0% Camry / 7% Prius -- if I keep it 10 yrs, which is better $-wise?

WOW, That is to much info
First step get rid of the kids , they are just a money pit J/K

It is only money, either it works or does not

 

After reading your blog, hookedonPrius, I have only one question:
Is your driveway long enough to fit yet another car onto it ?

Kidding aside, yes the Prius is a fine single car for most people; and yes, it runs *at least* as well as a Camry in the snow with equivalently (good) snow tyres.

My two cents: your past habit of buying ~ two year old cars is very prudent consumerism. I don't see anything in your posts to force you to abandon a good habit, other than simply desire. Skip the rationalizing, and just decide if you want to spend 5 - 10k USD for a very special new toy.

 

Buy a II and spend $250-300 on a good GPS you be about $3000 ahead.

 

Hey there. Why the 7% ??? If you join PenFed (credit union with Pentagon Federal , even if you are not military, there is a $20 dollar option to join the military families association that will allow membership into the credit union) it is only 3.99 % for up to 60 months. You only need $5 to fund your account. Goodluck!

 

Financially speaking 7 percent interest rate is unbelievably high. I just financed my car thru PenFed at 3.99 percent.

You can join them online it takes about 4-5 minutes.

So at your present state (i.e. 7 percent rate for Prius) Camry is the right choice. At 3.99 percent I would say both will be very close.

However since your husband JUST fits in the car and you are planning to keep the car for about 10 years, I think your priority is to find a car which both of you will be comfortable with for the years to come.

If I were you, I would go with the larger car. Prius is a "SMALL" mid-size car. If your husband couldnt get used to size of the Prius and you want to change cars in a year or two, you may lose money.

my2c

 

Sounds like your midwestern sensibilities have caught up to your enthusiasm. Good for you.

 

You are very welcome. Goodluck to you! I think the interest rates can only get better as I found out a lot of banks stopped offering auto loans when they hit 8%. Hope it all works out.

 

Wow you have valid points and really look at the overal cost of owership "Very Seriously" which is a good thing.

I guess when your making a 10 year cost comparison or let's say a 5 year cost comparison, you used gas at $2.50-$3.50 per gallon. That's never a given and as you know, looking back 12 months we were all around the $4.00 mark per gallon. I anticipate that we will see those days again. When is the question, not if.

I sold a perfectly good 2007 Honda CIvic Hybrid with 39K miles on it, not because the car was mechanically bad, or any issues that way, the technology is so much more advanced and refined in the Prius.

The seats in the Honda were cloth and I don't know why, my back hurt each and every day from my work commute. I guess it was design flaw or design pain

I used to bang my head getting out of the car most everytime, since the height and headliner was lower than the Prius design. I think sometime, if your going to have payments at least have them for the car you want. It was disappointing in some way to trade out of the 2007 Honda but I can't tell you how much more comfortable the Prius is and the gas mileage although "good" in the Civic Hybrid the Toyota Prius blows that away....

I think in the long term I came out ahead...we never know but I am certainly much happier than I could have thought!

Best of Luck in whatever way you decide to go!

 

It sounds like your mind is made up, you just need to wait a while to get your new Prius. Good plan. I've heard from smart financial folks that if you can't pay a vehicle off in 3 years then you can't afford it. The exception to that rule is if the interest rate is like 0% then it doesn't really matter how long you take to pay it off.

My vote is for the Prius too ;-) When I bought my Prius it was because I like technology and always liked the Prius. I have no idea how long it will take to see a return on paying the premium for a hybrid, I like it, it's cool, and that's what counts. I work from home (both of us) so we basically don't drive anywhere. It wasn't about the numbers... in fact when I bought mine I paid just over $37,000 (Canadian, tax in). A month later Toyota Canada dropped the price of the Prius by $1,900 for all models. Doh, there goes my resale...

Anywho, keep us posted!