Considering a PiP - some questions

I quoted numbers above. Those include taxes and all fees. The depreciation is set by Toyota and is non-negotiable. Add the two together and you get a total purchase price. Bonus with a lease is that if it turns out the car depreciates more than expected in 3 years time, and i want out, I turn in the keys and move on, rather than being stuck with a vehicle worth less than expected. If its worth more, I buy it for the price negotiated back at lease inception for good value. The plus is that the risk lies with the bank, not me. Either, way I'm still free to negotiate that price down further. Buying it out also allows you to exceed the mileage limits with no penalty.

There can be hidden charges in either a lease or a purchase, but only if you let them. With a lease, just like a purchase, you should get every number from the dealer and be able to replicate their calculations to the penny on your own. If the dealer won't give you that information, find one that will; it's a huge red flag. This is also a big reason to deal over the phone or email, rather than in person.

 

Nothing beats the current lease incentive on a 13 model....7300 off. On a purchase you wont get close to 7300 off.

No worries about tax rebates, its all off the top.

anyone concerned about 12k/yr overages...just buy the car at the end of lease, the price is preset and you can buy cash, or loan thru toyota.

I leased mine with 5600 off the top last year and it was an incredible deal at the time, now they are nearly giving them away, and cheaper to lease a PiP then a reg prius.

As shown below on TOY website...
6265(total payments)+1999(deposit)+17280(residual at lease end)= $25544 total cost

Dan

 

Tell me how the hide fee?

 

Absolutely got a 2013 PIP lease 6500 right off the top.

 

you quoted me before i finished the math,LOL (you can remove the quote so its correct please)

 

I was just stating the deal I got 6500 off the top!

 

Exactly. And that's if you take the national deal right off the street. You are still free to negotiate the price at both ends of the deal, meaning it can be significantly better than that still.

Leasing is not the be-all end-all, and dealers love to use it as a tool to advertise bad deals with low monthly payments, but it can work in your favor, and if you are in the market for a new vehicle, you should understand how it works so you can have another tool in your arsenal.

 

Yup, that's too bad turtlebud. In your case, the purchase incentives might be better, or, you'd be better off buying a regular Prius as the plug-in probably wouldn't pay back.

 

Deals change region to region, month to month, and how they are selling, plus stock. I guess some of us got lucky.

 

Hmm, this couldn't be Prius_in_PA rearing his ugly head again, could it?

 

Cool your heels there Ken. Read my other posts. I'm new here but very upfront. You can find my username all over the Internet. Without incentives, the PIP is a tough sell. Heck, that's WHY there are incentives now!

 

WJTracy :
"fyi I am thinking the low cost record purchase in NY last November or so was about $25500 before taxes etc. That was in 2012 when there was a sales push...I thought we might see again this Fall. Not sure cars are left now. Most other great deals were about $1000 more than that. Lensovet has a spreadsheet."
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but the purchaser gets $2500 back while the leasee gets ?

 

But that isn't cheaper than buying outright. I, along with a lot of other people are buying them for $25k or under.

 

Those numbers are the advertised values, before any negotiations begin. You can still negotiate the lease selling price just like a purchase, as well as the buy-out at lease end. That means another couple of grand below that is eminently reasonable. As you say, show us the numbers. Are you saying you purchased for well under $25k? If so, good on ya! Those deals aren't available for purchases in my region right now.

 

The bank gets it, so it's rolled into the up-front incentive. All numbers we are discussing here assume a purchase gets that full credit.

 

Explain to me how the bank gets the the incentive?

 

Common in these situations, the same thing happens for the Volt. The bank is the owner, so they get the credit. You as the leasee get the benefit of a cap-cost reduction which gives you lower payments, without having to wait for tax time.

 

My final price for the loan for 60 months (0% interest) was $30k. Subtract the $3k in taxes that were rolled into the loan and the $2500 credit and my final purchase price was about $24500.

 

If that's with no down-payment, and no trade, that's very good indeed. What were the incentives available to get that?