Ding Dong, Scion Is Dead (Grads, Lease An iM for $143/Month, $0 Down)
After 13 years in North America, Toyota's great youth experiment, Scion, is coming to an end. From the very beginning, Scion sought to be a different kind of car company (but not that kind), one that offered funky, inexpensive vehicles and a friendly no-haggle shopping experience. The idea was simple: by pricing all Scion models competitively, no discounts would be needed in the first place. Everybody would pay the same price.
Scion's no-haggle policy also kept residual values high, which in turn allowed Scion to offer competitive lease deals without any discounts. (Curious why residual values matter when leasing a vehicle? Read this.)
Now, though, with the brand coming to an end, dealers are starting to discount Scions as if they were any other Toyota. Combine a discount with Scion's stellar (for now) residual values, and you've got the potential for an amazing deal.
Scion's Current Lease Program - Valid Through July 5, 2016
The cost of leasing a particular car is determined by its lease program, which is set by the manufacturer, and the selling price, which is set by the dealer. Here is Toyota Financial Services's current lease program for 2016 Scion iM in Southern California assuming top tier credit:
*Assumes 12,000 miles per year. Subtract 2% from residual for 15,000 miles per year.
Scion programs vary slightly by region; ask on Leasehackr Forum for the precise numbers in your region. As for incentives, Scion offers a $750 College Graduate Rebate (for recent or soon-to-be grads) and a $500 Military Rebate.
A 2016 Scion iM Automatic has an MSRP of $19,995. According to our readers, the internet departments of some dealers in California are offering quotes of $1,500 to $2,000 off MSRP before incentives. Your selling price will vary depending on location, available inventory, and other factors.
Putting It Together
Use the lease calculator below to customize your own inputs, such as annual mileage and selling price. Here's a sample deal of a 2016 Scion iM Automatic ($19,995 MSRP) assuming a selling price of $17,995, use of the $750 grad rebate, and excellent credit.
(11/13/17: Have issues with the calculator loading? Refresh the page. We are working on a fix.)