Did I get a bad deal? Anything I can do now??

Agreed. And try to get a decent apr if your taking the financing. Consider preapproval from a credit union or your bank if they will give you a good rate, then leverage the dealer with that. Good luck!

 

Agreed. Wow indeed!

Hopefully the OP can get a a better deal on a Prius from somewhere else and w/some car buying education like that at Car Buying and Leasing.

 

$750/mo is outrageous. Even with your negative equity, and basically putting you back at $45k.

You need to do some homework. We pay less than $600/mo for one of our fully loaded Lexi.

 

do the math

There are just enough things I do not know that would affect my math. I would need to know her FICO score on experian. I would also need to know annual miles and I also definitely need to know the TRUE value of the trade (was he really upside down 2700?) and what are the AZ title fees? I also need more detail on the extended warranty and the bluetooth... but if they were not able to make enough on the car @ 1000 over sticker, chances are they packed some extra profit into the warranty. The price for that warranty would either be disclosed on the lease contract, or it is not. If it is not, there's the bad news.

If the car's residual is 10,142... then the deal is actually pretty decent under the circumstances, but I'd have deleted the warranty, and the bluetooth as well, asked them to re-do the lease and cap it at 25000 and use the 36 mo residual at 15K ... ask to go down to 36 months and cut your losses. Their profitable gains on your warranty and bluetooth are driving you to need a 60 mo. lease. You'd be better off at 36 mo. and cut your losses on the trade in!

 

soon, we'll be hearing from the next person to buy it. whom they made MORE money on.

 

Sorry...really...but..

"normally these are going for 5k over the MSRP ... he gave it to me for only 1k over apparently."

The old..normally we would REALLY screw you, but just because we like you, we are going to only slightly screw you....

Your deal, sounds pretty bad to me. I love Prius, but the whole deal? I wouldn't be happy.

And I hope someone can offer some advice, because I don't know what you do exactly....

 

i paid 4500 + fee's/tax's for my salvage '05... put 1500 into it (with new tires, registration, emissions, plates, and repairs...) personally i've always felt if you can't afford to buy something outright, you don't deserve it.

 

And for the love of heaven, don't borrow money to buy a new car. Do that and you rob yourself twice. If you cannot pay cash, buy a used car and borrow as little as possible.

 

I wonder how many vacant houses there would be on the market today if that was the rule most people used. Even in the 1960s at $15,000, my parents has to take a mortgage for their home. I'm glad they did.

 

i rented until i could afford a home. america wouldn't be where it was if everyone didn't feel it appropriate to spend outside their means.

 

Are you kidding. I guess you assume that anyone can easily afford college now, and if they can't afford it, they shouldn't go. Is that what I understand. Tuition in the 70's was a couple hundred bucks/semester. I graduated with people who took on 500K to pay for college/grad school. How, exactly, do they outright buy anything other than groceries and the necessities? I think the point is is that there should be some responsibility that goes into financing a car, or leasing a car, or renting a house, or buying a house.

 

They are two different types of property. A car will steadily depreciate in value and reliability with time and use. Ten to twenty years is a reasonable life expectancy. A house has a chance (not a guarantee) of holding steady at its purchase value or even gaining in value. Its life expectancy should be a hundred years or more. We treat them differently because they are different.

 

see you're just trying to complain to complain. it's pretty obvious when i say do not spend outside your means, that i mean in relation to Crap you DO NOT need.

do you need that new car? No, do you need that house in the snobby side of town thats 3x the price of the one a little further south? NO, etc...

college is in the middle for me. college for many kids...is simply a way to waste time because they don't want to grow up. so for those types....yes i think it's a waste, they need to get moving in life and actually do something. then theres the ones who actually go to further their education with the intentions of a better job....those people (which seem to be fewer and fewer of the majority) are spending money to make money, the investment they are using the loans for, they intend to have pay off on a much larger scale....hence the difference.

if you take a 60k loan on a 100k house and have instant equity...worthwhile. taking a 30k loan on a car thats worth 25k as soon as you leave the lot, and depreciates by the 1000's each year...not worthwhile.

 

Or as my key financial maxim goes: never borrow for fun.

 

that would have been a better way for me to have said it....

 

There are so many different sets of circumstances, and people with such varying futures and expenses & needs, this isn't a one size fits all statement. It truly can make better sense for some folks to lease vs buy. And, for some to finance even when they have cash. The terms and conditions make the decision for you.

When it comes to housing, the housing market is a long term thing. Homes tend not to depreciate and are more stable as a long term investment. Cars depreciate no matter what you do. Location location works great but you can't improve your car's value by parking it in a better neighborhood!!

Di

 

nailed it. thank you.

 

circumstances sure but the only time i could really understand financing a vehicle is if you were able to get a 0-1% apr, if you could get that, and get the dealer to refrain from screwing you on fee's, than i suppose it would be an option worth looking at, but if that option did exist, you'd already have excellent credit. (not that i hold much meaning to credit)

the housing market can go either way....but yeah cars seldomly go Up in value from MSRP (unless you look to the 60's and older).

however the housing market isn't always a great investment either.... i bought my house for 40k last year, and it sold 3yrs ago for 260k. with the foreclosure rate..a lot of people are losing out on what they thought was a sound investment.

and just keeping solid cash in the bank is a poor choice as the value of the USD drops and drops...it's almost a viable option as toilet paper.