Should I purchase my 2012 PIP?

Yes, when I was briefly in business, the only ones leasing were writing it off.

 

If you live for the day, all you care about is the lowest payment.

 

I just realized you stated that from now on out you will be commuting 20 000 miles a yr!!!!

You better buy the PIP or give it back and purchase NOT lease your next veh. The highest mile lease I've seen (and you really pay quite a bit extra up front) is a 18k mile lease. Most are and the norm is 12k/yr, then your responsible for all the extra miles out of your pocket, normally at $.25-.30 per mile over!!! Adds up very quick..

Buying is your best option. Just decide what car you want and your good.

The PIP at 17k to purchase is a good deal though.

 

there is always a credit card route. Esp if you use one which gives rebates.

 

We actually did that when purchasing windows (real ones, not software), to accumulate points. And I did buy a Honda Hurricane once with the plastic.

But I've got a love/hate thing for cards; it's really nice to see the balance near nil. We pay the full balance off every month, but the damn things are too tempting. Also, merchants are getting dinged something around 3% every time the customer uses a credit card. There was a computer store with the best prices around, that for a while would give a discount for cash or debit card. I think they gave up the policy of late though.

 

I would suggest purchasing your PiP. Driving 20k+ miles a year, you are better off with the fuel efficiency of the PiP along with the reliability of the Prius.

 

Is it smarter to buy or lease a car? - HowStuffWorks

 

Most dealers will not allow you to purchase a vehicle on a credit card, since they pay 2-3% on those transactions. And the dealer risks a chargeback if the consumer is unhappy and involves the card issuer. However, most allow down payments up to several thousand dollars on a credit card.

Technically, their merchant agreements require them to accept plastic for all transactions, but practically, it simply won't happen.

 

Correct.
I intended on paying for my 2014 Volt w/multiple credit cards (for the rewards points)- then the dealer told me they only accept up to $5k on credit card purchases. At least the $5k CC purchase got me enough points to get all weather floor mats...

 

In my area (SF Bay Area, CA) they have been selling the Prius and Prius Plug-in with 0% loans (credit scores as low as 720 are acceptable for that rate, they said). In fact, when I bought mine they also had $1500 cash back and were selling the cars close to invoice. They're still offering 0% and $500 cash back, along with no payments for 90 days. When the HOV (carpool) sticker program is exhausted I think Toyota will have a more challenging time selling the PiP. I don't know if we would have purchased one without the HOV sticker and all the financial incentives ( though we have owned a Prius of some type since 2003).

If the car has worked well for you and you enjoy driving it why not buy it with rates as low as they are these days?

 

I believe consciously or subconsciously whenever people ask "What Should I Do?" in regards to a end of lease or often in regards to trading up to a newer vehicle they really already know what they WANT to do. And if that is in conflict with what some suppressed part of their brain is telling them they SHOULD do...they look for group or outside validation that it's OK to do what they want to do.

Seems to me, if the vehicle has been well cared for under your ownership, no accidents, and has low miles, then a lease buy out, is a fantastic deal on a "used" car. Where else are you going to get a used PiP with 30,000 miles on it, that you don't even really have to look at carfax or have it checked out because you know the history, for $17,000? It's a good deal, if you want to do it.

But it's that WANT that is the key.

If you're thinking about change. Considering Honda Plug In, Fusion, or "anything"? Then end of lease is the opportunity to do so.

To the OP? You already know how this PiP fit's your needs as they exist right now. If your daily mileage increases, you already have an experience handle on how that would relate to the vehicle you are now driving.

And only you can determine your financial means, and how much you might WANT to do something else.

You might brave walking on to a dealership lot. Taking a physical look at the options you are considering might cement the decision one way or the other. Sometimes jumping the fence to the other side leads to discovering the grass isn't as green as you thought, sometimes it leads to finding out that the grass is a lot greener.

In the end? Life is short. If you can afford it? Being happy with what you own and drive is a nice priority to be able to cater to.

Neither choice is detrimental or really needs justification.

 

There are more profitable ways to generate rewards points and earn a little cash in the process. Check out The Point Chaser.

 

To good to last but was the best ever? How One Man Earned 4 Million Airline Miles by Buying Dollar Coins - DailyFinance

 

Yes, but that one dried up. There are current "manufactured spending" methods that still work. I hate being reminded of those good ol' days because I missed out.

 

The PIP is a better car that the regular Prius in every way: better MPG even when you can't charge a lot (I've averaged 60mpg over 6k miles even though I can only charge once a week or so, preferred parking if a free charging slot is available at Whole Foods , HOV stickers, etc.). The only downside to it was price, especially the 2012s but you've already taken that hit. I would wait until right before the lease expires to decide. Hopefully by then, Toyota will release images and specs of the 2016 PIP. I think the styling will disappoint and the new specs might too. I could be wrong. But, if the 2016 is a quantum leap beyond the current PIP, used prices on our models will drop, so then I would happily give it back to Toyota at lease expiration. If the 2016 disappoints, I would buy it at $17k as used prices for 2012-15 PIPs will probably increase.

 

On a related note, is Toyota offering lease extensions on the PIP? My housemate's previous car was a Prius II, and she got a month to month extension offer of at least 6 months, IIRC, when that lease ended. She'd like to buy the car, but might be in a better position to do that in 6 or 12 months.

 

Yes, my PiP lease is up Sept.1 and we are also deciding what to do. In speaking to Toyota they offered to extend the lease for 6 months, month to month, on the same terms. They say it's on an individual basis, so it might help to tell them you are waiting for the Prime. Note that you will be out of warranty at this time - not a great position to be in with a lease, but probably ok with a Prius!

 

still not sure what the o/p is asking.

 

The $17,000 buyout is just about where the dealer would price your used car after it was detailed and brought up to tip-top certified condition. I have never leased a car, but I am guessing that anything can be negotiated, especially if you still like the car, and obviously, no one knows this car better than you do. Suppose you save them the trouble of detailing and certifying the car and you offer them their price, provided they include a Platinum extended Vehicle Service Agreement (worth about $1000) that takes you to the year 2020? Everybody wins.

 

Toyota won't deal on the price of lease buyouts, unfortunately. They even acknowledge they'll lose money by not doing so.