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Trade In '04 for '06

Discussion in 'Gen 2 Prius Main Forum' started by nikkiusaf, Nov 25, 2005.

  1. nikkiusaf

    nikkiusaf New Member

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    I have an '04 Prius, package 7, that has 21,000 miles on it, a few repainted (not very well) dings on the rear fender, and some scratches on the interior surfaces. I really want to get an '06 if only for the MP3 and audio-in capability. And the Silver Pine color.

    Is it worth it? I was just about to rip my dash asunder just to put in an audio-in jack, but having to take the entire dash apart to install a ghetto little wire makes me nervous. Plus I'm just lazy.

    I realize the new model (package 4 or 5) will be about $26-$28,000, and I have $11,000 left to pay on my loan for the '04.

    Any financial analysis advice would be great! I am just wondering what I might get for my worn-in '04 from either a private sale or the dealer. I would like to hear some experiences with trade-ups.

    I'd be willing to sacrifice up to $2,000 just for the MP3/audio in capability!

    Thanks,
    NIKKI
     
    #1 nikkiusaf, Nov 25, 2005
  2. jamarimutt

    jamarimutt New Member

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    My suggestion is to wait for the new Prius due out in 2008 or 2009. The 2006 is nice, but it's not that different from the 2004. If you have lots of money, though, go ahead and trade in your 2004 at a substantial loss.
     
    #2 jamarimutt, Nov 25, 2005
  3. Jack 06

    Jack 06 New Member

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    Here's what you do. You go to Kelley Blue Book online (kbb.com). You input information about your car. It will tell you what your car is worth in your ZIP code.

    It'll give you three levels: its value as a trade-in, its value if you sell it to a private party, and its value if a dealer is selling it.

    In your case, I've done it for you, indicating "good" condition rather than "excellent". If you clean it up and can say that its running condition is excellent, it's worth more than the following values:

    Trade-in: $20,500

    Private party sale: $22,315

    Retail (dealer): $25,685

    Suppose the dealer gives you the above trade-in toward a $28K '06. The difference is $7,500, plus your payoff on the '04 is $11K = $18,500.

    Next question. :p
     
    #3 Jack 06, Nov 25, 2005
  4. nikkiusaf

    nikkiusaf New Member

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    hey thanks everyone
    I did the KBB and ebay research, but I never trust what they say because people react so differently to different car issues. I for one wouldn't buy this car with all these scratches. (I also want an '06 because I'm tired of the interior panels scratching so easily and conspicuously)

    Anyway it looks like I would lose $10,000 or so! I can live with a jerry-rigged stereo.

    and by the time the new redesign rolls out, who knows what fancy must-have things will be included!
     
    #4 nikkiusaf, Nov 25, 2005
  5. PetersPrius

    PetersPrius New Member

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    East Hampton, NY
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    2010 Prius
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    III
    I'm trading in my '04 Pri, pkg5 for an '06. The dealer is giving me 19k for it !
    not bad since I went to 2 other dealers and they offered 17k & 18K.
     
    #5 PetersPrius, Nov 26, 2005
  6. Jack 06

    Jack 06 New Member

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    That's because, as per KBB, they can get around $25K for it! And, selling privately, YOU could probably get $23-24K for it, "making" yourself another $4-5K.

    Why not?
     
    #6 Jack 06, Nov 26, 2005
  7. Maytrix

    Maytrix Member

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    If you really want to know what you'd get on trade-in, go to a dealer and find out. KBB is a good reference, but not as good as getting the real deal.

    You may find it's worth more than you think.
     
    #7 Maytrix, Nov 27, 2005
  8. deh2k

    deh2k New Member

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    2005 Prius
    Don't forget should get about $3,000 in tax credit if you buy in (early) 2006.
     
    #8 deh2k, Nov 27, 2005
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