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Prius Lease End Approaching

Discussion in 'Gen 3 Prius Main Forum' started by HTX_Prius, Jul 19, 2018.

  1. HTX_Prius

    HTX_Prius New Member

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    2015 Prius
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    Two
    Howdy PriusChat!

    Brand new here, first post. I have a decision to make soon that I keep thinking I've made, and then find some reason to reconsider it. Hoping y'all's experience and advice can help me out!

    I leased a black 2015 Prius II (Two? 2?) in October 2015, photo in my avatar the day I drove it home. I live in the inner city of Houston, and it's been a great daily commuter (16-20 miles round trip typically). Feels great to crawl along the roadways with everyone else when I get caught in rush hour and only use electric power to do so. The Prius has been very reliable, economical, and functional for me. It has a little more than 25,300 miles currently, which is well-below my 36,000-mile limit during the 36-month lease term. The longest trip it's taken has been to New Orleans and back, and has also taken a couple of trips to Austin and Lake Charles.

    I have the option of purchasing the vehicle at the end of the lease term in a few months for $15,100 plus TTL. From poking around online, that seems to be within KBB's fair market value estimate and a couple thousand dollars less than what similar Prius models with similar mileage are selling for used at places like Carmax. I'm pretty sure that I want to purchase the car, and the only reasons I keep reconsidering are that I wish I had a little more headroom in the car (I'm 6'1"), and it doesn't have all the neat bells and whistles that new Prius models or other vehicles have, but I absolutely do not NEED those bells and whistles. My Prius has a backup camera and Bluetooth phone and audio, which my previous vehicle did not have, and those are features that I have really come to appreciate and use regularly. The biggest thing I would be after in a new Prius (or other vehicle) is the extra headroom that the Gen 4s have over the Gen 3s. I test drove a 2018 Three and that extra 3/4" headroom made a big difference for me.

    I need to keep my monthly payments as low as possible but want to hold on to a recent, reliable, economical, and functional car as getting around in Houston can be tough without one (if you've never been here, it really is an urban sprawl that just. keeps. going.) I unfortunately lost my job earlier this year after the company went through an acquisition, but thankfully I was able to find a position with a former client of mine after a short six weeks of unemployment. I was grateful to find work again so quickly in the industry I wanted to stay in, but it came with a significant pay cut, hence the need to be more budget-conscious now.

    I have read in several places that the Prius is a very reliable and lower-maintenance car as long as the maintenance is done regularly, but I always worry that something terrible or dramatic will happen with the vehicle mechanics after I purchase the vehicle and I'll have to take a significant hit on my savings to cover it.

    One thing I'm looking forward to over time if I purchase the Prius is getting a darker tint on the windows and some Clazzio leather seat covers, just to personalize it a bit more and make it mine. :)

    I'd love to hear your experiences and advice that you feel would be helpful in my situation, or just reassurance that I have my head screwed on right with the decision I think I've made!

    Thanks in advance!
     
    #1 HTX_Prius, Jul 19, 2018
  2. bisco

    bisco cookie crumbler

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    welcome!

    it sounds like you have a beauty there. if finances are tight, i would purchase it. a bird in the hand...

    all the best!(y)
     
    #2 bisco, Jul 19, 2018
    Johnny Cakes and WilDavis like this.
  3. Grit

    Grit Senior Member

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    I believe this vehicle is perfectly suited for you; 16 mi commute and driven it the time span that you know the history of it because you had it from the beginning. The thing to not do is compare the car value to carmax prices. Most of carmax prius are pristine condition so their selling price of Prius are thousands higher because they have new tires, new 12v battery, incredibility clean interior and exterior including engine bay washed so their prices are higher. I know because I bought mine from them and test drove a lot of their prius and man it's amazing how they only keep pristine condition ones in their lots, personally I didn't want to buy a beaten up prius. Anyways, long as you drive it and not abuse it such as flooring it, drive it gently and be on top of routine maintenance, your prius can last up to 200,000 miles. Make sure you drive it over 75,000 miles to get your return on investment for the vehicle. And hope you bounce to another job that will pay even more than the one at the company that was bought out.
     
    #3 Grit, Jul 20, 2018
    WilDavis likes this.
  4. tannerpace

    tannerpace Junior Member

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    Vehicle:
    2014 Prius
    Model:
    Two
    I've got clazzio seat covers and darker tint. It really makes me like this car more. I installed the app covers at about 25k miles and it makes it feel like a new car.

    Posted via the PriusChat mobile app.
     
    #4 tannerpace, Jul 20, 2018
  5. tannerpace

    tannerpace Junior Member

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    Pics IMG_20180604_130456.jpeg RDT_20180604_1347463577606006058645790.jpeg

    Posted via the PriusChat mobile app.
     
    #5 tannerpace, Jul 20, 2018
  6. WilDavis

    WilDavis Senior Member

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    Sounds like it's a great opportunity! You know its history, and it sounds like you've already fallen in love with it! …which is quite easy to understand - I love my 2009 Gen II (nearly 137,000 miles on the odometer) such a nice drive!)

    At 5'5" I'm just a little short-arsed Brit so the height thing doesn't worry me! The Clazzios are a great idea, you might also consider a "Wheelskins" steering-wheel cover (see threads passim). There are so many things you can do to your Prius, sounds like you've a good deal there so "Go for it!"

    BTW Welcome to PriusChat, the perfect place to learn all you're ever likely to need to know about your Prius! ;)
     
    #6 WilDavis, Jul 20, 2018
  7. Prodigyplace

    Prodigyplace 2025 Camry XLE FWD

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    If you consider a new Prius, remember the new Gen 4s have much more safety features as standard, better crash test results, and better fuel economy.
    I know that does not make your decision any easier.
    I really enjoy my 2017 Gen 4 but envy the added standard safety features on the newer models.
     
    #7 Prodigyplace, Jul 20, 2018
  8. PokerMunkee

    PokerMunkee Junior Member

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    Look at leasing a new Prius and the new 2019 Honda Insight. The base Insight is loaded for under $23k.

    See what the dealer will offer you for your Prius. What's your current buyout? You may have some equity, so don't give it back to Toyota without checking. For example z Toyota might give you $2k in cash to put towards a new lease to make it even cheaper than your 2015. Happens all the time with Subarus in Colorado!
     
    #8 PokerMunkee, Jul 20, 2018
  9. Johnny Cakes

    Johnny Cakes Senior Member

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    If you were to purchase a comparable used car, you would be getting a used car. What you have now is a new car that you have driven for awhile. No one else has owned it.

    RU sure you have the seat adjusted properly? I'm 6'2" and have never given headroom a second thought.

    Gen 4's gave substantially less cargo room. Toyota lowered/sloped the roof much more dramatically in the Gen 4. That is the primary reason I purchased a Gen 3. I need that extra roof height and cargo room.
     
    #9 Johnny Cakes, Jul 21, 2018
  10. frodoz737

    frodoz737 Top Wrench

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    FWIW

    A 3 YO 2015 Prius II with 23,500 miles? There are a lot of people that would jump all over this thing, even if the buy out is higher than the "estimated" value. Negotiate a buy back price FIRST...then get your own financing...because that's where they -uc- you. They already make big profits on Lease Vehicles as it is.

    ...and talk to the Person the charge of Fleet Sales for all transactions, not a salesperson. ;)
     
    #10 frodoz737, Jul 21, 2018
  11. StevefromOhio

    StevefromOhio Member

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    Plug-in Advanced
    I too had the same situation. It was tough as I was looking at the 2018-19 Prius Prime. Yeah it has all the bells and whistles. But the price of almost 30K had me thinking. I really love my 2015 two. My residual value is $13800. It is 17k less than a new Prius Prime. What better car to buy than the one I know the history of. It has been so reliable and I am averaging over 57 MPG. Can't beat that at that price.

    Other considerations.....
    Toyota is coming out with new solid state batteries in 2020. I always had the situation that whenever I buy something, a year later something much better comes out. Technology has a history of this but the advent of solid state batteries is going to be a world changer. Think 600 to 1000 miles on a charge which takes only less than 5 minutes. This new battery technology Toyota is working on. So I decided that for now, the cheapest ride is the leased car that I now own. When the new technology is released, only then will I think of buying new again.
     
    #11 StevefromOhio, Jul 24, 2018
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