July 2008 Lease Rate for 09 Toyota Corolla

My Take: ’09 Corollas will probably be difficult to get at invoice. Edmund’s TMV reports only about $300 off MSRP. Then again, I take Edmund’s TMV with grain of salt. Here are the numbers on a very well equipped ’09 Corolla LE.

  • MSRP $20,805
  • Invoice $18,449
  • Standard inception fees plus taxes
  • Rates in BOLD

Monthly Payment $218 at invoice, $288 at MSRP, $275 at TMV.

If you tack on your local taxes, you’ll be paying over $300 a month over 36 months at MSRP and TMV. Would I lease it? Probably not, I’d rather buy it since it’s a relatively inexpensive car.

Toyota Corolla LE
36mo/15k – residual 61% – money factor .00188

4 thoughts on “July 2008 Lease Rate for 09 Toyota Corolla

  1. It’s more of an average, so they take in consideration leases, purchases, people who pay MSRP, discounts only available to purchases, etc… So when it comes to leasing specifically, it’s somewhat inaccurate. For example, TMV was showing $7500 off MSRP for the EX35. I spoke to my dealer and he said that it was possible only for a purchase, not a lease. As a matter of fact, that kind of cash isn’t even available with special financing.
    Another example, when I leased my G37, TMV stated at least $300-$400 over invoice, I got mine for $37 over invoice. Good concept, poorly executed.

  2. oh i see, thanks. i will say that it provides some sort of benchmark which is nice, because otherwise i’d have no idea which cars are selling closer to invoice vs. mspr, factoring in the incentives. its clear the accord/civic are hotter than the g35 for example. maybe its better to use it directionally vs. a specific selling price eh?

  3. True, it does help give you an idea, thats for sure. Still, I would recommend always shoot for invoice + rebates and go from there. If there is a lot of dealer cash available, you may want to go lower.

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