Toyota Price

[neuma1bm2]

I am wondering if I got a good deal or bad deal on my Toyota purchase.

Here are the details:

2010 Toyota Corolla (Basic with no extras)
3 year lease
2 years free maintenance
Received $100 gift card
Traded in my car for $800
$1,000 former student rebate.

With the deductions (rebate and car trade-in) I think my payment was based off of paying $17,400 and my payment ended up being $212 a month (based off of the 17400). So that is my payment, plus I get the free maintenance and the gift card.

It would be awesome if I could get some opinions on this.

Thank you.

[AlaricD]

Originally Posted by neuma1bm2

I am wondering if I got a good deal or bad deal on my Toyota purchase.

It's not a purchase, it's a lease.

It's not a good deal. Why? Because it's a lease.

Don't take my word for it, take Suze Orman's. Or Dave Ramsey's.

You're getting nothing free. Not the maintenance, not the gift card. They figured their profit in and then some when they set up the lease terms.

Sure, $212 for 36 months is $7632.00. But at the end of the 36 months you have to turn in the car and pay for overages in mileage and for any damage.

Be sure to at least get gap insurance-- if that car gets totalled or stolen in the 35th month, that could leave you in the lurch if you don't have it.

I wish you'd asked about this BEFORE signing the lease.

[Jeff Lange]

That's a pretty high residual to have at the end of the lease, although it is only 36 months, so it's not horrible I suppose.

It's not the worst deal I've seen, but a lease isn't the best deal usually.

Jeff

[joeylgarcia]

correct me if i am wrong but i think 17400 for a basic corolla is such a high price tag.

[rollas22]

I got my MGM corolla s 5 spd for 13,400

[heartdisease]

Do a search for leases there's a whole lotta good information in some other threads on here.

I never lease but some folks on here have seemed to get a decent deal. They have an sponsor on here who sells them I believe.

I paid $16988 for my 09 Camry le for info.

[remusrm]

I paid 16740 out the door for my 2010 Corolla LE with a sticker price of 17950. Also got 0 percent interest.

[heartdisease]

Do a search for leases there's a whole lotta good information in some other threads on here.

I never lease but some folks on here have seemed to get a decent deal. They have an sponsor on here who sells them I believe.

I paid $16988 for my 09 Camry le for info.

[neuma1bm2]

Thank you all for the responses so far. It seems that I have made another impulse buy/bad choice....awesome!

AlaricD, thanks for all the detail. I would have gone to a message board sooner and done more research but I was sort of in a "situation". I had gotten my car towed, I couldn't pass a safety test (in VA), and I was running out of time. I still made a poor decision, but I was sort of rushed.

Anyway, is there any way to take the car back? Or am I just stuck with it?

[heartdisease]

Can an admin please fix this post and the 1 above it this phone double post it on me.

[zythr]

Originally Posted by neuma1bm2

Thank you all for the responses so far. It seems that I have made another impulse buy/bad choice....awesome!

AlaricD, thanks for all the detail. I would have gone to a message board sooner and done more research but I was sort of in a "situation". I had gotten my car towed, I couldn't pass a safety test (in VA), and I was running out of time. I still made a poor decision, but I was sort of rushed.

Anyway, is there any way to take the car back? Or am I just stuck with it?

Yes you have. You're stuck with it. Even if they did take it back, you'd have to pay a nice size Early Termination fee. The dealership is not going to lose money on the deal. Ironically, you probably could have sought out a Certified Used Corolla for a lot less than the deal you made.

[FlawedLegacy]

I bought my 09 Corolla LE in March 2010 with 16K miles and payed $14K. Thanks to 2.9% APR and $5K down, payments are $199... key word... bought. I will NEVER lease. At least you got a nice ride! Enjoy it!

[CanadianXRS]

This is a harsh thread. Personally I think starting a thread asking people if they think you got a good deal is the stupidest thing. If you already have the car what difference will it make and the only relative comments are from people who live in the same state/province because cars are different prices and fees and taxes are different.

I DOUBT I WILL EVER BUY A CAR! I am a strong believer of leasing. I hope I don't own this Corolla or any car for more than three years. I already know if the Toyota FT-86 arrives in spring 2012 my Corolla is out! It is easier to change up vehicles when you dont own them and have to deal with lost value. Cars are guaranteed to lose value fast!

Ask yourself this. Could I have afforded to get a 2010 vehicle if I didnt lease? For the payments you are making you probably could have purchased a used 2007 Corolla or older, would you have wanted that?

Enjoy your Corolla for the next 36 months, then go through the joy of getting yourself another car of your choice. Hell maybe in 36 months you will have 4 kids and need a Sienna, maybe you will change jobs and need a Tundra, maybe gas will be $9/liter and you can lease an electric car.

Visit this link and see the benefits of leasing:
http://www.bluinc.com/news/lenstop10.htm

[cabur]

+1
Should've ask before.

[SuperchargedMR2]

Originally Posted by CanadianXRS

This is a harsh thread. Personally I think starting a thread asking people if they think you got a good deal is the stupidest thing. If you already have the car what difference will it make and the only relative comments are from people who live in the same state/province because cars are different prices and fees and taxes are different.

I DOUBT I WILL EVER BUY A CAR! I am a strong believer of leasing. I hope I don't own this Corolla or any car for more than three years. I already know if the Toyota FT-86 arrives in spring 2012 my Corolla is out! It is easier to change up vehicles when you dont own them and have to deal with lost value. Cars are guaranteed to lose value fast!

Ask yourself this. Could I have afforded to get a 2010 vehicle if I didnt lease? For the payments you are making you probably could have purchased a used 2007 Corolla or older, would you have wanted that?

Enjoy your Corolla for the next 36 months, then go through the joy of getting yourself another car of your choice. Hell maybe in 36 months you will have 4 kids and need a Sienna, maybe you will change jobs and need a Tundra, maybe gas will be $9/liter and you can lease an electric car.

Visit this link and see the benefits of leasing:
http://www.bluinc.com/news/lenstop10.htm

Funny, I'm just the opposite. I'll never lease a car as you are always stuck with a car payment & after 3 years of making payments you don't own anything. After 3 years of payments on my 09 Corolla S I'll own it free & clear & will have spent nothing on interest. I also like to own my car so that I can do anything that I want to it without having to change everything back before returning the car.

I used to work at a dealership & after that experience I would never lease when I saw how they dinged people when returning cars for many hundreds of $$$.

To each their own however, I just like keeping my cars for more than 3 years as once I own the car, not having car payments is wonderful. If I choose to buy another car than I usually keep my previous car as you can tell.