I’m thinking of getting a 2022 Toyota Tacoma TRD Sport with LED/Tech Package.
I’m from VA so 5.3% tax rate on the full cost of the vehicle for the lease sort of sucks, another reason to weigh my options.
MSRP: $40,847 with 0% markup
Lease Quote: 36 month, 15k miles, $0 down, .00235 MF, $31,000 residual, comes out to $538 with tax, tag, & fees.
I hadn’t asked for finance quote, but I wouldn’t finance through Toyota. I estimate 3% apr, but I think I could get 2.26% through a CU.
Finance: $593 a month, 3% apr, $4,000 down, 72 months.including tax, but not fees
I’m not thinking I’ll keep the vehicle for more than 3-5 years, but I’m also in no rush to get one. I research everything before making financial decisions so I’m trying to gauge my options. Also would be my first lease so I’m not sure how I would feel about it. I’ve tried a bunch of calculators, but I don’t think a lot are taking into account the sales tax would be billed on the Cap Cost and not on the payment. This makes it less discernible to me.
If you have any advice/questions, please let me know and thanks in advance!
Here is a start on the lease calculator. (I used 76% as the assumed RV as I don’t have the chart in front of me. You provided the RV of $31,000). I don’t know where you are located so you will need to fill in the tax %, dealer and government fees section.
One thing to consider would be to do a one pay lease, or do (9) security deposits to significantly lower the MF on the lease. The calculator provides you with tabs to click to elect these options. Play around and let us know if you have any questions
Tacomas historically hold their value very well in non-pandemic times. So you would likely have equity at the end of the lease.
I’m located in 24141. The dealer said the RV was $31,000 which was odd it wasn’t a percentage.
I have seen that the security deposits could lower the MF, since that MF is quite high it seems.
Yeah I’m just curious how much more equity than with financing. I know I’d save roughly $2,000 on the payment over the life of the lease. I just worry about if I wanted to buy it at the end then I’d have spent $9k more than the depreciation of the vehicle, if that makes sense?
Fortunately, before you talked to the dealer, you already knew what the RV and buy rate MF was, so you knew if the numbers they used were accurate or not… right?
I had a general sense of the RV and MF, I hadn’t asked specifically for my zip in the forum. I assume the RV is correct since that’s what it said in the salesman’s computer. I also took a peak and saw the invoice was $38xxx on the truck.
I didn’t actually go in to negotiate, I wanted to test drive the vehicle to see if I actually fit in one since I’ve heard complaints from tall people about it. I sat down at the table to figure out a quote and if they were charging over MSRP like many other dealerships.
I had heard that they can’t budge much on MF or RV, is this not true?
RV is fixed, assuming it’s through the bank you want it through. A RV that’s inconsistent with what you expect is an indicator that either they’re giving you terms with an error or they’re using a bank other than the one you think you’re using. Not all banks are created equal.
They can mark up the mf and hide profit, so they may be saying “oh yeah, we’re totally at MSRP with no mark up”, but are actually charging over MSRP, with it hidden elsewhere.
.00235 MF and 74% residual per Edmunds. I think I got the RV mixed up with a similar truck that had a tonneau cover, clear bra, and was $1k more. @mllcb42, this looks like they’re not hiding any markup. I do have a hard time putting this in the calculator without any fees other than acquisition which is strange.
