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2004-2009 Toyota Prius Prices Paid and Buying Experience
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You signed the papers accepting the deal as it was and the original deal was not a scam or an error by either party.
You would lose the sales tax you paid the first time and still have to pay sales tax and doc fees again on the resale.
The car would be used and not qualify for the new car interest rate.
If gas prices keep dropping, resale for all hybrids will plummet.
If gas prices go back to the previous highs or go even higher, the resale will skyrocket regardless of the new model. People were paying top dollar for old Geo Metros last year that people couldn't give away the year before.
Looking for MF's and residuals for Southern California, for 36 months with either 12k or 15k. I am looking at the Prius III with Nav Package.
Cheers and thanks for all your help over the years!
Ummm, not so much.
Random SoCal Toyota dlrship
First SoCal dealer to come up on Google, 5/11 4pm Pacific, shows 8 '09 Prii hangin' about.
So maybe there are a few in SoCal?
The gasoline savings of 10 over 09 appears to be something like an insignificant 17 gallons per year. I'm not sure how the advertised power difference plays out. To my taste my 08 has plenty of power. I'd be tempted to go for the 10 if they permit towing. Any info on that?
Thanks!
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
If they simply want to gouge you tell them to do it straight to your face. I hate hidden fees.
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?
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.
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.
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.
I am 6.2" and a little scared that it may be small for me?
Appreciate any feedback -thanks
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.
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.
Thanks!
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
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.
Was the $23,770 your OTD price? Including the trade???
What was the invoice price before Taxes & Trade?
Thanks,
My Corolla had been "examined" by three other dealers (two Toyota and one Honda). Trade value ranged from $4500 (Honda, one Toy) to $6500 (on a Standard Prius, package 3). I paid $18000 and my Corolla. Dealer threw in those terribly overpriced matching Toyota floor mats at no charge.
Still lovin' my Prius and the deal.
Thanks!
This would be in Central Florida, by the way, in the Melbourne or Orlando area.
Anyway, I'm curious what would constitute a good deal on a '09 Prius Touring? Something like $300 over invoice? Would that be too much? Too little? I'm not desperate for a new car yet, but it would be nice to take advantage of the current buyer's market as long as I don't have to pay finance charges.
Any thoughts or opinions?
tia,
Chris
Black with dark grey leather
MSRP 29,500
2500 down
36 mos
12,000 miles/yr
435.00/tax included per month
I just wanted to share that with people that might be leasing the new prius. They sold it at sticker or just a little below I believe.
Longo Toyota in El Monte gave a great deal - see Derrick Nguyen in internet sales
Could you please tell me what the money factor and residual value for a 2010 Prius III would be in the greater Pittsburgh, Pa region? This would be for 3 years and 12,000 miles. Thank you in advance for your assistance and what a helpful board.
Keep in mind though that TFS places restrictions upon what options can be residualized, making it difficult for individual consumers to work up lease payments for specific models on their own.
Car_man
Host
Prices Paid: Buying & Leasing Experiences Forum
Is there any way to negotiate the payoff to be the residual with the leasing company or the lessor (Wells Fargo)? Also, I have excess mileage and will end up paying about $3000 if I turn in the lease.
What is my best option...turn-in, pay the $3000, and just get another car OR payoff and hope that I can sell to try and breakeven with a dealer OR try to find a dealer that will payoff the lease??
If your residual buyout is $10K and FMV is $16K, just pay cash and buy the car out for $10K at lease end, and flip it on the private market and pocket all that equity. Ive done that several times.
You have two choices. Either let the dealer have the equity, or attempt to recover it yourself. Even with your cited issues on the car and tax, I see $2-3K in your pocket here.
You also avoid any mileage overages if you buy the car. Id buy it out-right with cash for a quick flip. It shouldnt take you but 2 weeks to sell such a car. If you get close to $16K, then you basically drove the car for nothing more than depreciated cost on your original lease -- which is as cheap as you can drive ANY car -- leased, bought, or whatever. In fact, any more savings and they were paying you to drive it.