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Hi there! I'm planning on buying a Prius in the spring and am researching financing options for the car. I'm exploring leasing a car for a number of reasons, but I have a question on the issue of residual value and the Prius.
It's clear from looking at used-car ads that the Prius holds value exceptionally well-- 2004 model vehicles have asking prices comparable to what they were sold for. Granted, this is southern California and the market for hybrids is tight.
My question is this: lease payments are determined by the remaining value on a vehicle at the end of the lease term. Do dealers use a rigid formula for determining residual value, or would a Prius lease be even more economical considering how well the cars hold their value?
I realize this is a speculative question, but I think it's one worth considering-- I wouldn't want to lease a car and pay more because Toyota won't acknowledge how well the cars retain their value.
Thoughts? Insights? Things I'm overlooking?
Thanks!
It's clear from looking at used-car ads that the Prius holds value exceptionally well-- 2004 model vehicles have asking prices comparable to what they were sold for. Granted, this is southern California and the market for hybrids is tight.
My question is this: lease payments are determined by the remaining value on a vehicle at the end of the lease term. Do dealers use a rigid formula for determining residual value, or would a Prius lease be even more economical considering how well the cars hold their value?
I realize this is a speculative question, but I think it's one worth considering-- I wouldn't want to lease a car and pay more because Toyota won't acknowledge how well the cars retain their value.
Thoughts? Insights? Things I'm overlooking?
Thanks!