Price to sell a used (technically) Prius?

[Wlmblock]

Kind of an odd question so I didn't know where to post this so here it goes...

I was fortunate enough to have won a 2008 Toyota Prius. Base model. Awesome!

I don't have the car in hand yet and I'm trying to make a game plan for my next steps. The Prius doesn't fit my lifestyle (need a larger car) so I will definitely not be able to keep it.


I'd like your thoughts/opinions please...

--I'm going to try to work with the dealership to have them buy the car. Knowing that they are going to try to lowball me, about how much do you think they'd offer? I'm paying destination, registration, title, etc (if I have to buy it and sell it back). It would technically be a used car at that point but because of the demand, they could still make quite a bit of money on the deal.

--I'm contacting CarMax to see how much they'd give me.

--I'll consider a private party sale if the dealer route doesn't work to my satisfaction. How much do you think a 2008 used Prius with about 20 miles on it would go for?

All insights are appreciated!

Wlmblock

[Sheepdog]

I think you can pretty easily get 20K for it. Maybe more. Are you saying base as in no options whatsoever?

[Paducah Dave]

Hi,

If I were the dealer I would buy your Prius for $19100 and NOT contract it to you. You will save on tax and LICENCE if you sell it to the dealer before you take delivery.
That price is $2000 back of invoice less holdback so they would get an opportunity to sell and make a profit and you would not pay sales tax and lic and deal with selling it on your own. The base model is not that easy to sell because people love the smart key and rear camera options. I hope this helps.

Dave

[northwichita]

Tax implications come to mind, not owning the car lets you pay tax only on the net receipt after sale, not the initial value of the prize, at least that's what I would claim. (Novice at taxes.)- consult an expert.

[pdhenry]

A couple of months ago a used Prius would get more than a new one, since a new Prius is only a promise of getting one eventually and a used Prius is by definition available immediately. Has this changed? You should get at least MSRP (even from a dealer) since they ought to be able to sell it for more. Just MHO.

[jelloslug]

The market for used Priuses is very strange right now. There is a good possibility that you could get over MSRP for it.

[JimN]

Wlmblock, if you take delivery of the Prius you will have to report the fair market value (probably MSRP) on your 2008 1040. If you title it you'll have to pay the sales tax. When you trade it for the vehicle you want you'll pay sales tax on the difference between the price of the car & the value of the trade (at least in NJ).

If you are interested in a larger Toyota see if you can apply the "value" of the Prius to the vehicle you want. It is also worth talking to the sponsor of the contest.

Some years ago my employer gave a car away at a trade show. The winner was not happy with the car so the dealer took it back in exchange for one with more options. We paid the dealer $200 to take the original car back AND paid for the additional options. The winner received a 1099 for the MSRP.

Right now estimate your total 2008 income and add the MSRP of the Prius. Calculate the tax based on 2007's rates. Can you pay it? If not, you may have to sell the car to cover the taxes. If you go this way the reportable amount should be the actual amount received (fair market value).

A Prius with the wrong option package and/or color (even Barbie pink) for the price of the taxes is a good deal.

Best wishes for getting something you'll be happy with.

[JamesWyatt]

Sit in the back seat of one... Also fold the rear seats down flat and observe the cargo room before you say you need something bigger... unless you have a spouse, four kids, and a giant show poodle.

[donee]

Hi Wimblock,

Yes, do go try the Prius on for size. It has more leg room in both the front and rear seats than a Honda Pilot (for example). It might supprise you how versatile the hatchback is too. 8 foot lumber can be completely contained in the car. And there is also a lower trunk compartment below the rear load floor.

The only non-starter for some people in the Prius, is if your tall with short legs. Torso-dominant people tend to be too high in the seat, to see straight out of the wind-screen, even though they have head room. The front seats are more like mini-van seats in an up-right position.

[Wlmblock]

Thanks for everyone's input! Very helpful!

To answer some of the questions...

--I'm a non-biased driver. I don't care much about what I drive as long as it works well and meets my needs. I do care about some non-essential luxuries such as auto climate control (I can't help it!). In any case, I'm totally open to keeping the Prius if it works for me. My friend has one that I've been in a few times and it seems smallish for the stuff and people I haul around, but I'll check it out again before making a decision.

--I don't have a clue about the particular Prius I won. I'm not sure if it even exists right now. In my simplistic way of thinking, the sponsor would send a local car dealership a check to be used towards purchasing a car. But maybe they already purchased the car from the manufacturer and it gets shipped to a local dealer? No idea. All I know is that it's a "base" model. As JimN said, it might be Barbie pink. Hmm... I wonder how that would look with my complexion.

--Assuming I'm not keeping the Prius...I will see if the dealer can buy it without me owning it first to avoid the title, registration, etc. fees. You all made me feel better about the price I might be able to get.

--If selling it doesn't work out, I'll see if I can strike a deal with the dealership to trade in the Prius for some other car that might work better for me. I have to do some research as to what kind of car that might be.

--I do know about the taxes that I have to pay. It's a good bit of money but I figure that it's still a win-win for me. Either I sell the car and walk away with a nice chunk of change or I trade it in and get a sweet deal on a different car. Not bad!

Thanks again everyone!