NY lease for 2024 Prius Prime XSE. 36mos 12k option. Only DMV and first month down. Top tier credit
The rate supposedly includes a $4500 rebate for leftover 2024 inventory. Residuals are 62-64%. Something isnt right. See attached aheet
Thank you very much!
I can beat this by a lot. You’re not getting a discount…
Text
Jim
215-359-6836
Agree! Like @Jrouleau426 stated… the dealer discount is horrible. It’s a slap in the face. Otherwise, I did confirm all dealer calculations manually and they are correct. The MF = .00255 and sales tax rate = 8.750%. If you’re interested, I’ll be happy to provide you with the calculations so that you can create your own target deal instead of chasing dealer deals.
The SE has the highest RV
The XSE takes it down
Then the XSE Prem is even lower
Target a 24 SE if options don’t matter
A 7-10% discount before rebates is what I’d look at
The 24s have a $4500 rebate as you noted
I can vouch @Jrouleau426 i got a Tacoma from him, im from NY And it was worth the drive!
Thank you! I explained to the salesman that i wasnt getting any rebate off the msrp. If you could show me how to calculate my deal id appreciate it
My next option is to contact Jrouleau426. Thx
Wifes only mandatory options are heated seats and (usually standard now) apple car play integration.
You can get that in the se. They def lease better but if you want leather need xse. I can price both.
Sure, no problem!
NY and ILL calculate taxes the same way. They both use a method that is much more complicated than any of the other states but only when taxes are capitalized. If you’re interested in learning how they compute taxes, I’ve provided a few references below…
Illinois Lease Sales Tax.pdf (305.3 KB)
Illinois Sales Tax Calculations.pdf (1.3 MB)
I wrote the second reference listed. Now, let’s get into it…
First, inventory all the hard data…
MSRP ………………………. 38388.00
Sell Price………………….. 38310.11
Acq Fee…………………… 650.00
*Sales Tax………………… 1962.12
Gross Cap……………… 40922.23
Rebate CCR………….. 5000.00
Net Cap………………… 35922.23
MF = .00255
RV = 23800.56 = 62% x 38388.00
Term = 36
Sales Tax Rate = 8.750%
Monthly Pay = .00255 x (35922.23 + 23800.56) + (35922.23 - 23800.56) /36
= 489.00
*Compute the sales tax of 1962.12 by recognizing that we need to deduct it from the Net Cap to get 33960.11. Now, we can calculate the base monthly payment…
Base Pay = .00255 x (33960.11 + 68824.71) + (33960.11 - 68824.71) /36
= 429.50
Next, calculate the sales Tax……
Just a penny difference… close enough.
Again, this calculation was necessary b/c the taxes are capitalized. If the taxes weren’t capped, the NY tax is computed as 8.750% x (36 x 429.50 + 5000) = 1790.43
Lease Inception Fees
1st Payment ….. 489.00
Doc Fee……….. 175.00
Other Fees…… 24.43 ??? ……. I’m betting this includes 15.31 tax on the Doc Fee
TOTAL DUE ….. 688.43
??? Let me know.
EDIT: You’re getting a 5000 rebate which is deducted from the Gross Cap You could think of it, indirectly, as a reduction off the MSRP. The problem is that you’re getting very little in terms of a dealer discount… the dealer doesn’t have much skin in the game which is why this deal is terrible. Also, I’m not sure whether the MF = .00255 is the buy rate which is the rate rate with no mark up. Check Prius Prime MF/RV — Car Forums at Edmunds.com
Thank you!
So basically, the “skin” the dealer is (not) giving is the $5000 rebate from the factory, correct?
Their number is accurate given the low depreciation? Again, apologies for my basoc questions.
Also of note. .they only have 3 - 2024 models left so is that why they aren’t sweetening the deal?
Leather isn’t a big deal, but I believe it’s a synthetic material correct? Which we’re fine with. Simply requires heated seats.
Her color choice is guardian gray
If I understand you correctly, you are right… the factory is giving you the 5000 rebate, not the dealer. So, the dealer contribution (discount) needs to be much better.
Don’t know what you mean. The monthly depreciation component of your payment is…
Monthly Depreciation = (35922.23 - 23800.56) /36
= 336.71
Probably. It’s the supply and demand argument.
From the local dealer:
Nobody is getting 8.5% off MSRP on a Prius. There is only $900 profit in that car and remember when you buy a car locally from me you get free inspections on that car for life. You’regoing to get a loaner car when your car needs to be repaired you’re going to get discounts here on parts and service when you need it you’re buying out of state you won’t get that.We all have the same programs so it can’t be too much difference on a lease unless they’re hiding something. I’m gonna add delivery fees and when you sign up, they’re gonna ask you what you’re doing with taxes and fees those are all the trick dealers. Remember that we don’t do that here.
I got around 9% off a 24 for my mom. On 25s I’m at invoice which is like 4% off. If the 25s start stacking up I’m sure I’ll be 1000 under invoice.
Sounds like a lot of BS. FWIW-
Craft a lease proposal (example below- the round peg, round hole won’t work) and email it to the sales manager (SM), not a floor salesperson as they’re often Mickey D order takers and lack knowledge. Be sure to contact the SM first to let them know you’re emailing them a one-page lease proposal b/c you want to close the deal ASAP. Be nice but firm. Unless they’re very stupid, once they see your professional-looking one-page comprehensive proposal it will speak volumes. They’ll immediately know it’s time to put away their toys and board games and that it’s time to get down to business absent all the BS.
Research sell prices in your local market and be sure to vet all hard data such as acquisition fee, doc fee (regulated by some states), cost of money (e.g., money factor buy rate), gov fees, residual, rebates/incentives, sales tax rate, etc. Make sure the residual matches the term and annual mileage requirement. Check available tax credits/incentives via the fund provider who may cover taxes or, at minimum, may assess a lower sales tax rate to energize sales for some models. All numbers should be accurate otherwise, you’ll lose credibility. Negotiate via phone/email. Once an agreement is reached, ask the dealer for a review copy of the lease agreement and all contract addenda BEFORE you go to the dealer and sign. Moreover, it’s helpful to know the terms and conditions of the lease contract such as early termination liability criteria and purchase option criteria as well as lease amortization methodology and excess wear/tear criteria. If all is as agreed, tell the SM that you’ll come in to sign asap. You don’t want any surprises or dealer excuses like …. Oh, we made a mistake. That’s unacceptable and shouldn’t be tolerated.
If the dealer isn’t transparent or is uncooperative or showing signs of incompetence, WALK AWAY AND MOVE ON!
Leasing is time-consuming and requires a good deal of study and attention to detail. If you don’t have the time to commit, perhaps your best alternative is a good broker. There are some outstanding brokers on this website. However, if you’re willing to commit your time and resources, be sure to always control the deal. That can only be achieved with education which breeds confidence and increases the likelihood of success.
??? Let me know.
Your pic shows a quote for a SE
