Always have enjoyed this site and would like other's opinions. I have a 2010 Toyota Prius with 44k miles in good condition. I leased the vehicle in Aug 2010 and extended the lease 6 months (currently runs thru the end of February). I've test driven a few of the competitors (Focus, Mazda 3, Elantra) and was not blown away but would probably be just as content in any of these as my Prius (although my gas savings are real). Anyways, I am thinking of buying my car out from the lease and then using it as a trade-in when the Gen IV comes out eventually. My concern is that if I buy it and the gen IV comes out (which will be in the next 2 years most likely; maybe sooner) at 24k?, that I am making a bad deal. Just checking if you'd go this route or think about buying a competitor's vehicle which would be around 20-22k probably or leasing again. Plus, my car will not have a warranty which obviously a new car would have. Before buying, I will have my service dept give it a check so I know that I won't have any significant maintenance in the near future. Kelley BB Value: $12,825 (bit surprised by this; thought it would match my payoff) NADA Value: $13,700 Payoff Value per toyota financial as of 12/15: 14000 At 2.9% APR (just threw in a random #), 48 mths: $310/mth Current lease payment at 15k/year: $239 Appreciate any assistance! Thanks, Jeremy
Your car if you buy out the lease is worth at least 15K , assuming no cosmetic issues. That is pretty low mileage for a 2010, mine has 80,000 on it now with no problems. I bought mine off its lease, because I knew it was in good shape and had many more miles to go. The Prius is great on gas compared to anything else my LMPG is 57 measured at the pump. I would go for it. We just purchased a second 2010 for $15,000 with 44 kmi, and that was the cheapest we could find anywhere. Check out Swapalease in Cincinatti, to what others are selling their leased cars at....
No, it's not. It's worth more like $11-12k. If Toyota wants $14.5 .... Give it back and buy a Mazda 3 for $20k. If you just bought one for $15k retail, how would his be worth $15k in a trade in situation ? REV
11-12 k$ in New England would get you a 2008 , clean low mileage 2010 II in the Boston area are going for 15-17k$. Why a Mazda?
Buying out the lease would be easiest, but when you tally up the payments in the end, you will have paid more for the vehicle than a straight up financed purchase, depending on your credit. If you are one that always has a car payment (buys every couple of years), then it really does not make any difference...not really.
If you know you will keep the car for several more years, buying it out may be a sound choice if you pay cash. It you keep it just another year or 2, and you have to finance it as indicated, leasing another Prius will keep your monthly cash flow lower. Once you get to 24 mo and your mileage is reasonable, you can trade up to the new Gen IV for minimal loss out of pocket - with a little dealer encouragement. My 2 cents...
I'm pretty adverse to leasing another Prius right as I'm interested in the Gen IV and not interested in the 2014 version. My credit is very good so getting a good finance rate shouldn't be an issue. If I put $0 down and am paying, $300/mth, it shouldn't matter when I decide to trade the car in (probably in 12-24 mths). Obviously, there is a big difference between getting 11k for the car and 14-15k. The mazda comes into play as it is the best fallback in case buying out the prius does not make sense. Would be interested in what others would do. All comes down to what makes the most financial sense as I'm equally happy in whatever car.
Very good. The premise is hedging on the purchase of the as yet un-revealed GEN IV. Talk with the business manager at your dealership to work the numbers. They work with you so much better when they know you are on the hook as a continued customer.
Honestly, my dealer is saying here is the payout amount and that is your cost. My sister bought out her lease last year (mainly because she had 10k miles so it was a nobrainer) and the dealer didn't care. Take it or leave it.
Try to trade in a used Prius ... I did, and the best number I got from 4 dealers was $11,400 for my 2010 II. That was the BEST number I got. With the new cars having rebates and 0% financing, older used Prii don't hold much value. Further devaluing them is the new crop of really good high mileage non-hybrid cars that are approaching an honest 40 mpg themselves, without the $6-8000 hybrid premium. The Mazda Skyactiv platform is the best compact platform available. I have a 2012 3, and it gets 37.5 mpg overall calculated for the first 15 k miles, and has gotten 47.1 on a trip when I kept it at or under 65. A touring model with sunroof and Bose stereo cost me $17,200 a year ago. Not only was it a great deal, it's truly a blast to drive, which the Prius isn't, once you get past the initial fun of the video game experience. I still like the Prius, and I won't trade it in at that amount, so I'll just keep it. As I've said ... The really crappy interior, and the level of noise while driving it is really starting to wear on my nerves. REV
I went on a few sites tonight and confirmed that 11-11.5 is about right for a trade-in. KBB must be overestimating that. At that price, a new car at 17-18 looks like more of a deal.
I agree, trading in never works to your advantage. Yes 11-12 k$ is all you would get. on a trade in. They will turn around and sell it for 16K.
I just did some quick math. There are two options. If you were able to lease another vehicle for 24 months at $239 after you returned your 2010 Prius, you would've spent about $6000 for the next two years. If you were to purchase your Prius, you would've paid out $7500 over 2 years at $310 a month. Trade-in value on a 5 year old Prius is $7000 - $8000. This means you will have little to no equity in the Prius. You'd have to sell Private in order to break even versus leasing another new car for 2 years. I hate leasing. I hate leasing. I hate leasing. But I reluctantly say if you prefer driving vehicles with warranties, it is better financially to lease another vehicle. FYI, 2014 Mazda 3 hatch is $259 a month equivalent lease right now. Turn off signatures in Tapatalk Tapatalk
Same in the DC area. You might be able to buy out the lease and sell it higher privately, then put that money towards a new lease.
Thanks. Really helpful stuff. I am thinking I will end up leasing another car or buying if I get a really good offer. Just seems to make the most financial sense right now.
