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Toyota Prius Lease Questions

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  • navsmnavsm Posts: 1
    with the new prices announced for 2014 PIP I am not sure if this is a good deal, but I just leased a PIP in WA

    0 down and 304/monthly.

    that's kinda best deal I got around on the I-5 corridor.
  • My friend told me he found this deal for a loaded, 2013 Prius plug in.

    1295 drive off
    455/month (tax incl)
    20,158 residual

    Which I guess makes the price of the car 37833.
    Car has nav, hud, leather, plug in, etc.
    Think this is a good deal?
  • susanx1987susanx1987 Posts: 7
    edited October 2013
    when i got mine i was looking at both models, i got quoted for advanced model for $0 down $0 drive off 3 years and 36k miles with residual of 20158 for $460 a month at tustin toyota from the salesman Daniel, a drive off is never nescassary. but i ended up with the base model
  • amoto13amoto13 Posts: 18
    It doesn't seem to be since the 2014 Prius Plug-In Advanced will be $34,905

    That makes the 2013 at $2,928 more than the 2014. Even if you take off the $1,295 drive off, you're still paying $1,533 more for a 2013 car.
  • Just signed the lease and brought home a 2013 plugin in magnetic gray with nav and backup cam.
    33k
    5,760 subversion discount
    3,100 down
    296/month with Gap insurance
    36mo and 36k miles.
    16,900 residual

    After lease prob just get a loan for one of our daughters.
    HOV qualified.
  • amoto13amoto13 Posts: 18
    Hi!

    Does the $296 / month include tax? If not, what is the monthly lease payment before tax? How much is the GAP Insurance per month?

    We are looking at a Blizzard White Standard Plug-in, includes adding on Homelink, Doorguards, carpet mats & cargo mat, 0 down / 0 driveoff, $284.07 / month before tax, 36 months, $16,960 residual.

    I'm trying to see if it anyone is getting it for less.

    Thanks!
  • sensei4sensei4 Posts: 2
    edited October 2013
    Yes, tax included in 296/mo.
    It was $249 before tax and gap ins.
    Gap was $595 total for term of lease.
  • slob1slob1 Posts: 1
    Hello everyone,
    Sorry if I sound very dumb but this is my first lease. I would like to get the 2013 Prius with my requirements being most importantly navigation, heated seats and backup camera. It seems the Prius IV with sunroof package is my only options per the dealership.

    Here is the deal he quoted me:

    Prius IV MSRP W/sunroof package 33290
    Invoice 30263
    Money Factor 0.00025
    Residual Value 17342
    0 down
    Drive off: 760 including 1st month and title
    36 month Lease 10,000 miles 12k/year
    price per month w/o tax: 391
    price/month including tax 9.5% :428.145

    This seems high to me...what would be a more appropriate deal? I am not even requiring a plug-in as I only have street parking available to me. Thank you so much for your help.

    I live in the LA area but would be willing to drive up to 1.5-2hrs around to get a good deal.

    Thanks so much
  • amoto13amoto13 Posts: 18
    Hi!

    Try going to

    https://www.truecar.com/

    and see what the average price is for the car you want. It gives you a good starting point to negotiate. When I looked just now for the LA area, it says there are 3 dealers with a guaranteed price for the Prius IV at $25,066.

    I'm still learning how the lease works but in doing simple math, at the end of the day you'll be paying $$31,418. That seems high.

    Good luck!
  • amoto13amoto13 Posts: 18
    Someone just sent this to me....the math is making my head spin =)

    HOW TO FIGURE VEHICLE LEASE PAYMENTS
    This is merely “For Example” – plug in your own values…
    Take the Cap Cost (selling price) = $ 26,915.00

    Subtract the Residual (55%) = $ 14,803.25
    Remainder = $ 12,111.75

    Now, take the remainder ($12,111.75) and divide by the Term, or length, of the lease…$12,111.75 divided by, say, 36 (months) = $336.44.

    Next, add together the Cap Cost plus the Residual, $26,915.00 + $14,803.25 = $41,718.25.

    Multiply by the Money Factor, always a ".00xxx" number. If they don't tell you the Money Factor, get the interest rate and divide by 24 (24 is always a constant). If interest is 6%, then divide by 24 to get .25, then put it after the .00 to get the Money Factor. Now we have .0025 as our Money Factor.

    Take the above mentioned $41,718.25 x .0025 to get $104.30.

    Add the $104.30 + $336.44 and get $440.74. Figure sales tax ($440.74 x 7% = $467.18) and this is your monthly lease payment.

    The money factor is used to figure out the interest rate on a car’s lease. Multiply that number by 2,400 to get the interest rate. So, with a .003 money factor, the interest rate is 7.2%. The residual value is the estimated value of the vehicle at the end of the lease term. Typically, you can purchase the vehicle at its residual value when the lease is up. (The industry’s bible for residual values is the Automotive Lease Guide’s Residual Percentage Guide; the figures can be on the low end and finance companies use this as a guide for setting prices.) Capitalized cost is the total amount that you’re financing, including the negotiated price of the car, all its options, fees and taxes; it should be under the manufacturer’s suggested retail price (MSRP). Finally, capitalized cost reduction is the amount of money you give to the dealer upfront, like a down payment, which is usually negotiable. Consumers should focus on getting a contract with the smallest money down and the lowest interest rate.
  • Michaell@EdmundsMichaell@Edmunds ColoradoPosts: 1,277
    I believe there is one small flaw in your math. The residual is based on the MSRP.

    If the MSRP is 30k and the residual is 50%, then the residual value is $15,000.

    However, if you negotiate a selling price of 27k, then the amount of depreciation drops from $15,000 to $12,000. Over 36 months, this means that part of the payment drops from $416.67 to $333.33 each month.

    michaell@edmunds.com

    Moderator, Prices Paid and Leasing Experiences

    2013 Hyundai Elantra GT / 2010 Mazda CX-7 GT / 2014 MINI Countryman S ALL4

  • amoto13amoto13 Posts: 18
    Thanks.....this is not my math, it came from someone who sent me a clip from one of those webistes helping to "explain" leasing.

    I don't know which site and I didn't do the math myself. Just scanning the clip was giving me a headache but posted it in case it could help someone else =)

    I'm more of a "bottom" line person. I want to know what I'm paying for the car at the end of the day. Right now I can't find a lease deal that is better than purchasing, so I'm leaning towards buying. There is an offer for the Blizzard White Plug-in for $27,900. After the $2500 Federal Credit and $1500 CA State Rebate, it will make the car $23,900 (plus tax, title & license).
  • Hi there! Thinking about leasing the Advanced PIP for my wife, I just got quoted 460/month (tax included), 12k miles per year, 0 down, $20,158 residual.. No MF disclosed.

    Do you think its a good price? is it really worth to pay more for the Advanced when the base one is $329 plus tax?

    Never leased before.

    Thanks in advance!
  • Here's what my friend got:

    2013 Prius Plug-in advanced (Nav, Hud, heated seats, DCC, PCS, etc)
    Blue

    $500 down inlcuding 1st month
    $455 month x 35 months

    12k mi, 36 months
    residual 20158

    I like the car a lot. Interior feels like a Lexus.
    Doesn't seem like a screaming deal but a good one. He didn't want to wait for next year, he needed a car right now.
  • Congrats to your friend!

    I just bought (no lease) the Blizzard Pearl Standard Plug-in this weekend at Folsom Lake Toyota. $27,488.00 was the price. Less the $2500.00 Federal Tax Credit and $1500.00 CA State Rebate, the FINAL price of the car will be $23,488.00 for me.

    I'm very happy!
  • jxtaijxtai Posts: 9

    just got an offer from a NJ dealer

    2013 Prius Plug-in Hybrid $500 down including 1st month $265 including tax X 35months

    12k mi, 36 months

    good deal?

  • ats07ats07 Posts: 1

    I think it is pretty decent. I just leased a 2013 PIP - base model. Rolled all the costs (tax, title, regn, dest. charge, etc.) into the lease: 267 x 36 payments

    It would have been 247, but I got suckered into getting the appearance rip-off package!

  • jxtaijxtai Posts: 9

    LOL.. I got the appearance rip-off package too. I got no choice because it already on the car. thanks for the reply!! I guess we both got almost the same pricing!!

  • Kirstie@EdmundsKirstie@Edmunds Posts: 10,677
    edited January 6

    If you are a parent of young children (at least one under 12 years old) who owns a 2012-14 Toyota Prius, a reporter would like for you to fill out a survey for use in a print publication. Please email PR@edmunds.com no later than Wednesday, January 8, 2014, for a copy of the survey.

    Need help navigating? kirstie_h@edmunds.com - or send a private message by clicking on my name.

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