YOUR circumstances) to buy than to lease.

If you have a good sound logical mind with math logic, you can usually determine this ... or if you have an advocate like me, I can explain what's better and why. But, when you have neither, that's when the trouble starts!!

Dianne

 

Re: it's always different.

you go, girl!:rockon:

 

This is the worse way to manage money. I predict if you manage money like this you will be bankrupt in less than 5 years.

 

I forward your PriusChat comment to Pinehurst Toyota and my friend who took delivery of a leased 2010 Prius III at $169 (36 mos) so they could be informed that this program does not exist.

Happy Motoring,

Tom

 

$269 a month - $0 down; free oil changes, etc.
We leased two 2010 Prius II's.

Will lease two more if this plan is available in two years.

Have leased 10+ vehicles the last 15 years.

Have 2 businesses and a college student, write the whole thing off,
no tracking milage or interest ect. - straight line expense.

Leases arent for everyone. I personally dont like spending $150+ per month
working on my own stuff, keeping 2-3 cars and trucks running, and buying tires, transmissions, etc ....
so, we lease. Have NEVER had the Dodge Trucks (5) back to dealer during the 2 & 3 years leases, except for the free oil changes.

 

is what a good deal??
interest rate, loan terms, length, etc???

for what a 10 year loan or is this a lease with no fees? or is that added to the residual

also, your comment about "how it used to be" does not apply anymore. too good to be true leasing deals are popping up all over because of the economy and lack of cash. to make a blanket statement that it does not work, especially now is a bit presumptuous.

ah reality sets in!

 

Being able to get what you can afford and then use the rest to invest in capital in my business seems like a pretty sound idea to me. $250 or so a month for a car or $350 or so - that's $1200 extra a year at least. With that $1200 I can buy another camera for my studio which is where I make my money. Seems pretty smart actually.

Again I have always bought- and was thinking of leasing this time around.

Someone please feel free to show me the math where buying now makes sense with a Prius II and let's say $3,500 down on a trade in.

 

It is situational, not blanket.... I keep my cars for many years past the loan term. In this case I will likely hand it down to my daughter way in the future. At a certain point, I will have no payment or capital at all on a monthly basis for the vehicle. I will likely enjoy this ownership for at least a few to five years with no capital outlay for a car at all. In this case, buying makes much more sense for me. I have every expectation that the Prius is up to such longevity.

 

the general consensus that leasing is not a good long term option i truly believe is no longer valid;

1) the money is tight right now. loans are hard to come by. decent down payments are harder to come by. the preferable leasing terms is a result of the fact that interest rates really cant go much farther down and that many dont have the 750+ credit rating to get top tier rates but need a car.

i am buying a Leaf. (or leasing) my choices? put about $12,000 down, buy it make payments for 5 years. around $390 interest 2.94%

or lease it. put $2500 down payment (lease fee, what have you, etc) on a 3 year term for the same $390. 4.99% lease term. 55% residual.

now i truly believe that when my lease is up in jan 2014, i will have a dozen choices for my next EV. right now, i realistically only have one. so i am not in a "buyers" market. i am cattle being herded out the gate. there is only one gate. so i will lease for the first time in my life.

2) technology is in a rapid state of change. more so now than ever before in automotive history. i quite frankly believe that the types of cars available in 3 years at the end of your current lease will be much different than what we have today. now this could greatly impact resale value of your Prius.

3) what if; in 3 years we have EVs with a range of 300 miles going for $30,000? your Prius would be worth nearly nothing. you might get $10,000 on the used market IF the economy has recovered sufficiently. the one fact that will never change; there are still people out there with a credit rating of 650 that need cars. problem is getting one who is willing to pay 10% interest on a used car loan from a shark which means they buy your car for $7,000 sell it to someone for $10,000

now, will all that happen? its most definitely possible although i personally think it will be more along the lines of 5 years before longer range EVs are affordable, but they are coming, of that i have no doubt.