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2004-2009 Toyota Prius Prices Paid and Buying Experience

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Comments

  • My experience with a dealer in Oregon is the only applicable info I can provide.

    In Oregon, Dealer Doc fee is set to $50.00 fixed, by law. Bank fee - what the heck is that? There is title and sales tax where I live. Both are well documented, easily calculated, and reasonable.

    I recently haggled over a 2009 level 6 Touring.

    Got the deal negotiated to invoice +$509 + $50.00 Doc fee + $8.00 title transfer fee + 6% sales tax (I'm an out-of-state buyer). I didn't accept the deal and walked away because I felt the car should simply have been sold a flat invoice. The sales manager didn't want to go lower, because he felt there was still demand for the 2009s, and he wanted at least $500 over invoice. That, and I think I p***ed him off because I had the gall to tell him the vehicle was only worth invoice, *at best*. The dealership had a couple of other 2009s on the lot, and had already received and sold a 2010 (at a healthy markup, I might add).

    I'll be curious to see what will happen. In this part of the world, Toyota is offering $1,000 cash rebate or 0% for 60 months. In Nevada, it's a $2,000 rebate. I suspect Toyota may have to increase rebates to move unsold units in June.



    For a number of years (almost a decade!), Toyota has had the hybrid market to themselves, and have had the luxury of "the wind at their back". A good economy, ever rising fuel prices, and a growing market with no real competitors, return customers who traded in for newer models, and great word-of-mouth. Toyota Dealers have had the luxury of basically cashing the MSRP purchase checks from hard working well meaning buyers.

    All of a sudden, fuel prices are half what they were a year ago, the economy is, shall we say, poor, and there's competitors like Honda and Ford getting into the hybrid game.

    Granted, Toyota (and their affiliated dealers) are not impaired the way, say Chrysler and its dealers are, but it's more a headwind than a tailwind right now for Toyota dealers. For me, I'm going to take a hard look at a F**d hybrid. I'll wait and see if Toyota raises its rebates in June before I go back to look at a 2009 Prius.

    I don't need to buy a new car, let alone buy one right now. There's going to be several *years* of tough economy ahead of us, and there's always another sale on the horizon. Don't rush out to buy a 2009, either. There are plenty of 2009s out there on the dealer lots. And the 2010s look a better buy.



    My best to you,

    -Kevin
  • prc2prc2 Posts: 14
    Thanks for your response, Kevin. I unfortunately have a lease that ends on 06/01, so I need to weigh my options now. That being said, you are 100% correct re: waiting, if you can.
  • wvgasguywvgasguy Posts: 1,405
    I'd ask them to explain the "bank fee". If this is a purchase then any financing fees you pay the bank would be between you and the bank. If you are getting the Toyota 0% financing, then them charging a fee sorta kills the whole 0% concept.

    If they simply want to gouge you tell them to do it straight to your face. I hate hidden fees.
  • hymileshymiles Posts: 2
    I want to lease a 2009 Prius, either a Touring or the Package 6. Could someone share the MF and residuals for this area. BTW-considering Toyota of Walnut Creek. Reactions, good or not so much?
  • cptgrpcptgrp Posts: 3
    I just leased a 2009 Prius on Monday 05/18/2009 before the registration fee increase (magnetic gray, package 5 plus dealer installed leather seats).

    Adjusted capitalized cost: $26,033.89
    Residual: $15,851.00
    36-month lease, 12K miles per year
    Monthly: $335 plus tax
    Due at signing: $1,988

    Decent deal?
  • udprideudpride Posts: 3
    Bear with me If I may, as a business owner who has leased 9 cars and has owned everything from a Suzuki Samurai to a 911 Turbo. Been reading this thread for months. I'll be less specific but use the above lease as an example of a much broader issue I have on the Prius and Toyota in particular.

    Im not sure why Toyota's lease terms are so pedestrian, especially on the Prius which is currently sitting by the dozens on lots after Toyota ramped up production during $4.00 gas only to see the cars flood the market when gas came back down to $1.85.

    On a $26,000 car, $390 a month ($335 + $2000 amortized) is just not very competitive compared to other car companies. I think in the case of a Prius, its probably a competitive deal with other Priuses, but thats where it ends. Its what keeping people like me from stepping onto a Toyota dealership to consider purchasing one.

    Im leasing a $38,000 Infiniti for $410 a month (includes the cap reduction). For $20 more a month Im driving a $13,000 more car (in other words Im driving 50% more car for 5% more money).

    The three year residual on Infinitis and Priuses are both industry leading so those are a wash.

    With those numbers above on the Prius, the revenue margin is around $4,000 which is just way way way too much on any Toyota unless its a Land Cruiser.

    The depreciation Toyota and the Toyota Motor Credit must carry is $26,033 (selling price) less $15,851 (residual) or $10,182 in monetary spread over 36 months. Basically the car they give you vs the car you give back. They need to cover at least $10,182.

    You are spending $335/mth x 36 months or $12,060 + another $2000 in cap reduction/deposit. Thats $14,060 in total payments.

    $14,060 - $10,182 = $3,878 in estimated profit. Considering a lease, in theory anyway, is merely a purchase of the amount of car you actually use (your 36 months worth), I think making $107/mth on your $390/mth (all monies rolled in and amortized) is borderline ridiculous on the part of Toyota. Thats 25% profit. Not on a buy. On a lease! This margin should be closer to 10% or one of two things is apparent:

    a) their terms are too high
    b) the car is luxury, exclusive, and/or low volume production and you are purchasing panache and customer care and exclusivity.

    I think its safe to say while Toyota dealers treat customers well, no one will ever mistake the local Toyota dealer out by the airport for the guy driving an Audi RS4 and expecting everyone to fall hand over foot for him in exchange for paying a premium markup.

    Again, Im not comparing your deal to other Prius deals. I think for the most part your deal probably parlays fairly well with other Prius leases. Im just taking the time to point out that Toyota is charging margins on a $26,000 econobox you normally do not see unless you are shopping at a dealership with the names BMW, Rang Rover, or Mercedes-Benz on the outside and are being asked to spend $55-70K. I could see 25% markup on a low volume niche luxury item like the Land Cruiser (maybe), but not the Prius. If Priuses were on an 18 month wait, that would be different, but they are everywhere -- not just because gas is down, but because nobody is buying or leasing period and inventory is rotting under the sodium lights.

    In many respects I want to own a Prius. I think the car has a lot going for it. But until Toyota sniffs reality and understands I can drive a $40,000 car for nearly the same lease terms, the only good buy is the goodbye folks say as they walk out of the Toyota dealership and pick up far more car for the same amount of money somewhere else.

    The one saving grace is as the lessee, you could buy the car outright at lease end, flip it, and attempt recover the equity in it to recover some of your overpayment. But you're still effectively giving Toyota an interest free loan for 36 months for that privilege. Your line of credit is being abused one way or another. In some respects the consumer must accept responsibility for much of this. They are still feeding into the Prius frenzy and unprepared or unwilling to challenge Toyota on it. I firmly believe Toyota is still feeding the appetite of people who "have to have a Prius or else" however and are taking financial advantage by placating to their desires. They simply trumpet the fuel economy tune and hope that the consumer overlooks all the other red flags.

    My advice. If you really want a Prius, walk onto a lot, find one in a color and option package you can live with thats not too hateful thats collecting dust on the back 40, and ask to the see the manager. Offer him cash paid in full for X over invoice for it. If he says no, thank him for his time and walk out. Then go the next dealer. By the end of the day youll have the car you want and wont overpay.

    Im just not convinced Prius lease terms are advantageous in the slightest compared to lease terms from other manufacturers, especially since everyone is giving away strong financing terms to anyone with a pulse. Shoot, it might just be the Prius and a Corolla lease term could be totally pliable and sane, but I have not digested Corollas lately.

    With dealers taking a bath as they are (all of them), do not throw away your negotiating power by aimlessly leasing to terms someone gave you. The only vote of displeasure is the one your wallet votes with. And never fall in love with something that cant love you back like a car. The Prius is a great car. But a great leasing option? If it doesnt make cents, it doesnt make sense. Period. Toyota needs to take a serious look at the competition and get their lease terms on this car in line with the sticker price.
  • hymileshymiles Posts: 2
    What is the money factor in your lease agreement?
  • wvgasguywvgasguy Posts: 1,405
    Personally I would purchase the Prius. I'm not sure comparing the Prius lease with other makes is all that far off. (I don't know if the $335/mo includes taxes , etc) Ford recently wanted $560/mo for a $23K Fusion for my daughter. GM just asked me for a money factor that came out to 24% interest rate.

    I don't think Toyota wants to compete with Infiniti. It is simply giving you the opportunnity to compare a lease of a Prius with a purchase of a Prius.

    If you nwant a n Infiniti or BMW for $450/mo, they are probably available. Most people that want a Prius would not be caught dead in an Infiniti (although I enjoyed my FX45 immensely_purchased, not leased). Not really sure how Infiniti does it when I bought my FX45 it was 0.9% for 5 years AND a $7000 discount.

    I believe the lease market is changing. Too many financial institutions and manufacturers looking money on leases. "Deals" are not as common.

    Seems to me that with the dealers taking the bath you describe, it may be a good time to purchase at a discount rather than "borrow" the car.

    Toyota needs to take a serious look at the competition and get their lease terms on this car in line with the sticker price

    Again, I don't believe they are trying to compete the Prius lease against other brands. If you want a deal on a Toyota get it on a car they compete with other makes like the Camry. Great lease deals there.

    As a business man you should appreciate the fact that the Toyota business model has made them a successful survivor in a world where others are failing fast. I wouldn't recommend to them to follow when they are in the lead.

    But you are right, it may not make sense to lease a Prius when a purchase for just a bit more will build equity in a car that has a high resale value.
  • cptgrpcptgrp Posts: 3
    Assuming a $26,000 purchase price
    1.9% interest rate
    $1,998 down payment
    60-month loan

    Monthly payments come out to $468.48 tax included
    vs.
    My monthly lease is $365.98 tax included (36-month)

    The payments come out to a $100 difference every month, so over 36-months that is $3,600. For my purposes, I can write off the full lease payments on my taxes which was my decision factor.
  • sporty10sporty10 Posts: 2
    I just leased a 2009 pkg #3 - $254 + tax, 48 months,12k, $650 total at inception. I would appreciate your member comments on if this is a good deal?

    I am 6.2" and a little scared that it may be small for me?

    Appreciate any feedback -thanks
  • mn78mn78 Posts: 1
    Hi just got a dealer quote (in MN) for a prius w/ package 6 for 27960 with tax and title. Is this reasonable? Thanks in advance.
  • dcgoodydcgoody Posts: 2
    My wife and I just purchased a Package #5 with Options P7 (XM Satellite Radio Kit) EF (Rear Bumper Applique) and CF (Carpet Floor Mats and Cargo mats)

    For $24,437 + Tax and $150 doc fee. Took the 0% financing option. This was about 200 bucks above invoice for this vehicle. Best deal I found on a package 5 in Indianapolis. Interested to know if anyone found a better deal in Indy.
  • mpg4mpg4 Posts: 4
    Over the Memorial Day weekend I finally picked up a 2009 black touring prius with package #5. This was after 3-4 weeks of negotiations with multiple dealers. The OTD price was $26,190. This is in Texas.

    Although there are plenty of 09 priuses out there, I had difficulty finding the color/model/package combination. This particular dealer had plenty of the base models, but only 3 touring left. Most dealers had similar inventory and unfortunately a lot of the cars have "port" installed options.
  • ellisda1ellisda1 Posts: 6
    Memorial Day weekend I also picked up a 2009 Spectra Blue Touring Prius, package #5. I live near Raleigh, NC, and did some serious hagggling with the local Big Dealer in town. I ended up driving about 75 miles to Goldsboro NC, and bought my car there. The car was not what I had planned for(had agreed to a Standard package #3 for$23,000), but the price for the Touring was unbeatable - $23,770 OTD (tax,title, dealer prep and everything). I traded in a 2004 Corolla (88K miles) and got a top trade for this. I got better than $2500 below invoice, and about $2000 better than the Big Dealer in town. The dealer and everybody else was great to deal with - will definitely head there the next time I look for Toyotas.
  • cptgrpcptgrp Posts: 3
    I'm 6'1", 32" inseam and I have to push the seat all the way back. So leg space I'm at the limit, but head space is fine and would probably be fine for people up to 6'3-4" in my opinion.
  • scottkim11scottkim11 Posts: 1
    What Indy Dealership did you get this from? You didn't get the rebate obviously since you took the 0%. I live in West Indy. Any help would be appreciated.
  • lakemoreylakemorey Posts: 2
    Car Man, do you know when the 2010 Prius lease rates announced? In NH.

    Thanks!
  • dcgoodydcgoody Posts: 2
    Hi there,

    I haggled with Obrien, Tom Wood, Butler, one in andersonville, and Andy Mohr. I ended up purchasing from Beck on the southside as they gave the best deal after 2 weeks of haggling with the others. Ask for Carl. Tell him David Goodrich sent you. He made the experience enjoyable.

    Good luck
  • bob104bob104 Posts: 94
    Wow! That is a phenomenal deal. I paid $29,000 OTD for a Touring#6 in CA (7.75% sales tax) eighteen months ago, a good deal at the time.
    A few notes about Touring: Consumer Reports likes it way better than the standard Prius due to its better handling and braking. I have say that I do tend to agree with them, but here are the trade-offs:
    Touring gets 42mpg realworld, Standard gets 44mpg, sez CR. That's 13 gallons a year/12k miles difference.
    My Touring came with Bridgestone Turanzas and I liked them but they only lasted 30k miles. They are about $200 more to replace than are the Standard's tires. (I'm switching to Michelin Primacy for $600/set at Costco.)
    I paid $500 more for the Touring than for the Standard.
    So, assuming gasoline at $4/gal and that you don't get any higher price for Touring when you go to sell it, the additional cost for Touring over 60k miles is $260 gasoline, $200 tires and $500 depreciation=nearly $1,000. Not a huge difference, but worth considering, particularly if you are committed to maximal mpg.
    I had a very, very hard stop on the highway approaching Las Vegas--we must have been nuts to want to go there--and I think the Touring-ness may have saved us from a collision. I'm not sure but I think I'd get a Touring again.
  • ellisda1ellisda1 Posts: 6
    With the price I actually paid, I was still $2500 below invoice, and I was sort of biased toward the Touring based on Consumer Reports comments. And gas is (at least temporarily...) much cheaper, so... I've only got about 500 miles on my Prius now (mix of highway and city) and I'm averaging about 47 mpg, so I have no "buyers remorse". You only got 30K miles on the Turanzas???? I'm gonna be trauly unhappy if that's all I get on those. There have been some reports about increasing tire pressure (42F, 40R) to increase mileage - did you try that with the Turanzas? With the stiffer suspension and those tires, I'd guess that'd feel like driving on rocks...
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