Buy New vs Buy Used.. Tough Decision.

Discussion in 'Gen 1 Prius Plug-in 2012-2015' started by JacksonMs, Dec 7, 2013.

  1. JacksonMs

    JacksonMs Junior Member

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    I am in the market to buy a Prius Plug in. I am trying to decide wether to buy a brand new one or buy a used one. My current car is a 2007 Pruis touring? edition... when I bought it, I saved about 5K buying a used one with 10,000 miles.

    I am aware that buying a used Plug In model does NOT qualify one for the $2500 fed tax credit. How does this affect resale value of the Pruis Plug In? Does the availability of the $2500 tax credit when buying a new PPI negate any savings you would find if buying a preowned PPI?


    Any input greatly appreciated.
    Screen Shot 2013-12-07 at 1.03.47 AM.png
     
  2. davekro

    davekro Member

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    "I am aware that buying a used Plug In model does to qualify one for the $2500 fed tax credit."

    I do not know what you are saying here, but of course the Federal $2,500 tax credit goes to the original buyer only. They need to keep it for three years I think to qualify. I have no idea if or how the IRS would follow up if a PIP buyer sold in less than 3 yrs (Maybe 3 yr reqmt is just in Calif for our State $1,500 rebate??)

    Originally I was hoping to buy a used Prius 2011 or 2012 for $18 - $20k with low miles. I was so confused with all the salvage title vehicles and seeming many duplicate postings on Craig's list (like it had been spammed, that I gave up and looked at new model 2 & 3. Then figured that the Plug Ins rebates in my area of Calif were $2,750 from dealer plus the Fed $2,500 + State $1,500 PLUS 0% financing! This $6,750 savings made the price very close to a similarly equiped regular Prius, so on 10/30/13 I bought a PIP. :eek:)
     
  3. davekro

    davekro Member

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    If you do decide to buy a PIP, research BEFORE going to dealer about a little known program where you can enter your name to get a free level 2 home charging station. Dealer must submit the forms the day of sale. You cannot do it. No one can do it... the next day! I forget the plan, but I wrote a post about it last month.
     
  4. markabele

    markabele owner of PiP, then Leaf, then Model 3

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    That's actually almost the same process I went through. Wanted a used Prius, but got fed up with the stuff out there, especially for the prices they were asking (not much cheaper than new). So then I looked at some new Prius prices and then learned the PiP is hardly anymore than the regular ones (especially with the rebates, 0%, and discounts) so I flew to NJ to drive it back to Nebraska.


    As far as the OP is concerned....
    You may pay only a little bit more for a new one, plus you get the rebate and great financing deals. I would reconsider new.
     
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  5. bisco

    bisco cookie crumbler

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    i would look at the net net price of new, (after all tax rebates) and the cost of available used. if you can get 5k off with 10k miles, go for it! i prefer new, but budget is an important factor. all the best!(y)
     
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  6. markabele

    markabele owner of PiP, then Leaf, then Model 3

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    Do you get all of the same warranties with used?

    Also, to me peace of mind of getting something new, not having to worry about how it was treated prior is worth $500-1000. Also, do you get Toyota Care still if below 25k? Toyota Care is probably an almost $500 value, maybe a bit less.
     
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  7. bisco

    bisco cookie crumbler

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    i think the warranty passes to the new owner, not sure about toyotacare, but that's not worth much.
     
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  8. jdk2

    jdk2 Active Member

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    I agree. New is better than new.

    I don't agree with your pricing on Toyota Care. $500 for a couple of oil change and tire rotations? Ouch.
     
  9. markabele

    markabele owner of PiP, then Leaf, then Model 3

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    Seems like they charge you well over $100 for the oil change and rotation if you were to pay for it. Could be closer to $350 or $400.
     
  10. jdk2

    jdk2 Active Member

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    True, their labor rates alone would account for your original cost estimate. I forgot to take that into account.
     
  11. bisco

    bisco cookie crumbler

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    if i didn't have toyotacare, i wouldn't be going to the dealer for oil and tyres. the local guy would probably do it for 50 or 60 bucks. how much more is syn vs dino?
     
  12. davekro

    davekro Member

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    That was my mindset. Used, 25k mi or less for a 2012 reg prius some number of thousands net cost less than buying new. 1) the used market was very muddy with so many Salvage titles and duplicate listings (for Prius). I expected to look, see a clear pattern of year/ mileage/ options choices, then see a good deal compared to new. I did not see a significant enough price difference from new to justify buying used w/ 20k - 35k+ miles. YMMV, but that is what I saw in the SF Bay Area late october.
     
  13. davekro

    davekro Member

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    Oops- double post
     
  14. bisco

    bisco cookie crumbler

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    and if you paid a high price before the sales and price drop, your reluctant to sell, so there probably aren't as many used available as there might be. it's kinda like the housing market, but no guvment bailout.
     
  15. JacksonMs

    JacksonMs Junior Member

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    \



    Hey thanks... I corrected my original posting ... I am aware that buying a used plug in Pruis does NOT qualify...
     
  16. davekro

    davekro Member

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    So was the net cost of Prius Plug Ins more expensive when they first came out? Meaning, then there was not Credits of Fed $2500, CA state $1500, local dealer $2750 off the (2013) MSRP of $32,000? If not, when did these discounts start coming out?
     
  17. Lourun

    Lourun Member

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    Looks just like mine!
     
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  18. -1-

    -1- Don

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    :)New is best for me. I would prefer to purchase new than pay a premium for used. There have been a few great deals on a used PIP with low miles that I would have jumped on. Also, with the Gen 4 on the horizon, a leased new PIP would make good sense.
     
  19. bisco

    bisco cookie crumbler

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    the pip was originally available from the factory by pre ordering. you could make your best deal with your dealer (usually no discount or very little) there were some priuschat authorized dealers who agreed to a $500. discount, and some people did even better. there has always been the $2500. fed tax rebate and what ever state rebates might have been available. after the cars started showing up at dealerships (once the pre orders were satisfied) they began to accumulate and dealers started making better offers and toyota eventually had to provide some pretty strong incentives. some people were actually able to by a pip for around the same price as a liftback after all was said and done. toyota realized they were priced too high and reduced the msrp on the '14's. so i and many others would take quite a hit, having paid around 30k net for our pips. now if someone who got those great deals around 25k, they might be willing to let it go reasonably. and that's why there are very few deals out there.
     
  20. CharlesH

    CharlesH CA HOV Decal #5 on former PiP

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    For us early adopters, the deal was pretty much MSRP (minus $500 from some dealers). The $2500 Federal tax credit applied, and at least in California, the $1500 state rebate applied. All the other discounts from Toyota came later.
     
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