Should I purchase my 2012 PIP?

Payment would very roughly be 300-320/mo for 5 yr loan including normal interest rate +\-

Figure about $370-390 for a 4 yr loan with interest.



What's your current lease payment?

Then again if your thinking of paying cash to buy out the lease disregard above.


It really comes down to if you want and like the PIP enough to keep it a few more years. The price seems decent to purchase it and the miles are low enough, plus you know the history and how you've treated the car.

Then again it's a lease and that's what's nice about leases, you can walk away at the end and lease something totally different.

I gotta admit though the accord hybrid is real sharp looking, have not driven it yet though. Do they make a plug in?? 47 mpg for a full size sedan is not too shabby at all.

 

There's lots of plug in competition coming out at the moment. Wait a bit longer and lease one of those, or at least give them consideration.

 

not really sure what you're asking.

 

Seems very straightforward....

He's asking for our opinions on if he should buy his PIP when his lease expires shortly.

 

yes?

 

Hmmmmm.

Interesting question.
The Pip is a marginal PHEV, but it's an outstanding car.
I've seen people slobbering over 2013's without the Plug-in option for a little bit less than the $17,000 that you're quoting, so for a lot of reasons buying "your" car and driving it for another 8 years makes crazy good sense. It's about the only good thing that will come out of a lease.
Leasing another car...especially a PHEV does not in any way make good sense unless you're wealthy to the point of considering the money that you lose to be very trivial---or perhaps you own a business.

I'd buy the car back in a heartbeat.
If your avatar is any clue, you'll be needing college transport long before this car becomes unreliable to drive.


Good Luck!

 

If the resolution is to not buy back, a very good option would be a Ford Fusion Energi.

 

Or CMax Energi. Room for five with more space than the fusion or pip.

OP is a great candidate for a plug-in v if there were such a thing.

 

C-Max Energi vs. PIP: Compare Side-by-Side
19 miles vs. 11 miles
87 mpge vs. 96 mpge
38kwh vs. 30Kwh/100 miles,
38 mpg vs. 50 mpg

 

I don't know the terms of your lease, but ownership would be my preferred option in this case. The Prius is a very reliable car, therefore it pays you back once it's paid for. However, if you need the new car smell all the time, leasing might be your best option.

 

Unless you really want to pay $20k+ for the faster acceleration from the Accord phev, I'd stay with the Prius. At 20k miles/year, the lower mpg of the Fusion plug-in and potentially worse reliability would rule that out for me.

 

Fortunately or not, there's not much new car smell with a prius, due to extensive use of plant derived "plastics".

Funny, we've never leased, or even bought on time, always just ponied up the cash.

 

You can buy it in a spray-bottle. Cheaper that way.

 

$17k is a good deal, and you are in a CARB state for 150k mile warranty.
Today in the dealers maybe $20-21k for this 2012, maybe you see a rare $19k offer.
Toyota is not making many PiPs so its hard to get them.
You almost better off buying for $17k and getting $20k on trade value, if that make sense.

 

In a perfect world, we could buy every car with cash, and get the best deal. Most of us pay a lot extra to finance it, but the most expensive option is nearly always the lease. The only way to have the last laugh in my opinion is to drive it a good long time after it's paid for.

 

Unless you write off lease to business.

 

Yeah, that's the thing. I'm not the sharpest knife in the block, just hold the conviction that if someone wants to give me something now, and be repayed later, he's really just loaning me money, invariably at a higher rate than the banks.

There's one really "bald" ad in our local papers right now, some car dealer out in the Fraser Valley, who'll sell you a car on time AND loan you an additional $15,000:

What are they selling? | PriusChat

 

If you mean actual cash money (vs bank check) you'd have some issues paying $20-$30K all cash nowadays.
1) Dealership doesn't want to sit on, handle or report (cash transactions of $10k or higher) this much cash and will discourage it
2) It would trigger events that would get you on a "suspicious activity" list and you'd get at least one but probably two government phone calls asking you to account for the source of all that cash.

We made the mistake of putting over $10k cash money down on a vehicle purchase a few years back (before 9-11) - we got several phone calls the next day as a result and had to provide bank details for the withdrawal.

 

Nope, cheques, in the main. Funny though, with our Prius, they wanted a more official, pre-arranged certified cheque, straight from the bank. Forget the terminology they used.

Guess we looked shifty, lol.