Deal Check : 2021 Toyota Highlander Limited Hybrid

Ask the Hackrs
1

Hi,

I am new here and this is my first post so please pardon me for any mistakes.

Can someone please help me if I should go ahead with the lease below:

2021 Toyota Highlander Limited Hybrid
MSRP $49,186
Deliver Processing and Handling Fee: $1175.00
Total Price: $50,361

Monthly Lease inclusive of taxes and DMV: $529
Down Payment: $1100 (First Month Payment and $600 dealer fees)
Lease Term: 36/10,000 miles

2

It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.

We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.

  1. Read Leasing 101 to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
  2. Pick a specific vehicle that you want to target
  3. Gather the current MF, RV and incentives from Edmunds forums for your zip code
  4. Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
  5. Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
  6. Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.

With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.

2 Likes
3

$529 with just first mo is about right. Could maybe get $500 more off. 39 months should lower your payment about $15/mo also but have to factor if that’s worth it for you.

I wish I could help but I only have gas left. If you want a gas platinum $51k msrp I can match your deal.

4

Ty for the advice.

1 Like
5

I don’t know how you are higher than TX
I can’t do out of state lease and I don’t know how you got to that payment, but I am only $489 DAS with $489 x 35 months.

1 Like
6

@derekoh1991 ty for the reply. Do you mind please telling me the down payments if any?

7

Mine is just the first payment

8

Great deal!

I have just sent a message to the sales person that I will not be moving with the leasing process. I have already submitted the deposit of $1100 and will ask for the refund tomorrow, since I have not signed any Toyota Financial Leasing Contracts.

If they will ask me what price I want to pay, I would definitely say $480, I personally believe $480 to $500 should be the price for this vehicle.

9

OP - something to keep in mind. there are regional differences with the examples above; they may not be apples-to-apples comparisons. @Jrouleau426 may be more applicable to the NE region as he’s in PA while @derekoh1991 is in TX.

Just a heads-up. GLWT

10

@Kctham18 yes I agree with you. I also got feedback from @Jrouleau426 on this well.

11

Hi All,

I’m just seeing this thread. I’m actually looking at leasing the 2021 Platinum (I’m back and forth between Hybrid or Gas) in late February when my existing lease ends.

What’s the lowest monthly I can get with 800+ credit score and ~$1000 DAS? I’m agnostic on 35 vs 36 vs 39 month lease and looking for 10k miles/year. I’m in NY, no loyalty or first responder customer, so should i wait for a president’s day sale?

12

It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.

We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.

  1. Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
  2. Pick a specific vehicle that you want to target
  3. Gather the current MF, RV and incentives from Edmunds forums for your zip code
  4. Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
  5. Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
  6. Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.

With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.

13

35 or 36 month lease may not be much difference, however 39 months is.
Why would you want to be 3 months without a warranty and additional wear and tear that you may be charged for?

14

Ok, does this make sense:

I assumed a 9.5% discount off MSRP, which I have seen some folks quote as having received. Anything I should change in these inputs?

15

I had a few platinums this month but sold them. Had you bought from me 39/10 with NY tax tags fees $51k msrp would be $530ish all in. Text me feb 4 and I’ll see what inventory I have.

16

Will do. thank you

18

I’d like to know your dealer. I like that deal.

19

Offer from January don’t matter today.