2010 Prius III + floor mats & cargo mat, Silver MSRP: $24,760 Invoice: $23,043 Negotiated Cap Cost: $22,300 ($700 under invoice) Reg. and license fees: $343 Doc: $45 Acquisition(Bank fee):$650 (hard to haggle) Money factor:0.00025 (not negotiable) Residual: $15,708 (around 64%) Down payment: $0 Gap insurance is not included by default because of the low MF offered by Toyota. Dealer tried to sell me the gap insurance for $800+. Talked it down to $250 for the whole lease period and rolled it into my monthly payment. So the monthly payment was $235 before gap insurance and $241 after gap insurance. Overall I think I got a great deal considering it's $2,400 under MSRP and $700 under invoice. I didn't attempt to negotiate the MF and residual value because they seem to be the same for most dealers. :rockon:
I'm looking for a III as well- sounds like a pretty good deal. Here is my question- do I take the gap insurance? I'm pretty sure I can get this through my normal car insurance guy- and I'm guessing for cheaper?
If I remember correctly, I was offered GAP by my lender (NFCU) several years ago for about what you got it for, $250. It might have been for a purchase loan ? Alzheimers kicking in. Sounds like a good deal. enjoy
Why do you think that? I have never leased before- I always buy- but it ends up costing me so much in maintenance each year after warranty is up that it all seems like a wash to me. Not to mention with lease you pay a lot less up front
I leased a couple times, and lost money both time! If you have the discipline it may work for you. I either bought too many miles and lost money, or didn't purchase enough and paid a penalty. Purchasing takes that factor out of the equaision, and removed the limits imposed by a lease. With 0% to 1.9% financing currently available, the cost to purchase isn't that much different than a lease. personally, I'll never lease again... Just my opinion...
Yeah I have no idea how many miles to purchase. It's more than 12,000 but less than 15,000. That's about all I know. Ha. I'll have to do the math and figure it out. But with all the new technology coming out- seems to make sense to lease for 3 years.
The Prius has changed very little over the last 10 years. The basics of how the car operates have not changed. They have improved things and it has become more efficient. The Gen I, II, and gen III are extremely reliable. I have close to 40,000 miles on my 2010 with zero repairs.
Never having leased a car I'm not sure I understand what residual is? I guess that's what's left, or owed after three years. If that is the case then 16/22 of the total purchase price will be left should you decide to buy the car ( I rounded the fractions off ) Not a sound economical way to buy anything. However if you are happy with the deal and the car, that's all that counts. Now think about this: You lease for 5 years, your payments are really low, say $ 180/ month! Is that a better deal? or worse? The same math exist except now the fraction is higher, maybe 18/22 still owed om the next 5 years. Now if your company is leasing it for you, or you get to write off most of the monthly cost in taxes, then it IS a good deal! Always pay cash:cheer2:
Congrats Punktux. Can you share which dealer you got the car at? And if you liked your salesperson, I'd love his/her name as well. I'll be leasing my Prius on Thursday!
