Dilemma at end of lease: pay residual or lease 2015 model?

How many miles are on your 2013 PIP?

 

You may be able to find a comparable used 2013 PIP on the market a little bit cheaper but you know the history of your car and that is worth something. The Prius is one of the most reliable cars ever made and you should be able to get many more years of use from it. There is basically no difference in a 2015 PIP. Keep in mind you will be responsible for sales tax on the residual amount.

I say buy out your lease.

I assumed it was a base model? If it is the advanced. $17600 is a steal.

 

There are other options.
If you can't deduct your leasing payment trough your taxes, like business expenses, it doesn't make any sense to lease.
Purchasing the vehicle long term makes it more desirable and you know you will own a piece of Toyota old car.
When I bought my 2012 PiP, I found trough time that I have been cheated with the overall quality and performance of the vehicle.
I got rid of it and purchased a pre-own vehicle from another manufacturer with much better built in options, comfort and electric range.
Now I can said this vehicle is fulfilling my needs and at a lower monthly cost than my former outstanding PiP loan.

 

Fred,

Your options are many,
1) turn it back in and buy it back at a lesser sell price from dealership after it goes on the lot.
2) buy it at end of lease.
3) turn it back in and wait for the second Gen PIP in Sept or so.

In my opinion it is a wash. I would wait for the PIP 2. Just my thoughts hope it helps. Good look.

 

If you lease again for $396 x 36 months = $14,256(keep in mind this probably does not include sales tax or start ups), then you will own nothing again at the end of three years and be in the same boat. You would have about the same payment if you purchase and finance over 48 months, and in 3 years it will be almost paid for and you will have equity.

 

It will probably not be available for at least 6 months. The regular model kept being delayed. There will probably not be any great lease deals initially. Once they have been out a while and if gas stays cheap you may see incentives later.

 

I would buy your 2013 PiP. Like TampaPrius said, if you lease a 2015, you'll just be in the same situation in 3 years. If you buy yours, you'll own it in a few years. You don't put very many miles on it (I've put nearly that many on my 2005 in the last year), so there's not much of an argument for the 2015 to last you longer. I would only get something else if you'd put a ton of miles on it/it has issues or if you got something cheaper.

 

Either buy your 2013, or go out and look into a lease on a 2016 Volt. Definitely don't lease a 2015 Prius Plug-in. You could see if Toyota will allow you to extend your lease by a year until the gen 2 Prius Plug-in comes out, but then you'd just be putting more money into a car you don't plan on owning.

 

The buyout price appears to be in the market. Since the car has very low miles I would expect it to sell for more. What you paid to rent the car over the last 3 years is immaterial. If you can find a low mileage used PiP cheaper, buy it. Truecar doesn't show one so I think your car is the better choice.

Toyota announced they will have an announcement in October. I suspect the new PiP next January. There are no specs or details.

Check the pricing of the leftover 2015 on truecar or aaa if you can. The dealer's price seems high to me but I don't know the market.

The dealer wants you to sign the lease because they'll make more money and they know you'll have to buy another car in 3 years, probably from them.

If your trips are shorter than 100 miles the 2016 Volt will deliver better fuel economy than a Prius. It is another option to consider if you really have to have a plug and don't need all the space of a Prius.

 

2013 Low mileage, I would buy it, maybe trade it later for PIP 2.0, but would not lease another 2015.

Or I would ask for a lease extension of about 6 months.

Certified 2013 PIP with low mileage listed for: Toyota Used Car Inventory - Jack Sherman Toyota - Proudly serving the cities of Binghamton, NY, Bimghamton, Endicott, Johnson City, Vestal, Owego, Ithica, Elmira, Oneonta, and Scranton.

 

One additional thought: Your lease was penned three years ago, when gas prices and demand were higher. Now that fuel and demand are lower, you may be able to negotiate a buy-price less than the contracted residual.

 

welcome! i agree with buying your pip. i would buy mine, but i already bought it, and will also be looking toward the new one. all the best!

 

I didn't think any dealers would have a 2015 plug in on their lot to sell, seems odd it's still available.

I also would buy the 2013, it has low miles on there and should be trouble free for many more years to come

 

Things to consider:
1. The amount you paid on the 2013 lease is gone. It's spent. No matter what you do next, that money is gone. Whether, you buy a new PiP, lease a new PiP or purchase your old PiP. You wouldn't include the costs of the gasoline and insurances paid on the 2013 PiP for the last 3 years, right? In other words take out what you've already paid on the 2013 lease. The question you are asking is if you should buy a 2013 PiP with 17,500 miles for $17,600 or lease a new 2015 PiP for $396.

2. A used 2013 PiP is in that neighborhood used.

3. You like your 2013 and have no issues with it. You want to keep it. A 2015 is identical to a 2013. No advancements whatsoever for the added cost.

4. Consider the 2012 PiP had an MSRP of $33k. I bought mine at he end of 2012 and got it for $29k so even if the PiP2 comes out end of 2016, you might want to wait a year. Subtract TTL and you probably got your 2013 PiP for what $28k?

My advice is to buy the 2013 now. Come back next year when you get a fantastic offer on a 2017 PiP. Then I'll tell you don't buy it if you want to save money. Buy it if you want new car reliability and he 2017 is a lot better car.