I've got a tough decision to make: keep my baby or pull the trigger on the new one. It's primarily an economic decision. To test the waters, if you were seriously in the market for a used Prius now, how much would you be willing to pay to a private seller? The specs: Seaside Pearl Package 2 (SKS, Homelink mirror [trying to remember what else, but I think that's it]) 56K miles Excellent condition, extremely clean Well-maintained; all records available Michelin Hydroedges with ~30K miles, plenty of tread left Add-on accessories: Engine block heater Side door mouldings Mud guards Seat covers Toyota leather front end mask ExactMat floor mats (along with factory mats) Satellite radio CAN-View (I would consider selling this separately to a willing buyer) Kelley Blue Book shows it at $15,020, private party value.
I would guess the selling price private party is not going to drop too much, maybe to $14000. Its the 2009's that are going to get slammed, I would imagine one should be able to buy a new 2009 (package 1) for $18999 when the 2010's are on the lot.
I'm taking my 2006 down to CarMax as soon as I have an opportunity before the 2010 pricing gets into their computer systems. I think their offer is good for 30 days.
It looks like with the 2010 pricing announced it is really going to affect the pricing of the gen II Prius. With the price staying pretty much to what the gen II is going for and the rebate that Toyota has given to clear the remaing inventory. Please let us know what you get from CarMax on your Prius and what miles and pkg you have on it. I am curious as to I now want to get a 2010 with the prices announced.
If it is just an economic decision there is no question that keeping the older car is cheaper than buying a new one.
I'd keep it, no sense in replacing a car that doesn't need replaced. If you were keeping your current Prius and buying the 2010 to replace an older run down car that is due for replacement then I would feel differently. The new model serves the same purpose / needs. (ie it is still a midsize sedan that isn't significantly larger) If say it were a hybrid mini van or hybrid truck and those would better suit your needs then I would say go for it. You could also just hold out for the plug-in version too.
Certainly you're correct. But though, as I said, it's "primarily" an economic decision, it's not only an economic one. I now pretty much know what I'll be paying for a new one. What I don't know is what my 2005 will fetch on the current or near-term market, which could be rather volatile depending on what gas prices do in the next few weeks. I think I'll test the waters for real. I'll probably put it on the market in a few days and see what I can get. If I sell it for an amount that makes it worthwhile to get the 2010, I've got a car I can use until the new one comes in.
$6K price difference? Get the new one if you can afford it. But wait until you're sure about government rebates which are sure to come. $21K Prius looks good, though I would go to $22K to get the smart key and other extras. Better bet: wait until the dealers discount the 09s to get rid of them. Sure to happen when the 10s become available. Toyota will probably offer dealer incentives on the 09s.
There would be no reason to go from a '05 to a '09. It's the same car (except for side airbags, aux-in, and a couple other minor things). Jim wants the '10 because of the "new and improved" parts. Jim, here's my thought: wait. In a couple years, some PHEV's will be available. I know your commutes are pretty EV friendly. Especially if we get the 61mph-EV, you'll be set!
The beginning of March I bought a 2004 package 9, for $8750 on ebay. 117,000 miles, one owner, from a dealer in Wisconsin off Ebay. But I think I got really good deal, so I bet that you'd get quite a bit more out of your 2005 with fewer miles....
Along similar lines - I'm in a sell private vs. dealer trade boat. 2002 Prius w/ 54.1k miles, needs tires and some minor body work (blown tire dented the lower right rocker panel @ the wheel well, and the clear coat is damaged on the front bumper and rear spoiler). Interior is fairly clean, though slightly stained (kids). Mechanically sound otherwise. Probably in the KBB "Fair" category. Trading offers a sales tax discount of sorts on the new car. Selling outright, I'd spring for interior detail and new tires first, which would offset some of the increase "proceeds" from a private sale vs. trading. If I had any idea what the body work would cost to repair and repaint the damaged surfaces, I could make a better informed decision on selling a "good" condition car outright vs. taking the trade hit.
KBB's only showing ~$12,000 price on my '04 w/ 86k miles. I'd have to shell out at least $16,000 to get the new 2010, more if I trade in. Just not worth it in my current situation.
Perhaps get the new 2010 now before the summer gas rush, then hold onto the older one and sell at the peak of the summer "high gas price" season.
Yeah, I thought about that too, but that's a gamble. Gas prices could spike in June after an early hurricane or another Middle East flareup. Or they could stay relatively flat for months or longer. I don't need to be hanging onto to two late-model cars for an indefinite period with that uncertainty. Now, if they suddenly shot up to $4/gallon in the next couple of weeks ....
Even if you are trading a car in, always detail the car before you get a valuation. The same trick that works on a private sale also works on a dealer's staff. Make the car look its best and you will get the best trade-in valuation. It may not be worth putting on new tyres but have the seats cleaned, black the tyres and wax the paint at least. I'd even have the under bonnet detailed. I believe you will get 2 to 4 times your investment back when you trade-in.
Fortunately I'll need very little to get it ready for sale. As for the exterior, I gave it the full Zaino treatment three weeks ago. All I'll need now is to wash the pollen off and give it a once-over with Z6. I take very good care of the interior. There are absolutely no stains on either the seats or the carpet. I just need to vacuum it, scrub the (vinyl) ExactMats ... and wipe the pollen off.
That's the plan, just not sure I can "hide" the fender or paint damage, but you're entirely correct about first impressions. There's a local car wash/detail shop that sometimes has NO work middle of the week around lunch time. Out of desperation, they offer REALLY cheap detail jobs just to keep their workers from standing idle. Father in-law got a basic interior detail for $15! I need to see if I can stumble into something similar.
For those who want to trade vs. sell outright, get at least 2-3 offers. When I bought my 2004, I asked the Toyota dealer what I'd get on my wife's 2002 Hyundai Elantra. They admitted that despite the excellent condition, they'd probably auction it as it wasn't a car they wanted and thus low-balled the price. I then asked the same question at a Hyundai dealer who would simply put it on the lot same day, and the offer was a good $1000 more. Of course, two days later, I had a strong hit from a private buyer willing to pay my private party asking price, but alas. Many car dealers will work with you to buy your car even if you're not buying one there. It also helps eliminate the "shell" game where they give you a "great" trade value and then tack on silly markups or fees to make up the profit elsewhere. Start the process early enough to not be "forced" into an undesirable trade when you take delivery of your new car, but make sure your situation supports 1 less car as a result.
OK, I think I've made my mind up to keep the 2005. Even if I could get KBB full retail, it just doesn't seem to make financial sense. Thanks to all for your input.
