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Considering paying cash for an '02 with 255k miles for $3800K

Discussion in 'Newbie Forum' started by CptnDriveThru, Jul 27, 2013.

  1. CptnDriveThru

    CptnDriveThru Junior Member

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    Hey everyone! I'm brand new to the forums. I was in an accident last week that left my car totaled, and I'm about to have $3800 to play with for getting a new vehicle. I'm seriously considering a nearby used 2002 Prius with 255K miles on it with an asking price of $3,991 (I'll try to talk them down to $3800 out the door) that I may pay cash or partially finance to keep some additional cash from the deal. I haven't checked it out in person yet. If that car isn't going to pan out I'm also going to look at a 2010 model with 100K on it and an asking price of $14K.

    My final option would be to consider leasing a new one and buying it later when I've finished school (I'm a senior engineering student). I can really only afford $200-230 a month max to lease or buy while in school thanks to an internship,and the Toyota website is listing lease offers right now in that range. Anybody have any thoughts on the '02 model with high mileage?


     
  2. JMD

    JMD 2012 Prius 4 Solar Roof

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    Take the 2010. Where I Live Mission Federal Credit Union offers 2% used car loans
     
  3. css28

    css28 Senior Member

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    The high mileage on the 2002 is a concern, but the age of the car is a serious concern with respect to the traction battery, unless it's been replaced. If it has been replaced you still have a rolling chassis with many miles on it and the issues that will come with that.

    Chances are you'll get much, much more life out of the 2010 @100k miles *and* more utiltiy with more power and better fuel mileage.
     
  4. CptnDriveThru

    CptnDriveThru Junior Member

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    It's definitely the next thing I'm considering. The idea of not having any payment right now, or even financing $2500, which I could pay down quicker than the terms of any loan they do thanks to my internship, is pretty tempting.
     
  5. css28

    css28 Senior Member

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    Honestly, if money is really tight and you need a very dependable car, you might do well to stick with a used Corolla/Civic/Versa/[other inexpensive economy car].

    If you're mechanically adept (and can use alternate transportation in case of a problem) then do some more research and proceed cautiously.

    While the Prius is a technical marvel and gets awesome fuel mileage its rare failures can be very expensive.
     
    xpcman likes this.
  6. CptnDriveThru

    CptnDriveThru Junior Member

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    The Carfax history on this shows extensive regular maintenance: oil changes, tire rotations, and tune-ups every 3 months for the life of the car at a Toyota dealership and it looks like it was mostly one owner until last year. There's a fender bender reported from 9 years ago, but everything else seems ok to me. According to the Carfax, the battery hasn't been replaced.
     
  7. jadziasman

    jadziasman Prius owner emeritus

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    $14K is too much for a 2010 with 100K miles. It should be about $12 to 13K. Do a nationwide search on cars.com or cargurus.com.

    Forget the 2002 Prius. Too old (mainly) and too many miles. Take the $3800 and buy an 03 or 04 Civic sedan.
     
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  8. ursle

    ursle Gas miser

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    2899$ at signing 199$ a month for a new liftback

    The 02 might not be a daily driver, you never know
    The 10 @ 14k isn't bad, but new...

    bottom line, $
     
    JMD likes this.
  9. css28

    css28 Senior Member

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    I have real affection for that era of Prius. I think it's attractive and cute.

    It sounds like it's been well cared for. If you go ahead and buy it, set $1,500 - $2,000 aside somewhere to cover the unexpected. This is actually a good idea for any used car purchase, though I recommend $600 - $800 for a conventional car.
     
  10. CptnDriveThru

    CptnDriveThru Junior Member

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    Money's only tight if I'm considering a cash trade and not financing a more expensive vehicle. I was 8 months away from paying off the car that got totaled, so I can look at it a few different ways:

    1) I've been financially conditioned to pay out $200/mo for the last 6 years so it's not a big deal to take that on again. I'm graduating in the spring and hopefully getting a job with the engineering firm I'm interning with, so that could help it along nicely.

    -or-


    2) I was really looking forward to having a paid off car and this could be a way to still have that and have it now, albeit on an older higher mileage vehicle. I was in an '06 PT Cruiser that had just passed 100kmi. I know I could probably get something with a little less mileage (but still high) for between $3-4K but this could potentially be a cash deal on a car with great gas mileage. Even if I finance roughly half of it to keep some insurance money up front, that's nothing I can't pay off in short order with the internship/future job.

    I'm a mechanical/aerospace engineering student and love learning tech, so I do think I could tackle some of the issues myself. I could consider putting a new battery in right away and financing it, too.
     
  11. css28

    css28 Senior Member

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  12. Bob G IA

    Bob G IA Member

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    There are several things to think about.
    1. How important is dependability to you now & how important will it be once you have a job?
    I.E. What are your options now & in the future if your car lets you down?
    2. How many mile per day do you drive now?
    3. How many miles will you drive once you graduate and start working?
    When I graduated and got a job I had a 10 mile round trip 100% city commute for 5 years. About any car can handle that commute. I then moved and did 8 years of a 108 mile round trip which was 95% freeway. Now for the last 13 years I have been doing a 75 mile commute which is 1/3 two lane highway, 1/3 freeway, 1/3 city.
    Each type of driving puts different stresses on a car.
    The short in town drive raises havic with the intake portion of the engine due to low engine temperatures.
    The long freeway drive was torture to the body and suspension of the car. I live in a climate where they use a lot a sand & salt in the winter. The Ford Escort wagon that I ordered new from the factory was a sand blaster rusted carcus after 260K miles.
    The mix of city, freeway & 2 lane roads has killed several automatic tranmisions. There are too many areas where the transmission gets superheated & then traffic stops which results in reduced cooling for the transmission.
    Personally, due to my long commute I picked a 2010 Prius because I like the technology improvements of the Gen III without a huge price penalty over non-hybrid cars. Also due to my long drive I have been left stranded by my previous cars several places along the way. I need a car that will minimize how often I get left stranded including winter driving. I love my Prius for summer, winter.... well we will see.
     
  13. massparanoia

    massparanoia Active Member

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    $3800 will land you a decent used corolla/civic etc that will have less than 255,000 miles and have less costly components to replace when they fail.
     
  14. robtco99

    robtco99 Junior Member

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    I would agree if you want a cash car stick with a small cheap foreign car. I would recommend against the gen 1 prius.

    I was in a similar situation as you a month ago and started looking for a 07-10 prius with decent miles. I couldn't bring myself to pay 12-16k for a car that already has 100k+ on it, when I can buy a brand new prius c with 0 miles for just a few grand more...
     
  15. CptnDriveThru

    CptnDriveThru Junior Member

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    Well, I ended up getting the '02 Prius anyway. Now officially an owner! So far so good. It drives fine and at ~256K miles, I just need it to get me through the next year and/or to 300Kmi (which will occur well past my college graduation date). Conventional wisdom would say that yes, I could have got a Corolla, Civic, or something similar cheaper, but after searching the websites for nearly 10 local dealers, at least 3 of their lots, the local park-and-you-sell-it lot, Autotrader, and eBay (where I even went out 200 miles in the search), this ended up being the best and easiest car to get into. I took out some private loans earlier in my academic career since the last time I financed, which took my credit down a few notches, and with my financing options limited, had to go with a cash car. It's getting towards back to school season and the budget cars were already getting picked over.

    I talked them down from $3991+++ to $3400 out the door for the Prius, so I get to keep some money. Ended up coming up about the same on insurance rates despite what they say about hybrids being higher on a policy. Also found out that a lot of the Civics, Accords, and the like go higher on insurance (at least with State Farm) because they're stolen more, so there's that comfort.
     
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  16. JMD

    JMD 2012 Prius 4 Solar Roof

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    Congrats enjoy the ride
     
  17. bwilson4web

    bwilson4web BMW i3 and Model 3

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    Welcome to the club!

    You might want to start with looking at:
    Generation 1 Prius Discussion | PriusChat

    We'll chat later schedules permitting.

    Bob Wilson
    2003 Prius
     
  18. Robmoo

    Robmoo Junior Member

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    Just paid $17500 plus $450 to have a 2010 Prius 3 with 20k mile shipped to Dallas from the Atlanta area with Carmax.
     
  19. ToyotaPrius2005

    ToyotaPrius2005 Junior Member

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  20. Travis Tortorige

    Travis Tortorige New Member

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    I'm right there with you on this one. I purchased, in July, a 2005 with 289,000 miles for $3200. Circumstances created a great deal, but some risk because of the miles. My only suggestions would be to check the oil weekly until you confirm how much the engine is consuming (otherwise you will never know until it gets really really low).

    Also, learn what you can about how well the battery works, compared to any info you can find about how it's supposed to work (this info is my challenge to get), to understand the health of the battery.

    I would strongly recommend getting an OBD2 reader from Harbor Freight. You're driving an older vehicle and the check engine light will certainly come on in the near future, for one reason or the other. The most common reason will probably be the catalytic converter related O2 sensor code. No big deal, just clear the code and go.

    Other than that, I can report that our car now has 296,000 miles and, besides my vehicular repair hypochondria, it's been a good purchase.

    Good luck, safe travels, and hammer down.