Today marks 3 years to date that I purchases my Prius, which I have logged 55,000 miles on. Would anyone lease a vehicle driving at this rate? This doesn’t include work commute, it’s road trips and general driving around SoCal, hiking, shopping, mountain biking destinations etc. BTW, average mpg is 56 mpg for all 55k miles.
I know a guy that drove 60k miles in 1 year. He didn’t lease, suffice to say.
Just to check, I drove 55k miles in three years, not one year. So about 18.3k per year
Still a No! Unless you got a crazy unicorn deal.
assuming it was a 15k miles/year lease, that’s still 10k over the mileage limit, which at 25 cents a mile (typical overage rate), that’s an extra $2,500 plus a definite new set of tires you’d need to pay for OOP.
I’ve had my Accord for 16 months and have put 38k miles on it, so almost 30k/year.
Leasing would make sense if: lease incentives are huge compared to purchase, MF is basically zero (no rent charge, cheaper than financing), and extra miles are extremely cheap (i.e. Honda or Infiniti at $0.10) OR the actual mileage depreciation is very low (i.e. Honda, Toyota).
Leasing can be considered the same as financing, you just need to evaluate different things. Rent Charge vs. Finance Charge, RV vs. Actual Depreciation, etc. If I had leased my Accord, what would be different now besides the rent charge vs. finance charge and the option of getting out of it after 36 months plus excess wear and mileage charges?
I drive ~ 24k miles per year in leased cars. My wife drives ~ 5k/yr.
We have 2 leased cars (15k/yr each) and switch cars at mid-lease. That works well for us.
But so what, even if the OP has to pay the $2500 mileage penalty and buy a set of tires for maybe $1k. That only works out to an extra $100/month.
I would do that deal if I wanted it. So if you get an Accord (for example) at $250/month, the extra miles would then cost you a net $350/month.
If you bought the same car (plus all the fees) for $25k cash and then sell it 5 years later with 150k miles on it for maybe $5000. Throw in $1k or $2k of maintenance/tires/brakes etc. and I get that new the car costs around $366 to own.
Driving lots of miles is going to cost you more whether you buy or lease. I have been doing this high mileage thing for way too long now. Some way or another you are going to pay. I have done all of the variations (buy new, buy slightly used, buy very used) and all of them still cost money. The buy very used can save you some money but the time and hassle factor keeping an old car running may not be worth it
Also FWIW - Some OEMs have lease programs over 15k/year.
For some cars, buying vs. leasing can be comparable at your rate but I think it would cost more to lease a Prius than owning it. Too lazy to do the math. Toyota sells enough of them without offering bunch of incentives which is a requirement for good leasing deals.
On my Prius, the payoff is $13,200, I think Carvana or the like offered about $16k for it a two months back, maybe less now with a bit more miles. I got the car 0% interest for 72 months, $2000 down Payment is $356 mo. Prius’s seem to tank on resale vs. SUV/CUV. Carmax told me they don’t want any Priuses.
What year and trim is it?
2016 Prius 3 MSRP $27,400
I do lots of 20K a year prius leases for businesses. You should qualify for $1000 prius loyalty so that would help with a good deal
19.5k lease on an f150, roughly $750 a month. Works out well for us.
27400+ Tax --> 16K = 14K depreciation in 3 year/55K miles , about $390 / month… It may be doable.
Clarity fuel cell? 3 years, 60k allowance?
I more or less drive at this rate: Solution? Lease two cars as wife drives a lot less.
On the other hand, OPs depreciation curve will start to flatten soon. Priuses are to be kept forever.
I do have a Mirai, and Toyota provided us free rental car… for most likely two months already