Prius resale value is plummeting

I agree i don't buy cars as an investment i get what i like and want to drive but resale value is going to be diminished no matter how long you keep it its just the longer you keep it the loss will be amortized over a longer time. The Prius and the Toyota products in general will suffer greater depreciation in the future then it would have had this fiasco not occurred.

Plain and simple the total cost to own a Toyota has increased.

 

I ask that in the past and my company says replacement cost, book retail.

 

My car tax bill this year listed my 2004 at $8,000 which is good and bad. Good in that the tax is reasonable, bad in that if I did need to sell it the real amount I'd get would be lame. Good thing it's paid for now so I'm not underwater or anything...

 

Only if you sell it early. The resale value of any non-collectable vehicle will drop in an asymptotic fashion, levelling off at some low value as long as the car still drives. When I sell my cars, they are only worth around a thousand dollars, regardless of the brand or original price. Putting this in your terms, the diminished value of the Toyota will be completely amortized by the time I sell my Prius.

Tom

 

But usually the cost to replace with a "comparable" used car. There are companies who will replace with new during the first couple of years. Not surprisingly, you will pay for the added coverage.

 

After it is established in the courts that Toyota isn't responsible for knowingly and willfully endangering the public, will we be able to find some lawyers to help us sue the ATAC lawyers, Kane, Claybrook, Keith Anderson, and Jim Sikes?

 

Well even if we could and won the lawyers would walk away with the millions and us owners would get a certificate worth $200 if we buy a new Toyota within the next 12 months. LOL Seriously though that wont happen dream on, plus Sikes is bankrupt.

Personally i buy a new car every 3 to 4 years usually, so yes i am one of the ones who will take a hit from this, as others have mentioned if you keep your car till it is worn out then the loss will be negligible.

The only place where we can recoup anything is when we buy a new Toyota and tell them we are not going to pay MSRP anymore for a car with a tarnished reputation. Give them your phone number, offer them invoice tell them to call you when they are ready to take your offer and walk away. If enough of us do that then the actual sales price will come down below MSRP in time.

 

I bought my Prius so that it will be paid off when I retire in three years. I will convert it to plug-in when this is made available to the Gen III. I will most likely keep this car for 10+ years. In the end I will be worshipped by the very people who are skeptical now. Peace and love!

 

Typically, even in good economic times and despite the negative news stories, dealers always offer far less than wholesale for trade-ins. They want to make at least 50-100% return when they resell the trade-in.

I wanted to trade-in my 2001 Insight when I bought our :"certified used" Prius. The dealer offered $2k. I settled at $2,500 and they put it on the lot for $6885. It didn't need any reconditioning. Just needed a light detail.

 

Keep the car until it totally dies and start saving now for retirement and a house or condo to live in

A new car every few years is a waste of money if your current one runs just fine.

 

I read just yesterday that the Prius was determined to be the most reliable compact & cheapest to operate. All this negative hype, thanks liberal press, hasn't helped the value, but once it diminishes/stops I think the value of the Prius will increase again but maybe not back to the magic values.

I suspect the recession was a significant factor in the declining value of used cars & maybe more of a factor than the runaway cars.

 

About what most of those suing Toyota will get. Their attorneys will be able to buy new Bentleys with their part of the awards (if any).

 

When my wife totaled my 1998 Pontiac Sunfire back in October my insurance company paid me the current NADA Retail value which was about 1500 above KBB + tax. They use this amount because that is what it would cost me to go out and buy the same year/model/package that I already had.

I ended up receiving around $3500 for a car with 150,000 miles on it and was getting ready to trade it in come Feb anyway to buy a Prius. I ended up having to wait til Feb still but I know the amount I got from the Insurance was much more than what it would have traded for at a dealer.

 

The AAA price for a Prius is $600 under invoice around here so go ahead & make someone happy by offering to pay invoice.


50mpg is 50mpg. China's petroleum demand is increasing rapidly. Oil (& gas) prices will rise. There will come a time (again) in the somewhat near future when SUV's can't be given away & a used Prius will have a market value near its MSRP. Higher unemployment. lower wages & more competition will cause it to be later rather than sooner but I absolutely believe it will happen. People in general & Americans in particular are lazy & shortsighted. Past events haven't caused significant changes.

 

+1 Exactly. Remember it is not just China, but India too. Billions and billions of people starting to live "american" lifestyles with a car per family and driving everywhere vs the 300million total in the us. Petrol prices are going to go through the sky soon. Not to mention China is much more buddy-buddy than the US with the OPEC nations.

 

I think you're right... Still no more posts and it looks like there's been no activity w/the OP since his original post.

It seems he threw the the equivalent of a grenade. Look at all the subsequent posts that followed because we fed him.hwell:

 

Thanks to this I was able to buy a 2007 Touring with upgraded rims package 5 with 36k miles for only 11,000$. To say my family is now envious of the 52mpgs would be short winded.

 

Dont see anyway you got that car for 11k, Sounds like one hell of a fish story to me.

Around here toyota dealers are busy, selling on average 10+ new cars a day and this is oklahoma for gods sake home of big trucks and gas guzzlers.

 

How much? You're going to make me feel bad...

 

BS. Not even for a salvaged title.