Final Decision Days

Your question is pretty simple, but the answer to it is not so simple. In short, the answer really comes down to you, and how you value things.

On a strict financial basis, it's almost always better to keep a car as long as possible to get the maximum value out of the purchase. That assumes that the car will last quite a few years, and not burden you with a series of unexpectedly large repair bills during its final years.

If you don't generally keep cars until they die (or until the cost to maintain them is prohibitive), then it's time to get rid of the Corolla. You probably only have a couple years of good value (from a trade-in perspective) left in it.

Should you trade it for a Prius? Again, that depends on how you value things. You could trade in the Corolla for a few other cars that would cost you less upfront, and provide you with years of good driving. However, you'd be hard pressed to trade it in for a car that would be better for the environment than the Prius.

As you're from PA, you're eligible for the PA "rebate" of $500 for a hybrid car should you purchase the Prius. That, in addition to the Federal tax deduction should make the financial aspects of the trade move viable for you.

In terms of the issues that you raised, a few quick responses:

1. fed investigation
- this is a non-issue for new Priuses. It's a software bug that exists in some 2004 Priuses. Don't waste time worrying about this
2. oil prices have dropped
- a very small amount. Will they continue to drop? The forecasts don't look too good. This should be a component of your decision, not a major part of it, but you will save quite a few dollars in fuel costs in the coming years if you purchase the Prius
3. gas mileage not as great as EPA estimates
- that's pretty much the case for all cars, so that's neither a pro nor a con for the Prius. FWIW, I've owned my Prius nearly 2 months, and my gas mileage has improved on every single tank. To some extent that's due to my learning the car, and also adjusting my driving habits.

In the end, this comes down to how long you like to keep cars, as well as how much value you place on different things. I spent a year debating whether or not to purchase a Prius. My only regret is that I didn't make up my mind sooner. If I had, I would have been driving this amazing machine ten months earlier than I did.

It would be great to have another Prius owner in PA. Good luck with your decision.

 

Buying a car is not a rational exercise. Otherwise we would all have the same basic car.
Drive the Prius and decide on how you like it's feel and performance. The great mileage will be an added perk.

It is a great mid size car and has the Toyota cachet "oh what a feeling".

Good Luck

:mrgreen:

 

Couple of points I wanted to make:

Some of us not only get EPA mileage, but exceed it. Driving normally, I'm averaging 57mpg over three tank fulls, so that's pretty darn close. If I really "milk it", I can (and have) hit the 60mpg average.

Currently, the Prius is unique in that it depreciates less than most other cars (excluding exotics, that sort of thing)

Toyota is planning a price hike. No one is really sure what that will translate into. For all we know, the base price for the Prius could be 30K. I'm highly amused to know that if they do, my used Prius would suddenly be worth a little more than I paid for it.

Not sure about the gas price thing, it's gone UP in my neighborhood in the last few days, and I'm in a somewhat rural area.

I never realized just how smooth a car can be when there's no transmission to shift around.

IMHO, if you can swing it, go for it. You only live once, so make sure you drive a car you can really enjoy!

Good luck!

 

No you should not buy a Prius.

 

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Well, I sure hope it's not $30K, that's a bit pricey for me. A few thousand more may be affordable. Plus, some dealers are adding about a $2K "surcharge"

What are the chances of a price drop on any 2005 left-overs (if there are any)?

 

According to the dealership I just bought from (Symes Toyota in Pasadena CA), they'll probably go beneath MSRP on remaining 2005's when the 2006 models come out. That's the good news. But realistically, since many/most dealers selling Prii at MSRP are going through their allotments in a matter of hours, I seriously doubt whether there will be much 2005 inventory by that point. And if there's a price hike on the way, that would make 2005's go even faster (and possibly remove dealer incentive to drop prices).

 

PaPrius addresses many of the key points in an excellent post above.

I drive my cars into the ground and bought a Prius only after my 15 year Camry blew an engine rod.

I looked at a new Corolla vs. a Prius. I don't remember the exact calculations, but I figured the post-tax break net outlay difference to me based on the models involved was just under $4000. Even not counting the gas and maintenance savings and assuming I kept the car 10 years (my average, save for one American minivan), the Prius was worth the extra $30+/month just for the environmental and "coolness" factors.

From a financial standpoint, you're already past the 2-3 year maximum value trade in point for the Corolla, so if your decision was strictly financial and the Corolla mileage is indicitive of what would be on the Prius, staying with the Corolla is probably cheaper unless gas really spikes.

But what about YOUR thoughts? Have the reasons you first decided to buy a Prius in April changed in the last two months? If not, buy the car and don't look back ...

 

Regarding your statement "oil prices have dropped". Oil prices always fluctuate day to day but in the long term it is inevitable that oil will become very expensive. This is why alternatives such as wind, solar, biomass, nuclear fission and nuclear fusion must be developed as soon as possible to replace oil which is a finite resource. Read one of the many books about this subject such as Paul Roberts' "The end of oil : on the edge of a perilous new world". It is very scary stuff. In addition to energy deplection, there is, of course the reality of global warming. The Pruis is a great car that is energy efficient and much less polluting than most cars. Over the 10 or 15 year lfe of the car, gas will undoubtedly get very much more expensive. All good reasons to get a Pruis.

 

That $6000 is a good price for your 1999 Corolla! I just traded in a 1999 Audi A4 1.8T, still in good shape, 43k miles, and I had to haggle with them just to raise their offer from $5500 to $6500. (I bought a 2005 red Prius for the wife). We originally paid $27k new for the Audi.

 

What I've found is that if you get the EPA mileage in your current car, you'll get the EPA mileage in a Prius. I got 29 mpg (in the summer) in my 98 Bonneville and I get 55-56 mpg in my Prius (in the summer) on my 30 mile commute.
Another thing to consider - the only way to get Detroit to build high mileage vehicles is to show that there is a demand for them - by buying one. Toyota is dragging Detroit, kicking and screaming, into the hybrid age by showing that there is a market for them. You get to be a part of that.
I love my Prius - got it in March and already have 8900 miles on it - partially because my wife drives it instead of our Explorer whenever I'm not using it.
The only vehicle I would prefer to have over this one is a fully electric vehicle with 100 mile range.

 

Buy it.

 

Pick battles big enough to matter, small enough to win. -- Kozel

Drive a cool car while reducing emissions. -- BigDaddy

Decisions determine destiny. -- Speakman

If you think too long, you are wrong. -- Kaat

 

I find the range of responses you have gotten to be at least humorous. Let me offer some REAL comparative evidence.

I drove a ’98 Blazer, and I had to fill up once a week. (18 gallon tank) I traded that in on my Prius and I now get 2 weeks on 12 gallons. I have never needed more than 11 gallons to fill it) That is 1/3 of the gas I used to use. Gas may moderately fluctuate in price, but I seriously doubt that it will ever get below $2.00 a gallon again. (note my location) In addition, the Blazer was not reliable. I owned it for 3 years and I had three MAJOR incidents. Transmission, radiator, and alternator, all of which left me stranded. Only one was covered under an extended warranty.

You own another Toyota, so I can safely assume that you have had NONE of the problems I had with my Chevy, and you probably can expect to NOT have many problems in the immediate future. The Corolla gets respectable mileage so that should weigh greatly into the equation, like my Blazer did.

Your Carolla is worth 6k on a trade in. When I bought my Prius, I could not find an 04 with less than 25K miles for less than $1000 less than a brand new 05. Show me any other car that offers that kind of resale. Have you seen the guys on eBay that are buying them and selling them immediately for more than they paid?

Gas will go up as sure as you will pay taxes and die. Count on it. I sign all of my email with the following recent quote:

"For every gallon you pump, you are essentially taking half a buck out of your wallet and saying, 'I'm not going to be spending this in the U.S. Good luck to the folks in Saudi Arabia, Russia and Iraq.'"

Stephen Levy, director of the Center for the Continuing Study of the California Economy in Palo Alto.