My 2007 Prius is coming off a 3-year lease. I wonder if the value of it has been changed by the publicity about Prius call-backs and risky performance failures. Am I bound to the buy-out price or can that be renegotiated with the aid of market reactions to recent Toyota problems?
Car leases are a pain for most situations.
First step is to carefully read you lease about the end of lease options.
Second, it may be possible to offer them less than the price indicated by the contract, assuming the contract does not require you to purchase the car at the end of the lease period. There is nothing to stop you or them from making a deal at the end of the lease. You just have to make an offer. See what they say.
And YES, leasing companies are taking a beating on leased Toyotas as their value on the used car market has indeed fallen below their expectations of 3 years ago…So they will be open to negotiation. Be careful not to display any great enthusiasm for the car or they will try to get you to make their lease profitable…
Edmunds quotes the retail price of a 2007 Prius Touring with the usual options at $16,600. The current value of the base model is $15,200. If the buyout is less than that, you have a bargain. Let us know what model, options, color and mileage and we can give you a better price. Your zip code helps, too. Or you could just go here and figure it out yourself:
Click on the model, then the ‘Customize Appraisal’ and fill in the information.
Now add up the total cost of that lease and add it to $16,000 and you will see how much this car will end up costing you…A very expensive Prius indeed…