Just started search in Bay Area to lease an 08 Prius package 6. I have a long commute so I'm targeting a 3 year, 20,000 mile lease. I was quoted: $509/ mo with $899 down. I'm sure this pricing is high since it's my first quote, but I'm looking for some way of determining what a reasonable price should be on this type of lease. Any suggestions?
Leasing a car can be a shell game if you allow it to become one. Simply focusing on lease payment and money down is risky. You first need to negotiate the purchase price, then understand the other moving parts: money factor, residual, acquisition fee, registration, etc. You can search the web and find the current lease money factors & residuals, so you go into the process prepared. The lease payment calculation is straightforward: (Cap Cost – Residual Value) / Term = Depreciation (Cap Cost + Residual Value) X Money Factor = Interest Depreciation + Interest = Base Monthly Payment Sales tax also needs to be added. In CA, for example, it's added to the monthly lease payment; in other states it's added to the purchase price. Here's a spreadsheet I put together when helping a friend lease a car a while back: click here
