Greetings! I’m new to the lease game, and after reading a few comments over at Slickdeals, I found this forum and I started educating myself. I financed my last (used) car, and after all has been said and done, with maintenance etc, I have been spending more than $400/month, with no end in sight (car is approaching 100k miles, so timing belt is next, and who knows what). So my wife and I have been considering leasing.
I’ve been calling dealerships for a Toyota Yaris iA, and the best they can do on a 12k/36 with $3k down is $140/month. It’s a $18k car, so I was hoping to get a deal below $100, but I’m definitely doing something wrong. I’m willing to travel out of state (I live in NJ) to get a good deal, but I understand that registering a car out of state is more expensive, because they have to send an agent to the NJ DMV, and I would have to go to the dealership twice: to sign the paperwork and to pick up the car. Any suggestions for a newbie?
Look at different cars and manufacturers. Scour dealer websites for the specials they run. Get rebates lined up for each car via edmunds and residual and money factor. Once you get all information then you can start your search. Look at some of the deals here. You can do better than yaris for 140 a month and 3000 down.
Thank you! I’ve been looking at different cars and all online reviews, comparisons, etc for subcompact cars point at the iA as the “best bang for your buck” in that price range. That’s why I decided to settle on this model. I don’t qualify for college or military rebates. However I’ll go back to Edmunds to look for more rebates and RV/MF. I know I can do better than 140 / month I’m trying to follow the advice in this video - http://bigthink.com/videos/how-to-buy-a-car-using-game-theory-2
Thanks, Max. Should I ask them about allowing a MSD? I’m not sure how that impacts the final monthly payment compared to a regular down payment. As for the Cruze deal, I’m not currently leasing any other cars. If I understand that deal correctly, I would not qualify for the rebates.
The Yaris is so quirky it may not lease well. How about a more mainstream Corolla LE with 1k down and $49 a month?
Lease requires approved credit; based on 12,000 miles per year, $0.15 per mile excess. 24-month lease. $2,128 due at signing (this includes $1,000 cash or trade down, first month’s payment of $49, documentary preparation fee of $429, and bank acquisition fee of $650). Tax, title, registration, and inspection fees are additional. Security deposit waived. MSRP: $19,800. Net Cap Cost: $14,200. Residual: $13,464.
Well, that $49/month offer is quite misleading, vhooloo First of all, the fine print says $2,300 down, not $1,000. Plus taxes and other fees, so we are already at about $3,000 down. Plus it’s a lease for 24 months, not 36… which changes the RV a little.
Before settling on the iA, I did a little work on the Corolla, and at the end the difference between the two was just $10/month. Right now I have what I would consider a good offer on the iA: $115/month, with $3k down (all included) for 36 months, 12k/y. Residual: $11,900. Dealer did not want to provide MF.
A car that’s a good value to buy isn’t necessarily a good car to lease. I think you need to take off the blinders and consider other cars because $115 a month with $3000 down is absolutely atrocious for a subcompact. A Hyundai Elantra Value Edition could easily be around the same price for a much larger and nicer car. .00106 MF and 56% residual. $3000 lease cash.
Also, I’m not sure where you are looking, but the Corolla deal that @vhooloo posted is accurate. Details of the $0 down lease (copied directly from the site) : $0 Down Lease Lease requires approved credit; based on 12,000 miles per year, $0.15 per mile excess. 24-month lease. $1,174 due at signing (this includes $0 cash or trade down, first month’s payment of $95, documentary preparation fee of $429, and bank acquisition fee of $650). Tax, title, registration, and inspection fees are additional. Security deposit waived. MSRP: $19,800. Net Cap Cost: $15,200. Residual: $13,464. No College or Military rebate required for lease payment. All factory rebates, promotions, and incentives to dealer. Even for the $1000 down offer it clearly says $1000 down. If you really want to drive a Toyota Yaris and pay an outrageous amount for a subcompact, go ahead and knock your socks off
For me, money down = out of pocket due at signing. I should have clarified that earlier. So the $99/month with “zero down” on the Corolla, if I buy out of state, becomes $99 with $1,174 + $330 NJ Tax + $500 registr + title = $2,000 out of pocket. Does it make sense?
Max, thanks for all the links, I’m looking at all the info you’re posting. I know it’s frustrating to deal with a newbie Much appreciated!
Between the IA and the newly, ahem, “facelifted” Corolla I’d say the IM is the least offensive. Or at least the least polarizing.
The IA reminds me of other “imported” (i.e. not originally USDM design) platforms which are hatchbacks in Europe or ROW, but had a quick plastic surgery to graft on a trunk and call it a sedan, like the Ford Fiesta.
I know, and I agree with you. I lived in Europe for many years, and I must say I miss all the nice looking cars they have there!!! In the meanwhile, do you think $115/month with $2k down (36/12k) for the Elantra is asking too much, in NJ? I’m going to test drive one tomorrow. I’ll see how it goes.