Please tell me if I am fooling myself with this math for gas?

you're spot on, except a better number is your average yearly mileage divided by 12. and perhaps you should use $375/mo. instead of $400.? all the best!

 

I'd almost say more depending on how you drive. Take your 130.00 and divide it by 3.60 =36*55mpg=1980. I just bought my first Prius yesterday and my average is 54mpg so far.!

 

Ha no the newer it seems the better the gas mileage. I paid 8300 for an 07 with 94000 miles. It's amazing how well these cars hold their values. Get on craigslist and look at comperable cars to that one.. You'll be surprised at how high their prices stay

 

40 is a conservative number, but good to use in calculating breakeven in case that's all you get. 16k doesn't sound unreasonable, but more importantly, how does it compare to others for sale in your area?

 

In addition to the calculations you've already done, you should consider what is the trade-in value of the Odyssey and subtract that from the Prius purchase price (incl. sales tax and license). Then figure out what your monthly payments would be.

I also suggest you consider taking a shorter term loan to reduce the amount of interest that will ultimately be paid. Good luck with your decision.

 

Don't forget about insurance. It's likely to go up from an old minivan to a newer hatchback.

 

good point, and maint. should go down.

 

You are making your car payment from your gas savings and have $130 left over. What else needs to be said?

 

You say $350-$400/mo in the Ody. If you're truly getting 17mpg and you project 40mpg in the Prius then the monthly savings are:
$350 * (40-17)/40 = $201.25
$400 * (40-17)/40 = $230

That suggests either:
- Your calculation ignores a lot of other miles you drive:
(17 * $350/$3.61)/26 = 63.39 "days" per month, a lot of miles apart from work
- Your Ody gets a lot worse than 17mpg.

 

Sounds like you are doing 20000+ mile per year and potentially save $3000/yr on fuel.
Sounds like the 2010 Prius may have high miles on it already?
What state are you in for battery warranty purposes.

 

From your figures, that is how many work days it takes to consume the monthly amount of gas you stated.

I.e. recheck your figures. 26 miles round trip commute accounts for only 520 - 546 miles per month. The stated monthly fuel cost of the Ody requires around 1600 miles per month.

Something is amiss, or the great bulk of your driving miles is not for commuting. Rather than fuel spending, how many miles per year are you rolling up? Don't just make a SWAG from memory, get some actual concrete figures.

 

That makes an average of 1250 miles per month. At 17 mpg and $3.61/gal, that adds up to only $265 of fuel per month, about the same as the proposed Prius payment. So the Prius fuel, around $100-115 per month, will be extra spending compared to your current budget.

 

i think he's right, unless you have bill's for $350.-400., but like patrick said, you haven't factored in the trade in value.