Having leased a couple Lexus/Toyotas in the past, they are one of the most generous companies when it comes to wear and tear on a lease…I would recommend people don’t get it… The damage has to be bigger than a credit card… Scratches and dings are okay and I’ve had worse. Gap can be bought from your own insurance company because like you I did zero down… for example mercury insurance charges $6 for 6 months of gap insurance, it will fall off after a year since you’re not upside down on the lease meaning you closed the gap between what you owe on the lease and what the car is worth.
They didn’t have the land cruiser last time, so I asked for a Sienna.
Not that I know of, if it doesn’t specify in the lease contract I wouldn’t believe it, also they tried to sell it to my at finance, so I will assume it’s not but my insurance company gives it to me.
Thanks for the perspective on GAP and excess W&T insurance. In my 52 years of car ownership I’ve always paid cash whether new (2) or used (many). I had no idea lease paperwork for my Mirai would take so long, and by the time the question of insurance came up and the concepts were explained to me I was tired and cranky and in no mood to microthink the respective amounts of $25 and $22 per month so I decided on the spot that they didn’t sound like a total ripoff. In retrospect it should have occurred to me that I could have purchased those from my insurance company.
Meanwhile after 12 days and 250 miles of mostly highway driving I’m more pleased than ever with the car. For 0-60 mph I wasn’t expecting anything like the 6.2 seconds of my old E430 sport, but 9.4 seconds with only half the bhp isn’t half bad.
If you reset the trip meter when refueling, it plus the remaining range remains fairly constant at 305-315 miles. If the sum drops below 310 miles you know you’ve been pushing it (which I enjoy doing since Toyota is paying for the fuel).
If the car + destination = $58,335, the $5K+8K+$7.5K rebates yield a final price of $37,835, which would be a $630/month payment over 60 months at 0% financing. This does not include the $4.4K for CA tax and registration. At the end of 36 months, there will be $15,120 still owed on the car. If you can sell it for $15K + ($630-$500)*36 + $2K= $21,680 after 36 months, it is better to buy than lease. This assumes that the CA sales tax is 1/2 when leasing vs buying ($2K vs $4.2K). https://www.dmv.ca.gov/wasapp/FeeCalculatorWeb/newVehicleFees.do
There is so much uncertainty in the residual value, that I feel that leasing is better than buying. For example, outside of Tesla’s, the resale value of electric cars is much lower than the residual value at the end of a lease.
My view is the lease and buy are pretty similar with the exception of the federal tax credit, which only kicks in with a purchase. That being the case, I think leasing makes more sense in that the Mirai is still a “beta tester” and who knows what other hydrogen vehicles will be on the horizon. Equally plausible is there won’t be much and the hydrogen infrastructure won’t be economically viable and will then stagnate.
You’re crazy to buy this car… I would wait until prices drop in hydrogen… Yeah, you get 3 years but can’t predict the future…i refuel at the long Beach Arco… It’s like $16+ per kilogram… When I full up it’s almost $70, that’s for a 300 mile range at best…a tank of gas for this size car to go 300 miles is $30 at best… Double the price. No thank you…
Car is great, fueling can be annoying.
The power plug being in the rear seat is there dumbest design ever… There is no plug in the front seat… Only the USB which can’t push out much power or the wireless Qi both cannot keep up with any modern phone…ie Nexus 6p or iPhone plus running waze
The federal tax credit is factored into the residual and lease cash on those qualified vehicles. That’s why the Volt sometimes has low residuals but crazy high lease cash.
Hello,
I’m thinking of leasing the mirai.
Dealership says total monthly cost of the $349 lease deal is $453 month, includes all fees and taxes (except the $2500 down payment),
Does that seem high?
Appreciate any feedback,
Thx!
That seems high. It should be your driveoffs (2500), with the lease payment being 349 + tax.
My lease is 499 + tax (about 547) total. Maybe they are rolling some fees (DMV, first payment, etc) to raise the monthly?
BTW, the car is awesome; the range and ease of fueling (quick and mostly dependable) make it virtually like driving a gas car. But a gas car where someone else is paying for the gas and maintenance. It drives like a Lexus. You’ll love it. No one that has been in it can say anything bad about it.
