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So things have changed..

Discussion in 'Gen 2 Prius Main Forum' started by warriordude07, Jan 16, 2011.

  1. warriordude07

    warriordude07 Junior Member

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    2004 Prius
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    Last time I posted I was getting a 07' Prius Base with 80k on it for just under 9.. found some hidden fees and things before purchasing and it nearly bumped it up to 10,500 after financing.. couldn't afford it so I am playing the waiting game. In 2-3 weeks I'll put down a grand or two down on one. My question is this. I currently owe $3,626 on my Matrix and they said I could get between 4 and 5k in a trade in.. There's a 04 Prius with 99k on it for $7,100, first off, is that a good deal? Second if I get, we will say $4500 on my trade in.. will that knock 04 Prius down to $6326? Let's say I throw $1326 down as a Down Payment.. and make it an even 5k.. does that make the sales tax come from the $5000 or will that sales tax be from the original $7100 price tag? I'm kinda confused on how this whole paying off a loan and taking off the excess amount offered on the trade in works. Anybody give me a good example? The car I'm looking at is 75 miles away. I don't know if I want to drive there and back just to test it.. because I have a family member being my cosigner and they aren't going to go with me.. our bank is here so the check for the loan would have to be written out before I even go look at it. What is everyone's opinion?
     
    #1 warriordude07, Jan 16, 2011
  2. brick

    brick Active Member

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    Not sure about Ohio, but where I purchased the sales tax was based on purchase price minus trade. As for the loan, that gets paid off at purchase time. Cost to you is the purchase price minus the trade-in value, plus whatever it costs to pay off the loan on the day of. Let's say $7100 for the car, $4500 trade in value, plus $3626 to pay off the loan means you pay $6226. Tax should (I assume?) be based on $2600. Add the title fee, registration fees, subtract your down payment, and that's what you need a loan for.

    Next question: what year is your Matrix, what kind of shape, miles, etc., and do you really want to trade in on an '04 Prius? The '04 should be a good car but some things changed for the later models. Complaints related to traction control decrease around '06 or '07 (revised programming we think), interior trim changed, the MFD problems pretty much went away after '05.
     
    #2 brick, Jan 16, 2011
  3. richard schumacher

    richard schumacher shortbus driver

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    Drive the Matrix until it falls apart, and meanwhile save up to buy your next car with cash.
     
    #3 richard schumacher, Jan 16, 2011
  4. cwerdna

    cwerdna Senior Member

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    Agreed, unless the Matrix is getting very unreliable or in need of some very pricey repairs or maintenance.

    Regarding whether trading in saves on sales tax, see the table at the bottom of What Fees Should You Pay? — Edmunds.com.
     
    #4 cwerdna, Jan 16, 2011
  5. warriordude07

    warriordude07 Junior Member

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    My Matrix is an 03 and a rebuilt salvage.. that's why I'm very impressed that I was offered 4500 for a trade in. 125k miles on it.
     
    #5 warriordude07, Jan 17, 2011
  6. warriordude07

    warriordude07 Junior Member

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    I wouldn't mind looking in to an 06-07 but I really don't after all these hidden fees and a 6.5% interest rate, want to pay over 8k after trade in and throwing down 1k. If anybody knows where I can find an 06 or 07 for 8 or 9k with less than 100k miles let me know. I was going to bite on an 07 with 80k miles for 9k but the auction charged like 500 for a sale on top of the listed price as well as a required inspection for 250 and then shipping from FL was 660 bucks.
     
    #6 warriordude07, Jan 17, 2011
  7. warriordude07

    warriordude07 Junior Member

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    I wouldn't mind keeping my matrix as there hasn't been any MAJOR problems. Sometimes it doesn'tstart on the first try and a hubcap is missing lol but other than that it has gotten me from A to B. One thing I don't understand is my gas mileage is HORRID. I don't know why Im only getting 230-240 miles on a fillup with it.. it's supposed to be way more fuel efficient.. even in the winter. I'm a 21 year old College Student and I'm thinking about transferring to a community college in the fall.. therefore I would appreciate 50mpg when school is 40miles round trip everyday.. plus I might pick up a summer job in a different town.
     
    #7 warriordude07, Jan 17, 2011
  8. cwerdna

    cwerdna Senior Member

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    Maybe it being salvage is part of the problem?

    Define "HORRID" and your driving profile (% of city vs. highway, speeds, how much stop and go, etc.). How many mpg when calculated manually? Define "way more fuel efficient". Looking at 03 Matrices with auto at Side-by-Side Comparison, I see combined mpg ratings of 25 to 27 after adjustment by formula to the newer EPA test.

    Tire pressure? Alignement? Oil overfilled? Any warning lights?

    To better set your "50 mpg" expectations, see CR's restults at ConsumerReports.org - Most fuel-efficient cars.
     
    #8 cwerdna, Jan 17, 2011
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