Keep 3rd Gen Prius V or Start Fresh (opinions)

keep the vee

 

not likely, but i see your plans just getting you further and further behind the 8 ball. i would try to shorten my loan length and reduce my payments as an overall financial strategy, not the other way around.

prius is a pretty solid car, and 100k is nothing. is it the inverter failure that is freaking you out?

 

what would the lease payments, downpayment and finance payments be on the corolla?

 

do you drive hard?

so you have 12k payoff over 4 1/2 years, vs 10k over 3 years plus whatever the buyout is, financed over 5 more years?

 

well of course new is always better, but it always comes at a cost. and what is it worth? that is what you're trying to determine.

 

If I were in your shoes I would trade the V for a new Yaris. You get a decent car, a solid warranty, and the car is cheap enough that you could own the thing before it wears out. Not sure about your local tax situation but chances are you could swap in the V with the sort of down payment you're talking about and get a nice new Yaris around $220/mo for 48 months.

 

I own a 2012 Prius v with 118,000 miles on it. Love the car.

It gets 38 MPG. This is really good for a station wagon I use as a work truck, and at the same time, really bad for a hybrid.

If I did not need a huge station wagon, I would sell it to someone who did.

That you are even considering a Corolla, tiny by comparison, implies to me you do not need the v. Can you see yourself needing a huge load floor in the next ten years? (car seats, and strollers? breeding St Bernards? a really large cheesecake fetish?) If not, get a car with the attributes you DO need in ten years.

Even at 10,000 miles a year, $4 gas at 38 MPG versus $4 gas at 53 MPG for 10 years is $3,000. (Do you see gas in California getting cheaper?)

Somewhere near you there is an Uber/Lyft driver wishing he/she had your car. Sell it to them.



96 cheesecakes, still only double digits.

 

Greg, without getting deep in the numbers I would keep the car if I was you if you like it. My 2010 3rd Gen is still going strong at 268K. Before I bought my new 2018 Prime I was putting 30K a year on the 3rd Gen. I never had any major issues, just normal maintenance items. I think your Vee could easily go 300K if you maintain it(EGR/intake cleaning), drive it reasonably, keep an eye on the fluids and drive it regularly. I would not be worried about the hybrid warranty personally. I am curious to see how the 3rd Gen hybrid batteries do, unlike the 2nd Gen I have not seen a consistent failure number yet. It seems a few have failed but it seems to be in high heat areas. You being in Socal should be a good thing.

 

Picture of the Corolla hybrid Trunk

 

Apply the two grand and $309/mo payment to your existing loan and pay it off before your new lease would end. Attain title and a new sense of ownership.

Stay on top of all required+ maintenance.

Save $$$.

Continue to piss people off.

 

Fair enough. I figured if you were only driving 10k miles per year, the extra $220 per year in gasoline wouldn't be a big deal when it allows you to cut the car loan payments in half while enjoying the peace-of-mind of a brand new car.

 

You say a $2300 repair bill would sink you yet would be ok with forking over your current car, $2000 and have higher payments for a longer time? Put the 2000 in the bank and save it for repairs (if needed).

When I was considering my Prius, I considered cost of owning vs just fuel mileage or payments. To me, a Prius does not make sense if only driving 10,000 miles a year. Like Leadfoot says, you could have a brand new car and pay it off in half the time with an economy car. That way when you get to worrying again you will actually have a car that a dealer will GIVE YOU money for when buying another car.

The one thing that you have not discussed is if you just want another car. I do get that. If your wanting a change and think you can afford it go ahead.