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What is not to like here?
I am in a predicament - whether to move forward with the Mirai or not. My biggest issue with the car is how it looks. Question for me is whether the dollar savings justify putting up with how it looks.
Financially it looks like a winner whether one leases it or purchases outright.
Is purchase better?
If I purchase...
$58,335 less $5,000 (CA Resources Board rebate) less $8,000 (Fed Credit) less ($7,500 instant rebate) means the real out of pocket expense is $34,845.
0% financing, $7,500 instant rebate means a monthly financing charge of ~$580.
Over 36 months this would mean having to pay $6,480 in total finance charges.
Assuming the car loses an unheard of three quarters of its value. You could sell the car for $14,580. Leaving you with a tidy profit of $8,100.
Add to this the $15,000 worth of free fuel card Toyota gives you, all maintenance paid, 24/7 assistance, 7 days rental per year anywhere in the country....why would one not get the car.
Lease details are....
The lease deal is as follows:
MSRP: 58335 (no discount is offered and dealers aren't budging)
36-month lease, 12 k miles per year
$3649 down, plus tax, license, and registration (no security deposit)
$499 per month, plus tax (9.25% where I live)
There is a $5,000 rebate from CA Air Resources Board that will basically wipe out the drive-offs. The check arrives about 2 months after purchase. The car has an 8 year/10k warranty on the propulsion system.
Lease comes with lots of other goodies, like free fuel for 3 years (lease or purchase), 7 days of rental car per year, 24/7 roadside assistance, all maintenance paid.
Financially it looks like a winner whether one leases it or purchases outright.
Is purchase better?
If I purchase...
$58,335 less $5,000 (CA Resources Board rebate) less $8,000 (Fed Credit) less ($7,500 instant rebate) means the real out of pocket expense is $34,845.
0% financing, $7,500 instant rebate means a monthly financing charge of ~$580.
Over 36 months this would mean having to pay $6,480 in total finance charges.
Assuming the car loses an unheard of three quarters of its value. You could sell the car for $14,580. Leaving you with a tidy profit of $8,100.
Add to this the $15,000 worth of free fuel card Toyota gives you, all maintenance paid, 24/7 assistance, 7 days rental per year anywhere in the country....why would one not get the car.
Lease details are....
The lease deal is as follows:
MSRP: 58335 (no discount is offered and dealers aren't budging)
36-month lease, 12 k miles per year
$3649 down, plus tax, license, and registration (no security deposit)
$499 per month, plus tax (9.25% where I live)
There is a $5,000 rebate from CA Air Resources Board that will basically wipe out the drive-offs. The check arrives about 2 months after purchase. The car has an 8 year/10k warranty on the propulsion system.
Lease comes with lots of other goodies, like free fuel for 3 years (lease or purchase), 7 days of rental car per year, 24/7 roadside assistance, all maintenance paid.
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Best Answers
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texases
Member Posts: 10,700
No, you could have your car needs addressed for much less money, especially at today's lower gasoline prices. A Prius would be a MUCH cheaper, yet frugal, solution.6 -
Mr_Shiftright
Member Posts: 64,481
Basically you're not buying the best solution to a current problem, but rather the prestige and/or excitement of being an early adopter (aka "lighthouse customer") of a new technology. Does a Smart Watch keep better time than a Timex? Nope.
If your goal is to run the cheapest, most reliable, most convenient, greenest car you can, then a Prius beats this one hands down.
The subsidies you cited are in reality compensations for the various hassles you will encounter.5
Answers
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