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Question about 2013 Prius persona and depreciation value

Discussion in 'Gen 3 Prius Main Forum' started by kronos89, Feb 23, 2015.

  1. kronos89

    kronos89 CHRRYPRL

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    Hello guys,

    The Wifie and i have decided its time to buy a house, and that means get rid of one of the vehicles. Unfortunately it came down to the Prius, since we still owe money on it. The car only has 35k and its running flawless after a new engine was installed by toyota.

    So to my question:
    I checked the value of the car in Kbb.com and it says 19.5k in excellent condition. However, that value is not considering the car has practically only 1k in the new engine. Could the value of the car be more than kbb is quoting?

    What do you guys think
     
  2. jry423

    jry423 Member

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    If I pull up a carfax on a car and see engine was replaced, I'm bidding LESS on the car. I work at a dealership and buy a lot of cars. That's probably what will happen anywhere you go. It's perceived that there are issues with the car.
    You're also not going to get kbb excellent condition on a 2011, especially one with engine replacement.
     
  3. kronos89

    kronos89 CHRRYPRL

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    K. I'm going to ask the dealer to see what they offer for it. It's a 2013
     
  4. JimN

    JimN Let the games begin!

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    Excellent condition means it looks like it just rolled out of the factory--no scratches, no scuffs. The brand new engine may have 1000 miles on it but the odo still has 35000. The warranty on that engine is the balance of the powertrain warranty so if I was a potential buyer I would not be impressed.

    Holman has a 2011 Three-Solar sitting on the lot with less mileage on it for $17000.

    You picked about the worst time to sell a Prius.

    How much do you owe on the Prius? Is the other vehicle going to cost less to operate and maintain?

    If you need to sell the car to make the down payment or if selling the car makes enough of a difference with the down payment I would be concerned that you are getting in over your head.
     
  5. kronos89

    kronos89 CHRRYPRL

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    I own a 2004 tacoma, which makes me the money, and the prius saves me money lol. My wife owns a 2008 scion tc, which was given to her as a gift from her dad, so she cannot sell. I do not need to sell the car to meet the downpayment, i need less expenses a month. But you might be right, i could be getting over my head with this. I definately owe less money than what the car is worth, and only have shy of 3 years to finish paying for it. Besides i still owe like 4k from the tacoma :(
     
  6. JimN

    JimN Let the games begin!

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    Emotion has to be removed from the decision making process. I know it's tough but sooner or later we all have to let go of things.

    How much does the 7 year old Scion cost to run & maintain? That's insurance, registration, gas, maintenance & anticipated repairs.
    How much does the 2 year old Prius cost to run & maintain? Include all that stuff & the loan.
    How much longer do you expect each car to economically last?

    How much are you willing to sink into the Scion? An old car becomes a black hole for money. New tires are a couple hundred dollars. Then the first repair is a couple hundred dollars and it always comes after the new tires. Then something else needs to be replaced and before you know it, you sunk a load of money into an old car that isn't worth much.

    If you are keeping the Scion decide now how much you will pay for repairs then stick to it by selling or scrapping the car when that time comes and start building a fund to be used for its replacement.

    The insurance won't go down as much as you think because you'll be going from 2 drivers & 3 vehicles to 2 drivers & 2 vehicles so you'll lose the PIP discount.

    The Prius will have fewer oil changes and in 5+ years and 90000+ miles the maintenance I had to paid for included fluid changes, one set of tires, and two tire patches (one on each set). I'm willing to bet the Scion would need more than that under the same conditions.

    Best wishes for a happy outcome whichever way you go.
     
  7. kronos89

    kronos89 CHRRYPRL

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    Thanks for the input JIm. Well believe it or not the scion has 37k. My wife rarely runs it, but as soon as we move out she will start driving more. Tires need to be replaced soon, but so are my prius. I know that bottom line the prius will cost less to keep running, Maybe i have to cut my budget in some other area. Can't imagine getting rid of my prius :(
     
  8. Blizzard_Persona

    Blizzard_Persona Senior Member

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    You can expect to get "poor" condition kbb value at a dealership for a trade in even if it's in great shape.

    They mainly use "Manheim" or auction price ranges now which are real low.

    But you'll get more for it if you sell it privately obviously. But take taxes into account when you set pricing as the buyer will be figuring that into account on thier end..
     
  9. Blizzard_Persona

    Blizzard_Persona Senior Member

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    Pls explain this engine swap though pls? What happened...
     
  10. kronos89

    kronos89 CHRRYPRL

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    We all know the 3 gen prius has a knock when not properly warmed up in cold weather. Some have gotten the run around from the dealer, when they claim the car is perfectly fine. I was lucky enough to get a dealer service advisor to do something about it. They stood with the car for 3 weeks testing it, and came up with the conclusion that one of the Pistons had a hairline crack, so they replaced the entire engine.
     
  11. Blizzard_Persona

    Blizzard_Persona Senior Member

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    I've owned (2) gen3's, 2013/2015 and never had this knock....

    Either way you did unfortunatley and here we are,


    As someone else stated, a new Engine will not add value to a newer car, I believe it will hurt the value when someone reads the carfax. Explanation and proper documentation might put a buyer at ease. Put yourself in a buyers shoes....first thing I'd be thinking was future lemon issues, was eng. installed correctly, was every bolt torqued to specs, new gaskets, etc.

    Old(er) cars with rebuilt or new engines might be a different story and potentially might be a selling point to a buyer looking to get a long life out of a cheaper older car.

    Then again they might not even read the carfax and or care and you make out..

    I hope everything works out for you in the long run though. Take care.
     
  12. JimN

    JimN Let the games begin!

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    At 5000 miles a year you're replacing things because they rot, not because they wear. Sounds like a commute to the train station or bus stop.

    You should be able to get more than 2 years out of a set of tires. They will last longer if inflated to max. sidewall pressure.

    For the record, I forgot about the new 12v battery I bought for the Prius.

    It's easy to put dollars and cents on a car. Hard to put dollars & cents on contented wife. Best wishes for a happy outcome whichever way you go. Hope you aren't in the oil services industry.
     
  13. That_Prius_Car

    That_Prius_Car Austin Kinser

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    I would personally keep the Prius. I'm not just saying that because I'm on Priuschat and like the Prius, but because it makes sense to keep it. Gasoline is on a rise again. It won't stay cheap forever. If you're truck makes you your money, then talk to your wife about either returning the car to her father or talking to her father about selling it & she can drive the Prius. Chances are, the Scion most likely has higher insurance costs than the Prius, on top of higher maintenance and fuel running costs. I'd keep the Tacoma and Prius.
     
  14. kronos89

    kronos89 CHRRYPRL

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    Thanks guys, i decided to keep the prius. Instead, we are searching for a house in a different price range. :)
     
  15. JimN

    JimN Let the games begin!

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    Good move.
     
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