Which is the better deal? 2011 Prius 2 at $21k or $2012 Prius 2 at $23k

You may want to check to see what finance deals are around. Toyota is offering 0% for 5 years in some states and only 0% for 3 in others.

In my case the difference was more than 5k--- so I went with the 11 --- the 12 is not going to be worth 5k more all things being equal in 5 years.


The longer you keep it the less the year will make in the final resale -- obviously you have to be happy with the equipment on the 11 vs the 12

 

If your going to keep it for several years you could get the 2011 and save 2K?

Drive them both and make sure they feel OK to you going down the road. Keep in mind the 2012 will have the mandatory government noise maker so listen for that and make sure you can live with it.

If they are different colors lean toward a color you like best. I had a car once I got for a good price but it was in a color I didn't like, I didn't keep it very long.

 

Did you check neighboring states?

I picked mine up in another state and drove it home.

 

The 0% really tilts the scales when you take it out 5 years with nothing down vs conventional financing ,,,,, especially on the more expensive models.

The only down side with extending terms is you must make sure that you are covered for "GAP". Some policies have this included others require an additional premium - don't buy it from the dealer! You don't want to have a large loss in the early years and be underinsured.

 

Just to be clear, if gap insurance is required it is to cover against your own fault. If you are not at fault the at-fault party pays and you should get full restitution: if you have gap insurance they will pay you and then chase the at-fault party for the money they paid to you.

(I know someone who had gap and had their car written off when an inattentive driver (not on a cellphone!) turned a trunk into a rear-passenger. They had gap, but turned it down on the new car they got to replace their previous one.)

 

In my research I concluded there would be a $2K difference in trade or resale between back to back model years 5 years out, but the upgrades and $500 higher list price for the 2012 II might add a couple of hundred in resale spread between 2011 and 2012's 5 years out. So, absent the cost of financing, it looks to be a breakeven deal. So the differrence will be in your financing costs in exchange for enjoying the newer model with the upgraded stereo and refreshed look.

 

The point of insurance is to provide "you" "the insured" with the coverage and to not depend on the other party in the accident -- many/ most companies pay current value.

With long term financing and leasing -- you need to have "GAP" or at least understand that you may be underinsured on an underwater loan. I don't sell insurance .... I just see the results.

 

I would go with the 2011, who needs a 2012 noise maker, plus you will save 2 k.

 

Most cars depreciate at about $2K per year - generally speaking. I agree with the other posted that thought it would be a wash. Drive both and decide if you prefer one over the other. The financing on the 2011 might be the clincher.

 

Save the 2K and spend it on a kickass stereo. For about 1K you can install a DVD/Nav system, backup camera and satellite radio. That's what I did and I love it!

 

Hi...I just bought the 2011 Prius Model 2 with MSRP $24,500 for $ 22,100 from Longo Toyota. I spent almost 2 hours haggling over the price.... oh boy....

Where do you get the 2011 Prius model 2 for $ 21K ?

 

The lowest ad price last weekend from Newspaper was $ 21,889 from Pasadena Toyota...but that price with military discount. Without military discount, the price $ 500 higher which is $ 22,389.

 

Haggle a bit more on the 2012, if you can get an additional $500 off, buy the '12, if not, still buy the '12. (I own a '11 PKG 2).

 

So I honestly don't think it's going to be possible to find a car at the $21k mark, unless you're willing to wait until President's Day, but who knows what the incentives will be... the $22k mark seems more reasonable for the 2011 in LA/SoCal - see my PM.