Live in VA, zip 23435. Looking for a 10k/36mo lease on a 2021 Toyota Corolla Hybrid. Been talking to a dealership over email. He can get me:
MSRP 24,769- 2500= $22,296
Customer Cash -$1500
Military -$750
Edmunds told me MF: 0.00058 and RV of 62%.
Bringing the supposed total down to $20,046.
With the initial reduction of $2500 knocking off about 10%, this sounds like a good deal?
He mentions that rebates may alter the lease structure, so just wanted to get some second eyes on this.
Another question is how do I approach a dealership knowing what the MF is for the car I would want without them running a credit check as I assume the MF they can offer me is based upon my credit score.
Question, you’re only leasing for 30k miles, why are you spending extra on a hybrid Corolla?
Over three years you will save less than $500 in gas. I figured up you’d save 213 gallons of gas over 30,000 miles and at current gas prices by me thats just $375. If gas is say $2.35 where you are it’s right around $500 over 30k miles. You’re spending much more than $500 on the hybrid over the regular Corolla model, you’d save a good amount of money going for a normal one as there is no savings at all going with the Hybrid model on a lease.
Just a thought, I’ve been looking at various vehicles including hybrids and the break even point on getting one is way longer than a lease term is, they are great to buy but unless there are amazing rebates like the Ioniq deals and such you’re better off leasing the cheaper regular LE model, and you’ll save $2000 or so usually.
As in applying towards the lease? I am going to assume so. Since you mentioned, I am going to suspect this is what he meant about changing the lease terms. What would you suggest doing?
I’m confused about the difference, can you explain it a bit more just so I know better when I approach him about it? It sounds like it may be rebate as it “Cannot be combined with TFS APR Cash, TFS Lease Cash, APR, Lease, APR Subvention Cash, Lease Subvention Cash.” per the small print.
Yeah, it’s easy to get looking at the mpg and get excited and never actually figure the savings up, I know I have.
Also, in looking it appears VA has a extra registration tax on Hybrids like my state does. Quick Google shows it at $64 a year you pay extra for your plates/registration over a non hybrid. That will just about cancel out any gas savings all on it’s own! Stupid hybrid tax.
I’m gonna guess with the military discount/and your VA Beach/Norfolk zip code you are active duty so can legally register the car in your state of domicile. But just in case you are registering it in VA, you will pay extra in annual property tax on the hybrid versus the regular model due to higher NADA book value. Further extends the hybrids pay back window.
Thank you for that clarification. I’ll get in contact with the dealership tomorrow and see if I can get more information. I’ll keep this updated as I get new information.
Thank you everyone for your help and input, it has given me things to think about.
You’ll go in, they’ll throw some miniscule reduction in selling price to make you feel like they’re doing you a huge favor and it’ll be way higher than you could get shopping around.
It was a hybrid at first, now we are opting for just a gasoline model thanks to some help from users above. I changed the post title and made an updated post a couple of posts up. Thanks for that insight though!
