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Value > Payoff... sell? (2008 Base model)

Discussion in 'Gen 2 Prius Main Forum' started by Rick12Player, Aug 15, 2012.

?

My best option is...?

  1. Trade it in at a Toyota dealer for a new Prius

    0 vote(s)
    0.0%

  2. Take CarMax's check and buy a new Prius

    0 vote(s)
    0.0%

  3. Just sit tight... value is holding (seems unlikely though, but what do I know)

    4 vote(s)
    100.0%
  1. Rick12Player

    Rick12Player Junior Member

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    Hi everybody. Been a long while since I logged in, wow it looks a little different around here, LOL!

    I just looked at kbb and noticed an '08 base in very good or excellent condition like mine is pushing $11K in my area (DC, NoVA actually). My payoff is waaaaay less. Would this be the perfect time to trade in and trade up? If so, what's the best, trade toward a new Prius, or take CarMax's check and put a whopping down payment on a new Prius? Thanks gang! Glad to be back! Cheers, J
     
    #1 Rick12Player, Aug 15, 2012
  2. asianstyles

    asianstyles New Member

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    Take it to Carmax and see what they would offer. KBB can be really high sometimes, and you might not get as much as you think.
     
    #2 asianstyles, Aug 15, 2012
  3. xpcman

    xpcman Senior Member

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    When the price for gas goes up then prices for used Prii go up.
     
    #3 xpcman, Aug 15, 2012
  4. Rick12Player

    Rick12Player Junior Member

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    Thanks for the replies. So do they think gas prices will keep going up even as we wave goodbye to summer? I don't really follow that kind of stuff :oops:
     
    #4 Rick12Player, Aug 16, 2012
  5. Rick12Player

    Rick12Player Junior Member

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    Thread revival.... now KBB is saying $7K! :mad:
     
    #5 Rick12Player, Aug 1, 2013
  6. PriusGuy32

    PriusGuy32 Prius Driver Extraordinaire

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    2008 Prius are selling for $13-$15k in my area on the private market.

    Dont listen to KBB. If you are bent on trading up, sell it privately (dealers always pay less for used trade-ins), collect your $13k and come out much better than you would have the dealer (carmax OR toyo). Jmho.
     
    #6 PriusGuy32, Aug 1, 2013
  7. Rick12Player

    Rick12Player Junior Member

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    Since I'm a stone's throw from 100K miles, I'm thinking it might be a good time to unload it, before things start falling apart every other month. So you're saying I can expect somewhere in the general vicinity of $13K for mine? Maybe a tad more here in the DC area? Or will this car keep on truckin' with no major repair needs for a few more years?
     
    #7 Rick12Player, Aug 1, 2013
  8. PriusGuy32

    PriusGuy32 Prius Driver Extraordinaire

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    I cant say anything about having no repairs in the next few years, that's a gamble with any vehicle. But I think the consensus here is you "should" be fine.

    If you are bent on selling it, put it on the private market and wait. I just checked craigslist in my area and found 2008 Prius ranging from $9800 to $13000. The one close to $13k had 80k miles.
     
    #8 PriusGuy32, Aug 1, 2013
  9. Rick12Player

    Rick12Player Junior Member

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    Cool, thanks for the input!
     
    #9 Rick12Player, Aug 1, 2013
  10. PriusGuy32

    PriusGuy32 Prius Driver Extraordinaire

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    I always seen Gen3's in my area for $14-$16k, and knowing I can probably get $11-12k for my 2007, I keep on thinking about the possibility :D

    Truth is, I hate having car payments. I'd like to pay this one off and enjoy it for at least a little bit before I take on another note. But whats the old saying? Old enough to know better but still young enough not to care? haha
     
    #10 PriusGuy32, Aug 1, 2013
    TheEnglishman likes this.
  11. Rick12Player

    Rick12Player Junior Member

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    Ours is paid off this year, so it's tempting to live car-debt-free for a while, too, but I'm thinking with rates so low, it would be best to sell, take a chunk of the money to pay down other higher rate debts, put some of it down, and have at least a lower payment than we do now. What are car loan rates looking like these days? We just bought a house so that will dent our otherwise awesome credit scores... something to consider.
     
    #11 Rick12Player, Aug 1, 2013
  12. PriusGuy32

    PriusGuy32 Prius Driver Extraordinaire

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    #12 PriusGuy32, Aug 1, 2013
  13. Rick12Player

    Rick12Player Junior Member

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    LOL I do have friends in K'zoo I need to visit ha ha ha ha
     
    #13 Rick12Player, Aug 1, 2013
  14. emsee

    emsee New Member

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    I'd ask, how many miles are you driving a year in the next few years?

    Besides that, it sounds like selling this one and easing your other debts would be the best financial decision. Used car rates are LOW, at least with credit unions and a good credit score. ;)
     
    #14 emsee, Aug 4, 2013
  15. TheEnglishman

    TheEnglishman Member

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    Whatever happened to the idea of driving your car into the ground during tough financial times? There won't be a dramatic improvement in a new Prius (yes there's a few innovations, but it's not like going from Ford Excursion to a new Prius). I'd say it would be a bad financial decision. Pay off your car and your only expenses will be gas, maintenance, and insurance -- all of which are very minimal on a Prius. Think about saving for a fourth gen. ;)
     
    #15 TheEnglishman, Aug 4, 2013
    Data Daedalus likes this.
  16. TheEnglishman

    TheEnglishman Member

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    For the record... KBB is garbage. My 2009 Civic with 97K miles was in fair condition (it had rear bumper damage). KBB said it was worth $6K. Toyota gave me $10K for it when I traded up for a slightly more expensive gen II with a new TB. :)
     
    #16 TheEnglishman, Aug 4, 2013
    Data Daedalus likes this.
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