Gen 1 PIP Resale Value Is Egregious

Discussion in 'Gen 1 Prius Plug-in 2012-2015' started by Prius Five Guy, Mar 29, 2017.

  1. Prius Five Guy

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    Who else is under water? My 2013 PIP base model is worth $11k. I owe these TFS crooks $14.5k. Class action worthy?
     
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  2. bisco

    bisco cookie crumbler

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    yep, brutal. i own mine, but i'm still losing the same amount of depreciation.

    i think you can expect it on all electric vehicles. gas prices are low, depreciation is high. plus, people worry about battery health, which drives down price.

    who would you sue, the arabs?
     
  3. mmmodem

    mmmodem Taste Tester

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    ??? I put zero down on my 2012 PiP and have been paying monthly $547. That's full price sans rebates with tax at the end of the year. That means I have one of the worst loans to be underwater for and I was for the first 3-4 years. I owe a little under $4000 at the moment. Technically, the car is paid off as that remaining $4000 is the total rebates I got back. But of course, I'm keeping the rebates in my account and prolonging this 0% interest as long as possible. This time last year, I would've owed $10,000. :eek: So about the same as you.

    Edited. Just realized you have the same crazy payment plan as I do.
     
  4. ericbecky

    ericbecky Hybrid Battery Hero

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    Another hard part is that the newest PIP doubles the EV range.

    A guy I know just sold his 2012 PIP (base package) with 45,000 for $10,000.
     
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  5. mrbigh

    mrbigh Prius Absolutum Dominium

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    I was lucky tho sell my former 2012PIP after a few years to a coworker of mine.
    I paid full retail price then and I sold it with a loss, but not as bad as you guys :censored:
     
  6. ETC(SS)

    ETC(SS) The other One Percenter.....

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    Sorry.... but there's no law against paying too much for a product.
    Besides one could argue that if the life cycle of the car is 10 years or 250,000 miles then you'd still have to be underwater at that point in order to argue that the car company didn't hold up its end of the bargain.

    If you buy new cars every 5 years then you can expect to be 'underwater'......a lot.

    Like for the rest of your life.
    Me?

    I got off that ride a long time ago.
    I have 3 cars, all paid for and all over 5 years old (2006,2009,2012)
    They're paid for and I put money aside to cash flow repairs.

    Instead of paying some car company monthly payments for the rest of my life, I want to do silly things like live in a paid off house, and not have to worry about retirement.

    YMMV
     
  7. PA Prius

    PA Prius Active Member

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    I have a friend who has bought a new Leaf every year for the last four years or so. At least he is getting more EV's on the road and giving good deals to the rest of us. I also just picked up a '12 PIP Advanced with 36,000 miles for 1/3 of the cost of what it was new.
     
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  8. mrbigh

    mrbigh Prius Absolutum Dominium

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    and you are one of the ones who got an amazing deal on a pre-owned PIP ;) that it's about $10K
     
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  9. jerrymildred

    jerrymildred Senior Member

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    My '13 PiP base was $20,000 less than the price on the window sticker folded up in the glove box when I bought it this past December. That's why I don't buy new cars. I haven't made a car payment since 1999 when I got totally out of debt except for the house mortgage. We pay off the credit card every month and put away $200/month for big purchases like used cars. More when we can. Not that hard when you're not making $300-$500 car payments. And we do that on about $50k a year income. We do have to be willing to have less than we might like, but it's worth it to not have the pressure.

    But I still REALLY want a Prime!!! :rolleyes:
     
  10. Neohippy

    Neohippy Active Member

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    That's why I never buy new. The window sticker on my advanced $40,900. I was shocked how much it depreciated. Nissan Leaf is the only other car I have seen that depreciated worse.
     
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  11. PA Prius

    PA Prius Active Member

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    Fyi, I'm guessing your Prime has just been sold and will be available for you in two years for about $17,000.
     
  12. bingee3

    bingee3 Active Member

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    It will be worth much much more , when the dealer gets it , and puts it on their
    Used car lot ,,,,
     
  13. jerrymildred

    jerrymildred Senior Member

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    Something like that. :D
     
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  14. bisco

    bisco cookie crumbler

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    when i analyze it, i paid 30k, it's worth 10k. 20k / 60 months = $335. / month. wouldn't have been a horrible lease i suppose.
     
  15. Rebound

    Rebound Senior Member

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    My PiP is paid off, but, yeah, we first-time buyers took a bath. We brought a brand-new model. I think our bargain price was "only" $500 below list. And it was a high List price of about $32,000, but there was a sizable tax credit -- around $5,000, wasn't it?

    I've enjoyed mine. I enjoyed having a brand new car, it was a very interesting car when new, it hasn't needed any repairs yet (at 110,000), and it should continue to last a long time.
     
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  16. Tideland Prius

    Tideland Prius Moderator of the North
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    This is probably why there's a higher percentage of lease vehicles for EVs because the technology is moving at such a rapid pace. I know there are probably a number of people who leased hybrids 10 years ago because they didn't want to deal with the loss of perceived value due to advancements in technology.

    If you're buying an advanced technology vehicle, you should probably keep it for longer than usual (unless you sign a 3 year or 4 year lease). I think most Prius owners held theirs for 8-10 years before upgrading to a PiP, Volt or Tesla.

    Also, I've always wondered about buying a used hybrid, EV or PHEV. You can't trust that the dealer knows how to maintain the vehicles on the lot. They know what to do with the 12V battery but they may not know what to do with the HV battery. I'm wondering if we'll see battery failures from 2nd or 3rd hand vehicles not because of age or mileage but because they've been sitting on the lot and allowed to drain. The optimist in me thinks that dealers will maintain their own brand's car (e.g. if you trade a Prius in at a Toyota dealer vs. trading it in at a Mazda dealer who has had no training with vehicles with HV batteries) and at least have incentive to keep it running in order to sell it.

    This is why I prefer to buy new when it comes to cars with HV batteries - I know exactly how the car has been maintained.
     
  17. UCBRUINS

    UCBRUINS Member

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    How about the CA cars with the HOV stickers? Are they holding value since the stickers are no longer offered? I have an early order for the Model 3, but expect to keep the PiP until it dies a slow painful EV death.


    iPhone ? Pro
     
  18. Prius Five Guy

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    Holding value?? KBB on a 2013-14 Chevy Malibu with similar mileage as my PIP is about $13.2k. FKN egregious.
     
  19. NeilPeart

    NeilPeart Hybrid & PiP Convert

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    I think the 2012 buyers did get the short end of the stick because the prices were heavily reduced after that year. My goal is usually to buy a car within the last year or two of its generation, so I typically wait until the new model is released and buy a gently-used model from the previous generation (or a new one that they are willing to heavily discount). Then I hold onto the cars for 5-10 years. With the 2015 PiP I will hit 150K miles @ the 10 year mark and then the warranty is gone so out it goes. Hopefully the Gen 5 Prime will be out and I can pick up the last model-year of Gen 4 Prime when the bugs have been mostly refined away and I can get it for around $20K. The Tesla Model 3 and all flavors of the Ioniq will be out, and possibly the next-gen Volt and Leaf as well. Perhaps Toyota will release a true Lexus version of the Prime (no the CT200 doesn't count) and I can finally get the car I want and the car I need.
     
  20. mmmodem

    mmmodem Taste Tester

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    The green decals are unlimited now. There is no extra value like with the yellow decals. My PiP is at 123k miles. It's gonna be awhile before it dies which works out. By 2019, I'll have all three players on the field; Leaf 2.0, Model 3, and Bolt. Let the competition begin to win my dollars. If the Model 3 still isn't available to buy without reservation, that's fine by me. This PiP is showing no signs of dying a slow painful EV death. I've got time.
     
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