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2004-2009 Toyota Prius Prices Paid and Buying Experience

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  • At least here around Philadelphia, Prius supply has caught up with demand (or demand has slackened). Every dealer that I've checked has inventory and having at least a handful of Priuses available for immediate delivery is normal. No more paying over sticker either...a co-worker told me he paid $800 under MSRP for a 2006 Prius pkg 6 two weeks ago and he didn't feel like hard bargaining. Oddly, Edmunds states TMV is $2500 over MSRP for this region of the country!?
  • CarMan@EdmundsCarMan@Edmunds Posts: 38,518
    I'd be happy to help you out, acm741. As one might expect, Toyota is not currently providing any sort of lease support on the Prius in any of the regions that I have seen its program for. As a result, if you were to lease a 2006 Prius through Toyota Financial Services right now you would have to use its standard lease program. The last time that I saw it, TFS' buy rate standard lease money factor was .00265 for consumers who qualify for its Tier 1+ credit tier. Its residual values vary depending upon how long you lease it for and how many miles per year you are able to drive. TFS' 36 month, 15,000 mile per year residual value for this car is currently 55%. Let me know if you want to lease it for a different term or mileage allowance.

    Car_man
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  • dfrank1dfrank1 Posts: 3
    I was just wondering what Prius' are typically leasing for. I got a quote today that was $590 a month with 0 down, $570 with $1000 down. this is for a new prius with package 7, with an MSRP of $28,221. That quote seems ridiculously high. Any input would be appreciated, thanks!
  • jrct9454jrct9454 Posts: 2,367
    I avoid leases like the plague, but I have to agree that seems insanely high. Of course, you've left out a lot of details: number of months, residual, lease factor [interest rate], etc.

    Look at it another way - what would a zero-down 60 month loan run you, if you could land such an animal? And at the end, you'd own the car...

    This car should have extremely strong residuals - that lease sounds like what you'd get for a BMW 5er or a Mercedes E, with MSRPs in the 55k range. For a Prius at $28k, well, insane is the only word that comes to mind...
  • Anyone from Texas,and Oklahoma? That can tell me of a dealer that will take off the msrp of toyota prius?
  • dfrank1dfrank1 Posts: 3
    well, this is for a 36 month lease. I'm not sure about the residual or interest rate. The guy did seem a little flexible, but only if I were to sign the contract that day (of course). If I could get it down to $500, do you think that's reasonable? I know that's really high for a $28k car, but i'm just wondering if that's typical no matter where you go. I know this car is in high demand, and dealers don't really give you any breaks on it. anyway, thanks...
  • dfrank1dfrank1 Posts: 3
    I was just wondering what Prius' are typically leasing for. I got a quote today that was $590 a month (for 36 months) with 0 down, $570 with $1000 down. this is for a new prius with package 7, with an MSRP of $28,221. That quote seems ridiculously high. Any input would be appreciated, thanks!
  • esteban1esteban1 Posts: 3
    Looking for sub MSRP in Orange County CA. Anyone?
  • jrct9454jrct9454 Posts: 2,367
    We love our '06 Prius, but I would never pay the price of a Pkg 7 car. Ours was a Pkg 1 [just the extra airbags], and ran around $23k.

    I regard the styling as very European - Citroenesque, to be precise.

    The other cars you list were on our list, as well, but I wanted a hatch and the cargo space in the Prius - not to mention the real room for adults in the back seat....all with 45 mpg.

    No discounts to be had in most markets - MSRP, less a couple of hundred if you're lucky, is about what it is. At $23k for ours, less the tax credit of $3k, the car has no peers, in my opinion.
  • midnightcowboymidnightcowboy Posts: 1,978
    Fred Haas and Sterling-McCall in Houston
  • What package Prius did you get? Who was your salesperson. I am just starting to do the Prius research so bear with me. I am in Vienna, VA
  • giraldogiraldo Posts: 16
    Does anyone have an estimate of when the tax credit is going to end? I'm saving up money, but i know that 3,000 is going to help a lot. anyways, i'm a college student and do not make a lot of money, do i still get 3,000 from the gov't, or do i only get a prorated amount.
  • JBaumgartJBaumgart Posts: 890
    Assuming you will not be affected by the Alternative Minimum Tax, you will get a tax credit of approximately $3,000 off of your 2006 taxes owed. So you would have to owe at least this amount to get the full credit. The best estimate as to when the full credit will expire for Toyota vehicles is 9/30/06, so you would have to take delivery before then.
  • jrct9454jrct9454 Posts: 2,367
    This is right on: credit should be good for Toyota at least through the 3rd quarter, but it cannot reduce your tax below zero. You have to have a tax liability of at least $3000 for you to reap the full benefit, and it sounds like this isn't going to fit the situation of someone with a limited income. [It's not like some other credits, where the IRS will send you money, even if your tax liability under the law is zero....and you have to take the car credit AFTER all other applicable credits.]
  • cooljwcooljw Posts: 47
    It's good to hear that Prius are going for less than MSRP in certain parts of the country - seems like this has just started happening in the past few months.

    I'm in SoCal, and unfortunately I haven't heard any stories of below-MSRP pricing here. Not sure why Prius demand is still so good here, must be the $3/gallon regular gas.

    Btw, for those of you new to Prius shopping, don't pay more than MSRP! You're a fool if you do.
  • thekingtheking Posts: 107
    Just bought 2006 pack 3 Prius in New Hampshire...I was given Full Kelly Blue Book (excellent condition) for my trade...Car itself was at MSRP with $95 doc fee..and I received a Lojack retrival and alarm for $450.....please comment !!!! :D
  • arissoarisso Posts: 1
    Let me understand your point. You are saying that I can only get a credit of $3150 (for the Prius) if I owe money to the IRS for 2006 ? What happen if I have a tax credit instead (home mortgage for example) ?
  • jrct9454jrct9454 Posts: 2,367
    This is hard to explain in this medium, because people often misuse terms in talking about taxes. Let me try:

    In the end, after ALL of your other deductions and credits, your tax liability must be over $3k for you to enjoy the full benefit of the hybrid car credit. It is the last credit you can apply, and it cannot reduce your taxes below zero - unlike the earned income credit, for example, or other credits that result in you getting money from the IRS even after you owe them nothing.

    To take a personal example, I estimate our 2006 taxes to be about $4500 after all deductions and other credits; thus, in our case, the credit reduces our tax to about $1500. But if our tax had only been, say, $2500, we would have a tax of zero, but it also means we would have "forfeited" part of the credit.

    First calculate your taxes under the current rules, with all deductions and credits - then you get to take the hybrid credit, down to but not below, a zero tax liability.

    And for the record, home mortgage interest is a deduction, not a credit. Deductions reduce your taxable income; credits reduce your tax liability after all your deductions are taken, and your "base tax" is calculated. This is an example of why this is not an easy discussion in this forum.
  • Do you happen to know if the IRS regs restrict the tax credit to one vehicle on a single or joint tax return? Suppose you buy two new Prius(s). Assuming you have a tax liability in excess of $6300, would you receive a $6300
    credit or just a $3150 credit?
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