Comparison with other PHEVs?

Discussion in 'Prime Main Forum (2017-Current)' started by maiki, Sep 23, 2021.

  1. maiki

    maiki Member

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    Just curious. Why did you sell your PP after only 10 months?
     
  2. dtsexpert

    dtsexpert Member

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    I just tried Carvana for fun for my 2021 XLE, 4500mil, they offer me $28K
    B6C78860-19E4-45F9-BECE-8B5624BFA9FD.jpeg
     
  3. Salamander_King

    Salamander_King Senior Member

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    Yeah, trade-in value is always the lowest. Private party value is the price you would expect to sell the car if you sell privately. That would be the lowest value you should accept for the "Fair Market Replacement Value" for your totaled car. You are not selling the car. So, you should check the average local cost for buying the car of your model, make, and condition. The insurance company should pay you fair market value to replace your car minus whatever the deductible.
     
  4. Salamander_King

    Salamander_King Senior Member

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    I was totally homebound due to the pandemic. I was not driving the car. It just sat on my driveway depreciating the value but I was continuing to pay insurance, tax, registration, etc. We had another car to cover the very little driving we were doing during last year. And I knew I can always buy another PP if my need arise. To sum up, I paid only ~$18K for the 2020 PP LE after all rebates and incentives are counted, and after 10 months and 4kmiles, sold it at ~$22K to Carvana for a net profit of ~$4000.

    You said you paid $35k for your 2018 PP Advanced. Didn't you get Toyota cash back, state incentive, and federal tax credit with your purchase? I just bought my 2021 PP Limited a few months ago. The MSRP was over $35K, but I paid only $28K for the car. If the tax law does not change this year, I expect to get a $4500 tax credit next year when I file my tax. That brings the final price of the car to $23.5K.
     
    #24 Salamander_King, Sep 28, 2021
    Last edited: Sep 28, 2021
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  5. maiki

    maiki Member

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    I just got a revised valuation from insurance, after telling them it is Advanced Trim (they should have known that already from the VIN, and also from looking in the car and seeing the large screen),and that the mileage on it is only about 7200 miles. (Their original valuation was based on the Plus trim, and an average mileage for a 3 year old car.) The new valuation is $29,156 plus sales tax, minus my $1000 deductible total $30,925. I guess that is pretty good no, I shouldn't contest it more, or look more for comparables for sale? (Hard to find a 3 year old one with that low a mileage to compare.) It is dependent on their verifying the mileage. (They said the salvage yard, when it gets there, should be able to see the odometer.) (The car doesn't turn on now.)
     
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  6. maiki

    maiki Member

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    Now I have to decide on buying a new car. Whether PP again or a different PHEV, or go all electric this time? (I don't want to regress to only gas.) The EV cars have a MUCH higher EV range than PHEVs. But the only problem could be on a long road trip. I have no such trips planned, but can't predict whether I might want to some day? (And I tend to keep cars a long time.) Any thoughts on that? I assume you are all PP owners, but have any of you also had an all EV car? Any particular ones recommended?

    Edit added-on Only other potential problem I see with EV-only, besides a long car trip, is if one is out of charge, and there is a power outage in your home, so you can't charge it, yet need to drive somewhere the next day. Power outages aren't frequent, but they do occur sometimes. (and may occur more with climate change)
     
    #26 maiki, Sep 28, 2021
    Last edited: Sep 28, 2021
  7. Salamander_King

    Salamander_King Senior Member

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    I think that number looks good enough for a fair market value to me. As I asked you before, didn't you buy the car with a Toyota rebate and state incentive as well as a fed tax credit? If you did, the price of the car was probably below $29,156 when it was brand new.
     
  8. maiki

    maiki Member

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    I paid almost $35000 for the car, after discounts.(Advanced trim, premium color, door edge guards) No Toyota rebate. I don't think that government tax credits can affect the valuation.
     
  9. Salamander_King

    Salamander_King Senior Member

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    Well, if you paid MSRP for the car and did not get the fed tax credit, then no matter how high the valuation is you are at loss. The valuation is based on the market price, but if you did get the tax credit, then your loss would have been less.
     
  10. maiki

    maiki Member

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    Not sure of your point? I think I did pay less than MSRP. But in any case, no way would I get back for a car I bought new, three years later, even with low mileage, the same amount I paid for it. So of course there is loss. But that is so obvious, don't know what your point is?

    I think we agreed that the new valuation by my insurance is a good amount, so i probably should not haggle further. I am certainly not going to get the full $35,000 I paid for it back. I think getting 30K back for a car I bought for 35k 3 years ago is pretty good, a better deal than KBB and Edmunds said I could sell it for (pre-accident) to a private party. (But if anyone thinks I should hold out for more, please share your thoughts?)
     
    #30 maiki, Sep 28, 2021
    Last edited: Sep 28, 2021
  11. dtsexpert

    dtsexpert Member

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    It depends on what incentives, dealer discount, you actually can get break-even or a little
    gain with 3 years old low milleage.
    Let assume you live in Ca, below is a list of incentives one can get:
    $4500 Toyota cashback
    $500 dealer discount
    $800 Clean Fuel
    $4500 Fed tax

    Total discount ranging from $10-12k
    For my 2021 XLE, after all discount I paid roughly $22,500, If I sell it now to Carvana at $28000, I can make $4500'right there,
    Even if I sell it next year at 10 -15k miles, I will probably get more than $22.5k that what I paid
    for.
     
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  12. Salamander_King

    Salamander_King Senior Member

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    The point is if your PP was purchased with a Toyota rebate and other incentives including the full fed tax credit, with the new valuation, you might have been net gain instead of net loss. That's all.
     
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  13. Trollbait

    Trollbait It's a D&D thing

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    If long trips are an infrequent thing for you, then just rent a car when needed.

    You don't seem to be driving many miles on an average day. you'll likely still have enough charge in the battery for the next day if power goes out.
     
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  14. maiki

    maiki Member

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    You are correct, Trollbait, for my normal usage I would not have any problems with an EV. Hard to predict the future though, so gas backup sounds good for security, which is why I bought PHEV last time. However that EV range on PHEVs is SO much shorter, and more EVs are available than PHEVs, so I may go that route this time. (although if not for that accident, I would have been happy with my PP for many more years, and would not be looking to change)

    Anyone here have an EV? If so, what kind,, and how do you like it?
     
  15. maiki

    maiki Member

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    Of course, that depends on when the power outage occurs. LOL It could occur right when the charge runs out. And I have experienced multi-day power outages before. Not likely, but more secure to be able to run on gas too.
     
  16. MTN

    MTN Active Member

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    If going PHEV, hard to beat Toyota. Prius and Rav4 Primes are where it is at. Efficient. Reliable. Good resale (especially NET cost, after incentives, which is what the discussion above was about)
    Hard to locate a Rav, especially at MSRP, and only makes sense if you get the full $7500 tax credit.

    Hyundai has the Ioniq and Kia the Niro, also, for options.
    At this time, for our use case, a hybrid or PHEV is the best option. EV for all local stuff, hybrid for road trips (which we do 1-2x/month). YMMV, of course.

    Final side note - the efficiency of the Prius Prime is actually higher than many (almost all) full EVs. Despite dragging around an engine when in EV mode, the Prius is so efficient - love that.
     
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