Considering a 2006 Prius with 91k miles...

JMD is part of the noise on this site. Requires a filter.

The Prius is nothing like a Yaris or a Honda Fit. They are completely different. New car vs. used car is an age old argument. Depreciation vs. repairs. With the Prius, the repairs are generally so low to non existent that they hold their value really well.

100K/10yr battery life is stupid. The 1st generation (pre-2003) used inferior cells and now we are seeing some failures of those. For the GenII and up, double that should be normal.

There are reports of some GenII's using oil, lots of cars burn oil at higher mileage. But it seems like if you maintain it, there is no issue.

 

I always have a hard time justifying buying a new car. I typically try finding a 3-5 year old car with as low miles as I can. I just got my 08 Prius Touring with 56k miles and package #6 for $14.7k which is about $5k less than retail bluebook. As long as everything goes as planned this car will last well longer than I will keep it.
As far as warranties go, 2K1 said it, they wouldn't try to sell them to you if they were beneficial to you. They are betting that you never use it and in a way you are betting you will. If the dealership wants to throw one in or for an extremely discounted rate I would still probably do it, but in most cases you will never use it.

As long as the Toyota dealer gives the thumbs up.. welcome! I haven't had mine long but its been great and the mileage is nice!

 

Sounds like exciting times. Congrats. You don't want to be penny wise and pound foolish. Marriage, homeownership and new car are huge steps. The used car your looking at is 7 years old I believe and over 100,000 miles. That my friend is an expensive accident waiting to happen unless your a mechanic. A new Yaris is only 4K more, hardly breaking the bank. My though is you will probably invest 4K in repairs in the next 5 -7 years easily. I rather get the new car and have no repairs for many years. You will pay sales tax on the used car also. I'm sure of you negociate you may get a grand off the new Yaris. I only selected the Yaris since it is the least expensive of all. Look you will need to crunch the numbers. I only suggest you buy what you can afford, but don't think that a 7 year old car with 100,000 miles will be a walk in the park. Just browse some of the prius chat mechanical comments for gen 2.

Your fiancé is putting on plenty of miles each day commuting to work. I guarantee this in 2 years you will have a repair bill over $1,000 and a few more after that. Just saying. If you put 35,000 miles a year on the car. In 3 years it will have over 200,000 miles. Repair bills will be a burden. Don't think about today I drove it to work and it's fine. Think about in ayear when you start the car and the dash light up like a Christmas Tree and the mechanic says new Traction Battery and inverter, talking 6K in repairs. Now start playing with the salvage yards and independent guys. They will have your head spinning.

 

You are comparing apples to oranges as well, JMD. A Prius to Yaris. In just one year with moderate driving you will spend $400-500 more in gas on a Yaris. So "only $4k more" isn't accurate. A more honest price comparison would be $11,500 for a 06 with 91k miles and "only" $14k more for a new Prius with warranty, which is more than double the price of the used car. 5-7 years with a Yaris and you will need repairs as well and it will be out of warranty, so tack on the repairs on top of that $4k. Plus you have a to factor the car insurance on a 06 vs new. Price and auto insurance are permanent and don't fluctuate (insurance will go down.. I know), repairs may or may not need to be done.

Personally I don't buy cars with that many miles.. because you never know what may happen. I try to stay under 60k but may go up to like 75k. I would try to look around and see if you can find something maybe for 1-2k more with maybe around 60-70k miles, give you a few more years of potentially less repairs, but still $12k cheaper than a new car.

 

JMD... lets face it, you will never understand or agree with the dynamics of those who choose to buy used cars. Just as I will never understand the dynamics of those that only consider new cars. But I will say your arguments are simplifying things in your favor. For example... a new car base models with no accessories verses a used car with accessories. It's easy to use the base price in simple calculations... but you have to factor in that most people will spend the additional $2k to get a car cruise control and other reasonable accessories.

I bought a 2004 Prius #9 with 72k miles two years ago for $10k (my wife drive is). The car now has 115k miles and it has been the best car I have ever owned. I have had $1,000 worth of maintenance (tires/alignment, all fluids, inverter water pump, brakes) done to the car during the last 43k miles, but at this point there won't be another repair or maintenance item for at least 50k miles. These cars have been proven to be ridiculously reliable and have very low repairs costs (cause very little is needed to be done). There longevity is only questioned by those who have no understanding or experience with the car. I would buy a 2nd gen Prius with 150k miles without a concern.

I also have a 1993 Saturn SL1 that I drive everyday. It has probably over 300k miles on it. I've owned the car for 6 months now and my only costs are the $25/month to insure it and $160/month for gas. While I understand a 20 year old car isn't for everyone... I can say beyond a doubt... that my monthly cost is way lower than most, despite my 90/mile per day commute. I don't enjoy driving it... but I do enjoy saving my hard earned money everyday and the thought the one day in the near future I'll be able to park a pretty car with a Porsche symbol in my garage and enjoy it on the weekends with my wife.


Richiemoe... congrats on your decision. Within a year, you will be astounded at how good of a decision you have made.

 

Time will tell. Hopefully that car buyer won't be coming back here with half the known problems we all read about every day reaching painfully for his wallet. At the least I can say, I told you so.

 

I'm with JMD on this one. Bad move.

A few years ago there were great deals on used Gen II Prius' (I bought one) but not any more. Used cars at this moment are WAY overpriced due to inadequate supply caused by the huge dip in new car sales from 2008 to 2010.

Sounds like you pulled the trigger. Hope the decision doesn't backfire on you.

 

Just a last talking point is depreciation.

The 5 year depreciation on the Yaris is about $5,800. Thus that Yaris in 5 years will be worth about $9,000. Again this is normal mileage. The 12 year old Prius with north of 200,000 miles will be worth $500.

That makes up for the MPG.

Repairs on the new Yaris over 5 years will be $565

The 2006 Prius will be thousands. Fair estimate is $8,0000 in repairs in 5 years.

Maintenance will be higher on the Prius as expensive repair and replacements scenarios present themselves.

Just saying.

 

Jeremy the used Prius is 11K, the new Yaris is 14K. He may get a few incentives like $500 off for college graduate or Military, etc. the Prius is 7 years old. The Yaris is new. Come on dude wake up.

Car insurance not following you. I traded in my 2006 BMW for a 21012 Prius. My Geico Insurance went down $10 a month. Same coverage limits.

It see the buyer is looking for a short term solution that Is not expensive. In a Few years he will reevaluate his car situation. To me that is still throwing good money at bad.

 

You're giving the Yaris normal mileage, but tacking on 40,000+ more miles for the Prius.
You're giving the Yaris $565 in repairs because that website says it, but are saying $8,000 in Prius repairs.
edmunds estimates around $2500(est $500 a year for 5 years) in repairs on cars over 5 years old with good track records.

After 5 years he would be at 166,000 at 15k a year. Plenty of guys here have 200k+ and have done very minor repairs. Are there horror stories, sure, but that is with any car, new or used. Cars are risks, not investments.


Why I said apples and oranges is because they are not the same car. I mean you can buy a new Nissan Versa for $12,000 but you are also cranking the windows by hand and are driving a Versa.

 

A new Yaris comes with a bumper to bumper warranty.

The used Prius your on your own.

I rather take the risk I know than the one I don't.

Used Prius with 91,000 miles and his high mileage this is just a sample.

Keep in mind the owner is not a mechanic

Traction Battery usually goes at 100,000 -150K miles $2,500 - $3,500
Inverter usually goes at 120,000 miles $1,600
Master cylinder $2,000
Transaxle $2,200

You right he may only experience some of this. The buyer acknowledges he will only need the car for a few years.

If it was me for $3,000 more money I get a brand new Yaris with a bumper to bumper warranty and new cars last a long time. I'd go that route than a 7 year old car with 91,000 miles. That is an accident waiting to happen.

Both are econo boxes.

The new car with new shocks and suspension may drive better also and current safety specs will be safer.

Look I luv my Prius but I'm trying to project out repair and replace costs here. The 3K difference is either pay me now for the new car scenario or pay me later for repairs and yes they will happen. That is the dice I don't want to roll.

Yes future resale value will be better in the new car. The used Prius will be worth nothing in a few years

 

They say battery life is regardless of mileage but time, care and environment. This is a new post today on Traction Battery failure. It is a 2005 Prius. Only made it 8 years.

 

You know, I kind of have to agree with JDM here. Now mind you, this is coming from someone who never bought a new car in their life. My philosophy has always been less than 5 years old and less than 50,000 miles. That said, my wife wanted a Prius C. I've been married long enough to say "Yes dear", pull out my wallet and shut my mouth.

We still have two other Toyotas, a 1997 with 152K and a 1998 with 196K. Dependable? Yes. Hybrid? No. Can I work on them? Absolutely. Do I care that they are essentially rolling wrecks that burn/leak oil? No really. I get to work and back in air conditioned comfort - that is about all I care about in a car.

But when offered 7 year old car with 91K when for $4K more I could have a brand new car with a full manufacturers warranty? Put it this way, I would buy another new car. $4K is buying you 91K miles. Is that a bargain or what?