Buy or Lease?

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LabDad

Member
Joined
Jan 10, 2014
Messages
10
Just signed up for the forum. I'm considering adding a Rav4 EV to my garage. I currently have a 2013 Volt and we're leasing a 2012 Leaf that has 6 months left on the lease.

With the very attractive lease rates and finance incentives from TMFS, the Rav4 EV looks really good.

I was considering an i3 with the REX, but after hearing it will not qualify for the white HOV sticker, by the time I would get my hands on one, the green HOV stickers would probably run out. That would give me no incentive to get an i3 with the REX.

Since the TMFS lease is 24 months, and the HOV stickers are good through Jan 2019, I'm not sure if a lease is the right thing for me, as I tend to keep my cars, and am not sure what may be available in 24 months for me to get into. In other words, I may not want to give up a good thing. :)

Does anyone have numbers on the residual value with the 24 month lease?

Is it crazy to buy one? The 0% financing is really attractive.

Thanks in advance for the comments.
 
Do the lease.

Ask for the 36 months, it is not advertised. And it is an open lease, so you can buy at the end of the lease. So why give up good incentive money with the lease than buying up front? Besides, you get the $7500 tax credit through the lease up front instead filing it next year.
 
Toyota is contributing $14,000 to the lease, but only giving $2,000 rebate for purchase. Lease and purchase are essentially 0% money. If you lease, you must lease for 36 months or else you will not get the $2,500 state rebate. Why would you purchase? Even with the $7,500 federal tax credit for purchase, it's still $14,000 vs. $9,500. You can always buy out the lease at the end. I can't find the current residual right now. Previously, it was about $19,000 after an unlimited mileage 36mo lease.
 
miimura said:
Toyota is contributing $14,000 to the lease, but only giving $2,000 rebate for purchase. Lease and purchase are essentially 0% money. If you lease, you must lease for 36 months or else you will not get the $2,500 state rebate. Why would you purchase? Even with the $7,500 federal tax credit for purchase, it's still $14,000 vs. $9,500. You can always buy out the lease at the end. I can't find the current residual right now. Previously, it was about $19,000 after an unlimited mileage 36mo lease.

Hi miimura,

I live in East LA.. Can I ask you which dealer was that offer? I am currently looking for an EV, test drove Leaf and didn't feel confident about battery X range..

Thanks
Daniel
 
danhsu said:
miimura said:
Toyota is contributing $14,000 to the lease, but only giving $2,000 rebate for purchase. Lease and purchase are essentially 0% money. If you lease, you must lease for 36 months or else you will not get the $2,500 state rebate. Why would you purchase? Even with the $7,500 federal tax credit for purchase, it's still $14,000 vs. $9,500. You can always buy out the lease at the end. I can't find the current residual right now. Previously, it was about $19,000 after an unlimited mileage 36mo lease.

Hi miimura,

I live in East LA.. Can I ask you which dealer was that offer? I am currently looking for an EV, test drove Leaf and didn't feel confident about battery X range..

Thanks
Daniel

Talk to Dianne. Here is her forum thread... http://www.myrav4ev.com/forum/viewtopic.php?p=10847#p10847

She is very knowledgeable with this car... and also an owner. She will take care of you and many SoCal owners.
 
I had some business to take care of at my local Toyota dealership.

I kind of did things backwards, talked about the lease before I even looked at one, yet alone drove one.

I got some numbers for a lease. Looks like that's the best for me... Especially with the $14.5k cash towards the lease.

Living in the Bay Area, $4k down (I asked for that) and 12k miles per year for 36 months it was $494 WITH tax. Residual was $20,4118.00.

Because the cash incentive is taxable, I had to roll 9.25% or a shade of $1500 into the cost.

The cost was based on $300 over invoice price.

I know it's a numbers game, but I think the $494 with tax sounds pretty decent.

I test drove it and used the sport mode. WOW. I can definitely have some fun with this car. Even in non sport, I wouldn't have to drive like a granny, like I do with the Volt or Leaf to help conserve KWs...
 
LabDad said:
Living in the Bay Area, $4k down (I asked for that)

Please don't volunteer to give them your valuable money when there is already a $14,000 down payment from Toyota. I never recommend putting any money down an a lease to get a lower monthly lease payment. If the car is "totaled" as you drive it off the dealership's lot, all your down payment was just lost forever.

Click on this link to see a typical "zero down" Rav4 EV lease:

http://imageshack.us/a/img15/8920/bwt9.jpg

**************************


Plus, you'll get $2500 from the state of California if you get a 36 month lease.

YOU WILL NOT GET THE $2500 FOR A 24 MONTH LEASE.



Talk to Dianne.
 
I agree with Tony and Dianne.

You should lease the RAV for 3 years, and you can do better than the price quoted you at your dealership.

The current lease incentive is great (not quite as great as over the Summer, but close). I would opt for unlimited miles if you think driving more than 1000 miles a month will be an issue. With the unlimited mileage lease, I find myself driving the RAV much more on weekends than our other family car without any worry about using up my miles.

FWIW, my lease through Dianne was zero down and 474 per month (including tax, and I live in L.A.). I did get a military discount, but even without it, I would call her. You won't be disappointed.
 
TonyWilliams said:
LabDad said:
Living in the Bay Area, $4k down (I asked for that)

Please don't volunteer to give them your valuable money when there is already a $14,000 down payment from Toyota. I never recommend putting any money down an a lease to get a lower monthly lease payment. If the car is "totaled" as you drive it off the dealership's lot, all your down payment was just lost forever.

Click on this link to see a typical "zero down" Rav4 EV lease:

http://imageshack.us/a/img15/8920/bwt9.jpg

**************************


Plus, you'll get $2500 from the state of California if you get a 36 month lease.

YOU WILL NOT GET THE $2500 FOR A 24 MONTH LEASE.



Talk to Dianne.

a very SOUND advice.
ZERO out of pocket as much as possible.
it's worth repeating that you will lose that $4,000 down once the car is totaled.
 
Normal leases have a significant money factor, so you lose money to interest. However, this is not a normal lease since the money factor is nearly zero. That means that you are paying essentially no interest, so the motivation to to pay less interest by paying additional down is not a factor at all here.
 
Dianne said:
That's too much $ for this car. Feel free to contact me.

Hi Dianne,

I am from Colorado Springs and am looking to start a 24-36 mo. Lease. I called you and left a message on Thursday. Can you give me a call back at your convenience so we can work through the options? Thanks.
 
When I bough mine, Toyota had $10,000 buy cash. So, I bought for $48,500 + $10,000 off + 0% financing for 60 months + $2500 from CA, and will be getting $7500 back from feds ..
It was a no brainer ...

But if I was going to do it now, the lease is the way to go, as it is pretty clear that Toyota is banking on Hydrogen, and not EV's, and I'm guessing they are hoping people will not buy their leases so that they can crush the cars...
 
Dianne said:
That's too much $ for this car. Feel free to contact me.

Dianne - You're awesome! I'm glad I reached out to the forum and can't wait to take delivery of my Shoreline Blue Rav4!
 
You will be in good company! Sold lots of blues... and my own just is coming up on 13K now.

LabDad said:
Dianne said:
That's too much $ for this car. Feel free to contact me.

Dianne - You're awesome! I'm glad I reached out to the forum and can't wait to take delivery of my Shoreline Blue Rav4!
 
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