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What's the exchange value of my 2-year old Prius?

Discussion in 'Gen 2 Prius Main Forum' started by Oxo, Sep 28, 2007.

  1. Oxo

    Oxo New Member

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    On the 2nd anniversary of buying my Prius I get a letter from the dealer this morning inviting me to trade it in for a new one. "There is a lot of demand for the Prius," he writes. "You'll be surprised at what I can offer you for yours."

    Well, this is tempting. Although I'm quite happy with my 2-year old 2005 model I like the idea of owning a new one with the latest gimmicks. So what will his offer be as part-exchange for a Prius with only 10,000 miles on the odometer? I may go back to him in a few weeks from now but in the meantime PriusChatters may like to guess what his offer will be. Assuming I paid £20,000 ($40,000) in 2005 what will I now have to pay to replace it with a new one? The current price is £21,027 but I imagine the dealer's "surprise" for me would be 50% of what I paid. In other words that he would knock £10,000 off the price a new car in exchange for my 2-year old. Is this optimistic?

    So who'll have a guess at the size of the "surprise" I'll be offered by the dealer...30% or 70% of what I paid? More? Less? (The car is in excellent condition and has had no extras added since new. Sat-nav is included but has not been updated).
     
    #1 Oxo, Sep 28, 2007
  2. Hobbs

    Hobbs New Member

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    Assuming good condition, a date first registered 01/09/05, 10,000 miles T Spirit about £14,700. This is 73% of what you paid.

    Who suggested you trade it in?
     
    #2 Hobbs, Sep 28, 2007
  3. JimboK

    JimboK One owner, low mileage

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    <div class='quotetop'>QUOTE(Oxo @ Sep 28 2007, 07:05 AM) [snapback]518922[/snapback]</div>
    Probably not enough to make it worth it. Dealers -- at least those on this side of The Pond -- are in business to make money. They have two profit opportunities here: the new car they sell you and your old car they sell to someone else. If they're making money on yours, you're probably losing it.
     
    #3 JimboK, Sep 28, 2007
  4. Hobbs

    Hobbs New Member

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    <div class='quotetop'>QUOTE(JimboK @ Sep 28 2007, 11:39 AM) [snapback]518928[/snapback]</div>
    73% sounds good to me. I can't think of an mechanical item purchase that keeps that sort of value! My TV is a few years old now and I would probably have to pay to get it taken away!

    £14,700 is the price the trade should buy it from you. Not the price Joe Public would buy it from the trade. You can get more if you try and sell privately but is it worth the hassle? Do tell us what they offer you.
     
    #4 Hobbs, Sep 28, 2007
  5. AOV

    AOV New Member

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    I received a similar offer, but from a Dodge dealer (years ago). I had a '93 Caravan and traded it in for a '95 one (obviously the dealership was overstocked with them, thus the offer). What made the deal great, was that with the financing I had on the '93 and then the trade-in, and the new financing on the '95, I was going to pay about $50 less a month on the new car loan for the newer model, so I went for it. True, I added a few more years of car payments, but I liked the idea of paying less per month for a newer model.
    Not sure if this would be the case for you.
    Wondering myself why the dealership is interested in making that offer, can't imagine it being an overstock issue.
     
    #5 AOV, Sep 28, 2007
  6. theblackbag

    theblackbag New Member

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    1st post,

    I guess £12-£13K to allow the dealer room to negotiate. I love the way they try to make you think they are doing you a favour in selling you a car.
     
    #6 theblackbag, Sep 28, 2007
  7. removeum

    removeum Member

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    B) I was offered $16,000.00 by Performance Toyota in Omaha, Nebraska for my 2004 with 58, 500 miles on it. I took the offer and bought a 2007 Prius fully loaded. I took very good care of my car and it was only serviced by Performance Toyota.
     
    #7 removeum, Sep 29, 2007
  8. luckyboy

    luckyboy Member

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    For every new car I have ever purchased I have gotten post cards like this from the local dealers saying that are dying for my car as a trade-in, just another marketing technique to get you into a new car.
     
    #8 luckyboy, Sep 30, 2007
  9. brick

    brick Active Member

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    Actually I think it's more likely a trick to get them your used car so that they can sell it and make a killing. Profit margins are much higher on used cars than new cars.
     
    #9 brick, Sep 30, 2007
  10. F8L

    F8L Protecting Habitat & AG Lands

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    <div class='quotetop'>QUOTE(luckyboy @ Sep 29 2007, 10:30 PM) [snapback]519327[/snapback]</div>
    I get these cards from GM dealers all the time.
     
    #10 F8L, Sep 30, 2007
  11. LazyBear

    LazyBear New Member

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    I got $15000 for 2005 Package #7 with 20000 miles (I paid $26000).
     
    #11 LazyBear, Oct 1, 2007
  12. Oxo

    Oxo New Member

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    <div class='quotetop'>QUOTE(LazyBear @ Sep 30 2007, 11:50 PM) [snapback]519703[/snapback]</div>
    You paid $26,000 for your 2005 car: I paid $40,000 (£20,000) for mine at about the same time!

    What surprises me is the serious difference in the retail price of a Prius here and the price in the USA.
    The rate of exchange has been close to $2= £1 for some months so to compare prices you simply divide the $$$ price by two. In other words the UK price of the top Prius at £21,700 is $43,400 but that seems to be way above the USA price.

    Despite this fact, car prices in the UK are now seen to be as low in real terms as they ever have been, especially second-hand cars with a fairly low total mileage.

    And how about Australia? I had an Australian guest (Sydney) here this year who told me he reckoned prices here generally are three times what he pays in Sydney. In particular he avoided restaurants as he thought he could not afford a meal in an ordinary restaurant (not London, which is known to be especially high). How much is a top Prius in Australia?
     
    #12 Oxo, Oct 1, 2007
  13. Bob Allen

    Bob Allen Captainbaba

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    <div class='quotetop'>QUOTE(Oxo @ Sep 28 2007, 07:05 PM) [snapback]518922[/snapback]</div>
    Your dealer will never give as much for your car as you can get privately. Think about it...he buys your car, but then has to make a profit selling it on his used car lot. So...he either jacks up the price of the new car he intends to sell you, or buys your car for less than it's worth. He isn't doing you a favor; he's trying to make a buck.
     
    #13 Bob Allen, Oct 1, 2007
  14. snakeman

    snakeman New Member

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    It may not help much, but I recently lost my 2004 Prius when it had a close encounter with a Sienna. The insurance company ruled it a total loss and gave me a replacement value of US$19,200. Not bad for a car that I bought new at approximately US$23,000 in Feb. 2004. BTW, that's the going rate ($16K - 21K) in Kelly Blue Book and Auto Trader for used retail on that model with 45,000 miles in this area. Helped a lot in getting our new 2007....
     
    #14 snakeman, Oct 1, 2007
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