Car Purchase Connundrum

Hi innov8v,

Welcome to PC! When I decided to take the plunge, I knew I was about 8-10 months away from being ready to get a new vehicle. Since I was planning to purchase a vehicle anyway and the waiting list at that time was about 8 months long, it made good sense. I also had a good friend (who's a lot smarter than I) that ordered a Prius a few months prior and introduced me to the car.

I advise you to NOT look strictly at potential fuel savings when evaluating your pending purchase decision. Buying a ~$26,000 car will not save you money in the long run unless you are looking for a new vehicle anyway. I know that seems like an obvious statement, but some still overlook it. So first evaluate when it becomes financially sensible to trade the Infiniti for a different vehicle, then evaluate which vehicle you should purchase (sounds like you're doing just that). In addition to your comments on your current vehicle, remember that 100,000+ miles is one of those magical numbers that causes your resale value to drop (again).

Gas prices aren't going back to $0.99 per gallon, you have a long commute, and your situation sounds like you'll soon want to get a different vehicle. From your post, it seems to me that a Prius would be a good option to consider, once you determine when you're ready to "take the plunge."

So maybe I didn't answer your question fully, but hopefully I've conveyed the thoughts that ran through my head when I decided to buy my Prius.

Best of luck!

 

I've seen a lot of posts trying to justify the purchase of a Prius purely on economics. I don't think it can ever be justified on this basis alone, even if you've decided to buy a new car, but haven't decided on which one.

Economics is just one part of the equation. The environment, the cool technology, the novelty, etc. have to be part of the justification.

Good luck on your decision

 

I'll second Robo's comments; probably should've mentioned this in the last post. Among the other reasons I decided to go for it: I enjoy being unique and different (in a good way!), I've always promoted the use of technology at work and at home, I like being environmentally responsible because it makes me feel good, and let's face it -- it's a pretty darned cool car.

RoboChemE is right. Base your purchase on more than just economy and you'll feel better - and smarter - about your decision.

 

hello innov8v... first, good luck with your decision.

i faced a similar decision, but have already decided to make the leap. my prius should arrive in about 2-4 weeks - a 2005 tideland #5. :wink:

i decided to sell (or trade in) my 2002, 30k mile acura tl-s, which gets about 22mpg. the tl-s is a fantastic car - it's the most fun, fast, sporty, luxurious car i've ever owned, and has the best sound system i've ever heard - even putting the new 05 TL's sound to shame.

my decision to buy a prius was based on the fact that:
1) i commute 15 miles to work (and back) every day - alone, and can no longer justify driving a midsize car and generating the pollution when there's a better, more efficient, albeit more spartan, way to get there.
2) i'm sick and tired of paying $36 to fill up, and don't see an end to $2+/ga gasoline in sight.
3) i am confident that i will be able to drive alone in the hov lane with a prius within the next few months.

to top it all off, i'm a science guy at heart with a penchant for being a trailblazer... this should be good for both my mind and my soul.

good luck with your decision...

 

My decision process was a little different. We have a '90 Nissan truck, and '88 Corvette and a 96 Plymouth Grand Voyager. I don't need a minivan anymore and my son likes to drive it anyway (go figure!) I don't enjoy driving either of the other two. The truck is manual transmission and the 'vette is hard to get in and out of. We recognized that our 'fleet' is aging and it was time to look around. I wanted a car for myself that held 4 adults comfortably (not 6 or 7), was reliable and got good gas mileage. The search began. We first saw a Prius at the local car show last Jan. or Feb. So when we were looking at other cars, the Prius was in the back of our minds. After learning more and more about it and watching the gas prices climb we finally bit the bullet last May and got on a local list. We were in no hurry for another car as the other three were and still are running just fine. Not that that made the wait any easier!
So you can see that we came from a different place as far as need goes. We have been totally happy with our decision. The Prius is mine during the week but we use it exclusively on weekends for running errands, going to dinner. It just makes so much more sense than getting out the gas-guzzler Corvette and unless we are going to the lumber yard or after landscaping supplies, we don't need the truck.
I would say that if you are going to buy a new car, you will not go wrong with the Prius. If you are just annoyed by the gas prices and thinking you could do better, I don't know, if it's a tough call for someone else to make. Depends on your financial position. Only you can answer whether or not it makes sense for you.
Good luck whatever you decide.

 

My situation was a little different than yours. My car had less than 50,000 miles on it, but it was 9 years old. I think I'm entitled to a new car every 10 years so here was my thinking.

My car is only going to get older and have more miles on it. So it will continue to be worth less and less.

Even though I could probably drive it another 10 years, I will eventually have to put money in to it for repairs.

The Prius MSRP will only increase.

The interest rates on car loans will only increase.

The $2000 tax break goes away Dec. 2005.

If I was going to buy a Prius...this was the best year to do it.

I didn't really need it for the mileage, I don't drive that much and my old car got over 20 mpg. But I do love that it is 90% cleaner than most of the cars on the road. And I love driving a unique, rare and very techy, head-turning car. Plus I love the Hatchback!

Bottom line is you can't justify the cost on purely economic grounds.

Go test drive the car. You really need to feel how it drives.

 

Depreciation is the biggest expense when you buy new cars, it outweighs fuel cost many times over. Buying a new car isn't the best economic decision when reliable used cars are available for much less. Especially when your car is paid off, think of how much gas and repair costs you'd have to save to equal one month car payment! Someday when there are more used Prii in the marketplace, they will be less expensive and be an economic benefit to people, as well.

Of course, most people buying a new car aren't doing it to save money, else they'd buy a used car! It's fun to buy a new car and get what you want, without anyone else messing it up! In your case it'd be unlikely you'd save any money (especially with your other car paid off!) so buying JUST for economics might be disappinting.

 

I got mine as a one-year-late college graduation present to myself. My old car was a 90 Buick- falling apart, needed multiple thousands in repair bills and still wasn't going to last too long.

I wanted a new car simply because I pulled off quite the remarkable feat for my situation, graduating from college in 3 years with little financial help and still only walking away with 5K in loans. And going to grad school at a great university, paid for by the NIH.

I was considering a Saturn. But I heard the reviews were horrible and the test drive did not impress me. I wanted to avoid Ford because I have seen the trouble they cause. My husband took up a job working for a Toyota dealer and came home one day really excited about the new Prius he got to drive that day. So I said, Hmmmmmm. Then I went out and looked at one up close and personal. Compared to other Toyotas such as Camry and Corolla. But nothing was truly unique as the Prius. And I figured if I was going to buy new anyway I might as well go for the gas savings to top it off.

Got the Prius.

That's how I decided. Of course I see your situation is radically different. I don't think the immediate gas savings is going to add up for you. The gas savings for me adds up to about 1/4 of my car payment. And the tax deduction adds up to a few hundred in tax savings at the end of the year. But if you're looking to buy new and aren't sure what to get- I'd say go for the Prius.

 

They had 3 Prii on the lot and were trying to charge a $3K "market adjustment?" That is too funny!

There are a few California dealers advertising cars on the forums here, sounds like availibility isn't as much of a problem. If you do a search and check the forum, there should be some good feedback about dealers. There is little reason for anyone to pay over MSRP today, inventories are building and even dealerships without an inventory aren't charging (well, most of them)

 

It would take you about 10 years to make up the difference in hard dollar figures on gasoline alone (assuming 15k miles annually) if you bought an ICE only car, vs. a Prius.

The tax deduction is only going to save you a few hundred dollars net, this year.

I knew I wanted a Prius the very first time I saw the car advertised in 1999 (I still have the original advertisement brochure from 2000!). But I seriously doubted I'd be able to afford the payments. My wife and I at the time were getting along on her 94 Chevy Blazer as our only vehicle. We knew we'd need a second vehicle after she finished the payments on it. So, we went to various car dealers assuming we'd get a used Camry or something equivalent. Then I got a secondary job, and when we negotiated with the dealer, we were able to afford payments on a Prius after all...so we got one, and loved it. Later, I had to buy a music keyboard and discovered the little Prius was not really meant to carry something so long. Only way I could get it in there was to shove it in the back seat, which scratched the vinyl on the inside. So I traded up to the bigger car and I like it even more now.