Opinions on my situation?

[BellaInAZ]

Originally Posted by Husker4theSpurs

OK guys ... I didn't explain my situation very well. I apologize.

My '07 MDX is paid for ... The Toyota dealer was offering me $26,500 for a trade-in ... most sites end up showing it being worth $32,000 or so. Then they bumped it up to $27,500. The MSRP of the Prius I put the deposit down on 6 weeks ago (which is now in) is $28,800 or so. So I would still be paying $1300+ out of pocket.

I figured they would not write ME a check even though I thought my car was worth $32,000, but I thought a straight across trade just might be the worst I could do given the state of the SUV market. Seems not to be the case though.

Also adding to this is that my MDX has some accessories on it that wouldn't be reflected in the value of the car on a valuation site ... I know that's not a huge deal, but it makes it even more of a bite to take this hit.

Given a 7% sales tax ... I would have to be able to sell my MDX for $31,000 privately to "break even" versus trading straight up for each car with no money exchanged ($29,000 MSRP of Prius x 7% tax = near $2000). Anything over $31,000 would be what I would be ahead. Then the question is ... how much do I think I can get privately and how much money is it worth me to not have the hassle of selling it?

I like the CarMax idea ... I just might give them a call ... thanks for that idea and thanks to everyone who has had input so far.

Your clarification changes everything in my eyes. If I were in your situation, with the MDX being paid off and all, I would be sitting in my new Prius right now. No joke.

The market is what it is. Sure you have done some upgrading to your vehicle but it's still an SUV and like people have mentioned, it's not an SUV market right now. I think you should take what you can get for it now. Then you will have the piece of mind in knowing that you'd be living green and paying substantially less for a full tank of gas. Oh and you have the exact Prius you wanted at the height of demand while the rest of us wish we were you.

But hey, that's just me.

[EJFB1029]

In a private sale, there is no sales tax involved for you per se, and if there is one, its the buyer who pays that, not you. Its not an SUV market, but you have a decent vehicle in that it is an Acura, so tell them you want an even trade if possible. They are close, but they can sell your Prius for more than you will pay for it, if they are selling at MSRP, so sounds like a no brainer, get the Prius if thats the car you want.

[Husker4theSpurs]

Just found out ... guess I had it wrong ... the offer was even worse than I first heard it ... $24,600 and then bumped up to $25,600. Now that I think about it, I kinda just checked out when I heard how low it was ... so basically they want me to pay $3200 to trade.

Feeling even less likely that I'll have a Prius ...

I'm going to see what CarMax can do for me tomorrow.

[Godiva]

I agree with BellaInAz.

You have no guarantee that a private sale would even equal what the dealer is offering you. And no idea how long it will take to sell.

In the meantime the dealer could sell your Prius out from under you and you'll have a wait of several months. With the possibility of paying OVER MSRP.

Consider the loss balanced by what you'll be saving in gas once you start driving your Prius.

[Sheepdog]

You will recoup the 3200 in no time with buying less gas. The more you drive it the quicker you recoup. The MDX is nice but it is falling fast as the price of gas goes up. That wont change and likely will get worse.

The Prius will likely get more expensive as time goes by. I wont sell mine but was just offered more money for mine than I bought it for even with 5K miles on it. It will only get more valuable as time goes by. Think of the price of crude oil being your Prius.

I personally would drop the 3200 (offer them 2200) and run with the new prius.

I bet they would take then 2200 if you had cash. Even promise to service it there.

My suv got 15 to 17 mpg and it was killing me even at February prices for gas. I took a hit on selling it then. I have so much cash left over each month that I dont buy gas with it's incredible. Think it was like $800 month for gas then now about $100 maybe. My wifes Jeep Liberty was almost that bad. That $1000 a month difference in gas not bought will cure my upside down pretty quckly!

[jamgolf]

Prius is a great vehicle but so is MDX. Your MDX is paid for and has room for 7. Its quite a luxurious vehicle. Unless you really really want the Prius you can stay with the MDX.

Also - while the SUV market is hurting right now, it worst at the truck based SUV end (Expedition, Tahoe, Suburban) the cross-over market is doing a little better and many people (myself included) are considering downgrading from the extra large to the medium-large SUVs like MDX, Acadia, Enclave, TaurusX etc. These vehicles offer seating for 7-8 at about 25%-35% improvement in fuel economy.

Any way looks like you'll be driving a nice vehicle either way. Both Prius and MDX are great vehicles - just very different.

[galaxee]

Originally Posted by Husker4theSpurs

The Toyota dealer was offering me $26,500 for a trade-in ... most sites end up showing it being worth $32,000 or so.

remember that private party sale and trade-in are very, very different values. dealer trade-in value is far lower than private party sale- double check what number you got from whichever website you were using.

also, you're trading from a used car (yes, you may have bought it new, but now it's used) to a new car. there will be a premium for that- new cars are expensive at purchase and expensive in depreciation hit in the early years.

how long will it take you to use $3200 in gas in the MDX? looks like about 13600 miles based on the epa rating of 17 mpg- so how long will it take you to drive that many miles? after that you start winning the game.

[SW03ES]

If you really want the Prius, $3200 is a small price to pay IMHO to get it done now.

If its not a hardship, I'd keep both. Take out a low interest rate loan on the Prius and hang onto the MDX until things get better. They will...this gas crisis and the press around it won't last forever. Even if prices don't come down people will get accustomed to it, just wait and see.

[pewd]

Originally Posted by Godiva

I agree with BellaInAz.

ditto.

SUV trade in values are dropping by the day.
whats the mpg on that thing, about 18?
oil popped up again today. if this keeps up much longer we'll be melting down SUV's for scrap metal.

[Husker4theSpurs]

Thanks to everyone ... I ended up doing the deal. I am the proud new owner of a Black Touring Pkg #6. I will have pics after the tinting is done, etc.

I thought and thought and checked CarMax, etc. The deal was not good, but finally I thought about how the SUV market will probably get worse if anything and a Prius will hold its value better. I drive 20,000 - 25,000 miles/year, so my gas savings over a year @ $4/gallon is over $3400 ... plus my registration and insurance BOTH will be half of what they were in the MDX.

It really just came down to the fact ... I WANTED A PRIUS ... you can make arguments anyway you want (keep or trade), but it just comes down to the fact I wanted it.

Again, thanks to everyone on here. I achieved 48 mpg on the way back home (80 miles or so) driving like I always have (+4 over speed limit on highway ... @ 64mph) without babying it much. Only complaints so far are the seat comfort and stereo quality, but I expected both coming into the deal so I'm not disappointed. Absolutely loving the engine not running at stoplights and going thru parking lots and drive-thrus silently.

The cargo room is a pleasant surprise as well (again I knew it was decent, but once it's finally YOUR car you seem to take more notice of things).