What to Watch Out for on a Used 2002?

[Linda L]

Hi all -

Well, the 2001 I had my eye on got sold out from under me, since I couldn't go see it until this weekend (it was 275 miles from where I live).

So I now am looking at a 2002 which seems to be well equipped. It does have cruise control and navigation, which the 2001 lacked.

The dealership knows I am coming first thing Saturday to look at the car, so hopefully it won't disappear between now and then (this dealership is about 200 miles from where I live).

Is there anything in particular that I should be aware of about the 2002s--such as any particular problems in that year model? The car is at a Toyota dealership, and they assure me it has had all necessary recalls done, and has been checked over and serviced by them.

Linda

[statultra]

if all the recalls are done on it good, and any maintenance, like uh inverter coolant and hybrid transaxle coolant changed thats also good.

[NoMoShocks]

I would be very warry of the price. Prices for used cars are too high and interest rates are higher on used car loans. Here is a comparison based on some assumptions you may need to adjust to fit your own situation.

Option One

Buy used 2002 Prius with 75,000 miles for $15,000 (KBB.com Retail)
Drive 15,000 miles per year for 3 years to 120,000 miles.
Then buy 2005 Prius with 75,000 miles for $15,000
Drive 15,000 miles per year for 3 years to 120,000 miles.

$5000 trade in on second $15,000 car.
Total Cash Price = $25,000
First car 3 year loan for $15,000 at 7.27% interest rate.
Monthly payment = $465.
Second car 3 year loan for $10,000 at 7.27% interest rate.
Monthly payment = $310.
Total payments over six years = $27,900.
End six years owning 9 year old car with 120,000 miles on it.
Residual Value $5,000
Cash Cost of Ownership = $20,000
Finance Cost of Ownership = $22,900


Option Two

Buy new 2008 Prius Pkg 2 with 0 miles.
Drive 15,000 miles per year for 3 years to 90,000 miles.

Cash Price $25,000
With 6 year loan at 7.14% interest rate.
Monthly payment = $428
Total of payments = $30,816
End six years owning 6 year old car with 90,000 miles on it
Residual Value $8,000
Cash Cost of Ownership = $17,000
Finance Cost of Ownership = $22,816


Option Three (If you were planning to pay $15,000 Cash)

Buy new 2008 Prius Pkg 2 with 0 miles.
Drive 15,000 miles per year for 3 years to 90,000 miles.

Down payment = $10,000
With 6 year loan at 7.14% interest rate.
Monthly payment = $257
Total of payments = $28,485
End six years owning 6 year old car with 90,000 miles on it.
Residual Value $8,000
Finance Cost of Ownership = $20,485