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Have $8k in savings, is buying/living in a used gen2 reasonable?

Discussion in 'Gen 2 Prius Main Forum' started by swamprt5000, Jun 22, 2017.

  1. swamprt5000

    swamprt5000 Junior Member

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    Hi. So, to get everyone up to speed, these resources have convinced me to buy a Prius to live in it:

    youtube [period] com/watch?v=QaCyD4AL3Ek
    youtube [period] com/watch?v=suiPFn3xa2E
    macaloney [period] blogspot [period] com
    rosipov [period] com/blog/prius-adventures-a-year-later

    The main draw of the Prius, to me, is the way the AC works. You put your keys in and it runs the AC all night, automatically running the engine every once in a while to recharge the battery.

    Anyway, enough about that. As the title suggests, I have $8k saved up to do this, and about $100/mo in passive income. My goal is to buy the Prius for about $4-5K, and then hopefully live in it for 5-6 months, having around $2k for surprise repairs, and use the passive income to slowly eat through the other $1k over the course of those 6 months.

    How much could I expect to pay for a used gen2, and what can I do to mitigate risk? What year should I buy (it seems like it is 2008 from reading posts on here)? I have a mechanic friend that can take a look at the cars for me before I buy, and also to teach me how to repair the Prius myself. But there are no hybrid specialists in Reno as far as I am aware, which concerns me because a Prius with a bad/soon-to-be-bad HV battery would cost $3k (?) to replace, which wouldn't be in my budget for this scenario.

    Any advice is appreciated.
     
  2. bisco

    bisco cookie crumbler

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    welcome!

    it's hard to say. the best thing to do is see what's available for 8k, and post the details here for evaluation.
    all the best!(y)
     
  3. swamprt5000

    swamprt5000 Junior Member

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    Sorry, I should have been more clear in the title. My budget for the car is $4-5k. I have $8000 in savings and $100/mo in passive income, and am planning on using the rest of my savings for surprise repairs and to live in the car. I am mostly wondering if this plan sounds reasonable.
     
  4. bisco

    bisco cookie crumbler

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    no problem, same thing applies though. prices are different all over the country, so you really need to research what's available in your area and price range.
    one thing for sure, you do have to ask yourself what you will do if you need a repair you can't afford.
     
  5. KennyGS

    KennyGS Senior Member

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    Not to me. Living out of a car on next to nothing sounds unreasonable.

    How much will your monthly cost be for food and any other daily expense?
     
  6. swamprt5000

    swamprt5000 Junior Member

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    Monthly expenses would be around $100/mo for food (I eat cheap), $120/mo for insurance, and $30/mo for cellphone. Gas would be, I'm guessing, $100 a month. So $350 in total, minus $100 for my passive income. So $250/mo. Assuming I only have $1k extra that would last a little under 4 months.
     
    #6 swamprt5000, Jun 22, 2017
    Last edited: Jun 22, 2017
  7. andrewclaus

    andrewclaus Active Member

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    I have some experience living for up to six months at a time on a bicycle and out of a backpack. Your monthly costs sound reasonable.

    The A/C feature is nice for the type of car camping you're looking at.

    Your major surprise repair could be the hybrid battery, and that might be more like $3K. Half that for a less reliable rebuild, which would probably be okay in your case. You should be able to find the used car for under $5K.
     
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  8. jerrymildred

    jerrymildred Senior Member

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    Sounds like quite an adventure! Norwegian explorer Roald Amundson said that adventure is just bad planning. But sometimes we do it on purpose. LOL! I take it you've already considered shower and bath facilities? ;)

    It seems feasible. Hopefully, you'll be able to camp in the shade.
     
  9. KennyGS

    KennyGS Senior Member

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    What's your plan in the event of an emergency? If you get hurt/sick?
     
  10. Patrick Wong

    Patrick Wong DIY Enthusiast

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    +1

    Also, the OP asked how to mitigate risk. My idea would be to figure out a plan to get a job or other income stream.
     
  11. wrprice

    wrprice Active Member

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    Vehicle A/C systems are designed to have airflow across the radiator fins for optimal performance. Other systems like the HV inverter need cooling, too. There's an electric fan to assist, but it wasn't intended to be the primary means of getting airflow; a moving car is the preferred way.

    Lots of people have gone camping in Prii and used the car A/C for comfort while stationary over night. I doubt many have done it every single night for months on end. You're going to be placing a lot of thermal stress on some expensive, yet aging, components. Make sure ALL of the cooling systems are working perfectly, with no leaks. Check them regularly (when cool!).

    I think you're going to need a bigger repair budget. I also echo the recommendation to find a larger income stream to minimize the time you treat the car as a camper. Pardon me if I missed it up thread, but what's the plan for when the money runs out?
     
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  12. gatorglenn

    gatorglenn Member

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    I don't think it is a good idea at all. A Gen 2 is probably near the end of the hybrid battery life span and you will not be able to replace it. Then what?

    I think the Prius might be okay for camping trips but for living full time I don't think it would be good. It seems like your money will not last long, then what is your plan?

    Good luck,
    Glenn
     
  13. swamprt5000

    swamprt5000 Junior Member

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    Right now I am stuck living with my parents. The idea is to look for other income streams in the SF bay area while living in the car. If a problem arises, I move back in with them, so it won't be the end of the world if something bad happens (unless I suffer a major injury, but that is a risk I am willing to take). The knowledge of a $1.5k replacement of the HV battery addresses my main concern.

    It appears I will be walking a very thin line with regards to my budget. I will be be very picky with what I will buy. Thank you all for the insight.
     
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  14. bisco

    bisco cookie crumbler

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    all the best!(y)
     
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  15. JC91006

    JC91006 Senior Member

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    I think with a $5000 budget you can do well with getting a prius.

    Buy one slightly older like a 2004 or 2005, then put in a gen3 battery pack that should give you 2 to 3 reliable years. Should be able to do this for under $5000 easily
     
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  16. Nakamoto

    Nakamoto Junior Member

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    Bad idea to keep prius AC running full time... I'd stick to quality sleeping bag. I wouldn't let my kids live out of a car

    Posted via the PriusChat mobile app.
     
  17. William Redoubt

    William Redoubt Senior Member

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    I think you will be ok, if the AC unit holds out, but may be underfunded. The AC compressor is a very efficient scroll-type unit, which is also very reliable (like the Prius itself). In the Bay Area you won't need the AC most of the year, so the car can be left off if the temperature is, say, below 80. Based on my experience you can burn up to a gallon of gas on a hot night (Mojave in June/July).

    You should consider a gym membership for showering, that would probably be $20 to $50 a month. Sign up at labor shops for daily income, or hang out at the Home Depot for cash work.

    Many people make significant income by soliciting around off ramps, stores, etc. Not my cup of tea, but you could probably easily make $50 to $100 a day that way. Meals can be had at homeless shelters. Food is cheap at Dollar Stores, but $100 a month is pretty slim (30 days divided into $100 is about $3 a day). Soliciting for food can also be a strategy.

    The biggest risk (outside of health issues) is the age of the car. Parts wear out over time and with use (one or the other or both).
     
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  18. stockdaddy

    stockdaddy Member

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    Ok something doesn't add up. You saved 8k in your current situation yet claim you will lose money when you switch to living out of your car?

    Are you saying you plan to quit your job and move out of your apt? And that is a better idea than coming up with plan to invest the money?
     
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  19. Patrick Wong

    Patrick Wong DIY Enthusiast

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    It sounds to me like the OP currently lives in Reno @ his parents home and wants to relocate to SF. Hence the idea to live in his car while seeking employment there.
     
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  20. stockdaddy

    stockdaddy Member

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    I think I would have some sort of backup plan such as shared living in case you don't like living in a car.