To sell or not to sell...is that the question?

Welcome. The Prius is low maintenance. All you should need are fluid & filter changes and tires. You'll be hard pressed to find another car with lower operating and repair costs.

The only way I see you building equity is by paying off the loan then banking the payments. Relax. Your 2011 should still be going strong when you are contemplating that new 2021.

 

Where are the "run it into the ground" and "be buried in it" voting buttons?

I don't think you have much of a mileage concern, with the number of participants in the several-hundred-thousand mile clubs with these cars. I've had this '07 since new and plan on keeping it much longer. I don't have any auto acquisition plans, myself.

 

This. You seem awfully worried about the money aspect for sounding like you enjoy having a monthly payment. I would pay it off and then you can save what your payments were in order to pay for maintenance and/or another car. Actually owning your car (especially when it isn't a $500 beater) is a great feeling.

 

I voted sell later only because you have two choices in the poll. IMO, you should hang on to what you have, pay it off, and then drive it for a while longer. Put the money in the bank each month that you would pay and then after the 2011 croaks you will have a very large down payment for a new one. Leasing in my book is not a good option. All you are doing is renting a car long term. In the end you have to pay a large amount or turn the car in and start a new lease or purchase another car.

 

Keep it and wait until the initial bugs are worked out of the GEN IV. I have a 2010 with more miles and will milk it until at least 150,000 miles.

 

In the long run, you must lose it. Cars are depreciating assets, the only way to avoid that cost is to not have them in the first place. If you elect to keep one, the next best ways to keep down that cost are to minimize the value of the acquired asset (i.e. buy used), or stretch that depreciation over as long a time period as practical (i.e. buy and keep for a long time). Don't sell until the cost of repair per mile driven equals or exceeds the depreciation on a newer replacement.

My first Prius was upgraded after three years, but that was an anomaly for my household. All other cars have stayed in the household more than a decade. That first Prius replaced a 23 year old car that was still economical but way behind the modern safety curve. The spouse's daily driver is now 26 years old and has been showing questionable reliability only in the last year, though I've long wanted to get rid of it for the same safety reasons as that 23 y.o. car. And our young Subaru (two years old) replaced a 17 year old predecessor that finally became to repair. Over the long haul, all this has been much cheaper than frequent trades and financing.

 

about the only expensive thing that might break that's not under warranty is the a/c, and maybe brake actuator, but both are very rare. of course, we can't guarantee that nothing will happen, but on average, the best economic policy is to keep the car as long as possible.
i get a new one every 4 years or so, but it's expensive to go that route.

 

In NJ you have CARB warranty for 150k-miles and 10-yrs, which is nice to let you hold car until then.
So be careful you are not jeopardizing that status if the proposed vehicle is from PA lease owner or something like that. On the surface I do not see doing this unless there some feature you need now, such as v wagon or Plug-In or something like that.

 

hmm. 2011 one owner Prius with 66k miles for $10k. I'll take it. That's a deal. I value miles at $.10/mile on car purchase price. The next owner would have a great deal at $10k.

My thought is why would you even consider that offer?? It's worth more...


iPhone ?

 

I'd keep it for the year as I don't define 64K miles on a Toyota Prius as being "high miles".

Assuming you haven't been abusing it or neglecting basic maintenance, I think it much more possible that you drive it for another 12 months with little to no problems. I'd easily take that gamble.

 

Your car is good for 150k miles, and the hybrid system will have a warranty for that many miles. Financing a car is expensive, leasing a car is even more expensive, if you are worried about money for heavens sake keep the car to 150000 miles, save for the next car and pay cash. Don't give away your money to a damn banker or a leasing company. This is just an old man's advice who has been through it all.

 

Listen to what Munspot said. Wisdom is speaking. Cars are simply a tool to be used for a price. In the long run you make more money with the less payments you have.

 

Because it is still there, even if implicit and hidden by the structure of the contract.

 

as munpot said, your hybrid components are under warranty for 10/150.

 

...10yr /150K miles and so far the OP does not understand this enough to make sure the proposed purchase also qualifies for CARB

 

I was in the same boat going back and forth for the last 2 weeks. Carmax offered me $10,000 for my 2011 2 with 64,700 miles at the time with front bumper damage and windshield nicks.
My loan remainder is $6500. I was looking at either a previously leased 2013 Volt for my commute or to get something I could take up to Tahoe without swapping the wife for her CRV (she hates driving the Prius) Subaru Impreza hatch, or a 1 year old Legacy but in the end decided that paying it off and keeping it until I NEED a newer car for some reason was the most economical way to go.