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Good, bad , in-between

Discussion in 'Prime Main Forum (2017-2022)' started by lmans66, Jul 17, 2018.

  1. lmans66

    lmans66 Junior Member

    Joined:
    Jan 6, 2008
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    Location:
    Arizona
    Vehicle:
    2018 Prius Prime
    Model:
    Plug-in Base
    I have a feeling it is 'in-between' but it also depends on the region, etc...My lease for a Prius Plus is $297 a month for 36 months at 12,000 miles a year. I am not stupid and know that dealers play games, make profits...hide things within the numbers etc...I had a $2500 trade in for a 08 Prius, plus I put down $5000....

    MSRP plus dealer cost etc...... minus the above....= $297 a month. Overall Dealer cost was over MSRP for sure.

    Educate me...good or bad or indifferent? I am in Jersey so the Prius is 'so so' in demand I think. Not the Northeast but not Florida or California.
     
    #1 lmans66, Jul 17, 2018
  2. triggerhappy007

    triggerhappy007 Active Member

    Joined:
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    Location:
    Texas
    Vehicle:
    Other Electric Vehicle
    Model:
    Base
    I would say bad. It sounds like you are putting $7500 down on a lease, which is a no no. If the car gets totaled, you don't get any of your down payment back. You could have bought a new 2017 Prime for the same price of a leased one.
     
    #2 triggerhappy007, Jul 18, 2018
  3. Roy2001

    Roy2001 Active Member

    Joined:
    Apr 1, 2009
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    Location:
    Sacramento, CA
    Vehicle:
    2017 Prius Prime
    Model:
    Prime Premium
    Personally, I am always against lease. Especially for Prime with $6000 rebate. But I understand that not everyone can get the tax credit...
     
    #3 Roy2001, Jul 18, 2018
  4. Salamander_King

    Salamander_King Senior Member

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    Location:
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    Other Hybrid
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    Congrats. on your new car! Why gripe about done deal. You already have your new Prime. Just enjoy.

    BTW, Do you live in New Jersey? Your profile says you are in Washington State. In NJ, you could have gotten $5000 rebate if you purchased 2017 model. Which would have brought the PURCHASE price even closer to what you would have paid for your 2018 lease cost in 3 years.
     
    #4 Salamander_King, Jul 18, 2018
    Last edited: Jul 18, 2018
  5. lmans66

    lmans66 Junior Member

    Joined:
    Jan 6, 2008
    53
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    Location:
    Arizona
    Vehicle:
    2018 Prius Prime
    Model:
    Plug-in Base
    I wanted a low monthly payment, hence the 'down on it', plus I didn't want to own the car, hence the lease. By the end of the lease, I am thinking battery tech will advance quite a bit and I will then look for what is out there then. Otherwise I wouldn't have done the lease. I wasn't aware of the $5000 on the 2017 but haven't found any either up here.

    But all told..... I am completely happy with the car as my 2008 Prius was getting old in the tooth....
     
    #5 lmans66, Jul 18, 2018
  6. JoeEngineer

    JoeEngineer Junior Member

    Joined:
    Jun 24, 2018
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    Location:
    Kanata, Ontario
    Vehicle:
    2018 Prius Prime
    Model:
    Upgrade
    It looks like your leasing arrangement was similar to mine for a 2018 Prime (once I convert to CAN $ of course).

    This is the first time I decided to lease a vehicle, and for some of the same reasons you had:

    1) The battery technology is changing and improving each year.
    2) The auto industry is at a transitional stage, and changing quickly to more automation for drivers. I think there will be significant changes in the next 3 years.
    3) This is my first time with an electric vehicle, and I want to see how it performs in a cold climate. Being in Ottawa will be a good test (although Saskatchewan, where I'm originally from, would be an even bigger test).
    4) I want to see how the battery holds up over time. This is an expensive component.

    I decided on a 3 year lease since it coincides with warranty coverage.
     
    #6 JoeEngineer, Jul 18, 2018
  7. lmans66

    lmans66 Junior Member

    Joined:
    Jan 6, 2008
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    Location:
    Arizona
    Vehicle:
    2018 Prius Prime
    Model:
    Plug-in Base
    Joe...exactly and ditto on all of your additions. But I am not worried about the battery as I had the 08 for 10+ years and the quality of the car and battery are superb I feel. I was initially looking at a purchase and the $4000 tax credit, etc etc.... But thought that a lease makes more sense considering where the technology will be going in the next few years. But I also wanted a lower monthly payment so did put down money. So while my lease doesn't look as cheap as others in downpayment, my monthly payment is considerable less, so an off-set.

    With the Prime I see the following within the next 3 years:

    • A five seater and not a four seat design
    • Improved battery so 25-30 miles in EV becomes 70-80
    • Improved storage in back area when batteries themselves get smaller (more like current Prius Hybrid models)
    • Improved rear seat design when folded down so it becomes more of a flat surface like in the old hybrid models.
    If it wasn't for the improved EV performance coming up, I would have taken the sale instead of the lease. But with 'limited' electric motor buyers, I wanted to easily exchange after 3 years and move from that point instead of trying to sell 'old technology' in 3 years.
     
    #7 lmans66, Jul 18, 2018
    JoeEngineer likes this.
  8. triggerhappy007

    triggerhappy007 Active Member

    Joined:
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    Location:
    Texas
    Vehicle:
    Other Electric Vehicle
    Model:
    Base
    There's no need to worry about the resale value in the future. It's not going to drop to $0. Look at the used Prius Plug in less than 40,000 miles. You won't see any less than $10,000. Resale should be as good as the Gen 4 Prius. There will always be a market for a car that gets 50 mpg and the 25 mile electric range is topping on the cake.
    If anyone else is on the fence about leasing vs buying, do a cost analysis. You'll usually come out ahead buying the Prime because of the tax credit. I know sometimes leasing comes out ahead, but the Prime is not one of those times.
     
    #8 triggerhappy007, Jul 18, 2018
    Salamander_King likes this.
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