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Trade-in value on 2007 pckg. 2 with full tax rebate = 2007 pckg. 6?

Discussion in 'Gen 2 Prius Main Forum' started by seakykr, Oct 19, 2006.

  1. seakykr

    seakykr Ugly Betty is her name.

    Joined:
    Sep 28, 2006
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    Location:
    San Diego
    Vehicle:
    2007 Prius
    I got to thinking:

    I paid about $23,000 for my awesome 2007 pckg. 2 last month.
    The $3,500 tax rebate brings the price down to $19,500.
    I checked Kelley BlueBook trade-in value on a mint-condition 2005 Prius -- yeah, 2005 -- and it was just over $25,000!

    2007 Pckg. 6's cost about $29,000 here in San Diego.

    If I wait to get my tax rebate after beginning of the year I wonder if I could trade in or sell my pckg. 2 for at least $24/$25k, add the $3,500 to make it $27,500 to $28,500

    Then have almost enough to snag a pkg. 6 for little more out of my pocket than I got my pckg. 2 for.

    Am I crazy or could this work?
     
    #1 seakykr, Oct 19, 2006
  2. sl7vk

    sl7vk Member

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    Location:
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    If you sell your car then the feds aren't going to give you your full rebate. The credit is 3150 incidently and not 3500.
     
    #2 sl7vk, Oct 19, 2006
  3. VinceDee

    VinceDee Member

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    There are a number of issues with your calculations that you might want to think hard about before making this jump.

    1. Are you sure you paid only $23000 for your '07 pkg 2? That's a really good price, given what everyone else has been paying. I'm just asking because you got the amount of the rebate wrong so maybe you got this wrong.

    2. Don't forget that you paid taxes and registration fees on the car, which probably came out to about $2400.

    3. As mentioned above, the credit is actually $3150. Plus, there is a question about how long you have to actually own the car in able to claim (or keep) the tax refund. You might want to check into that.

    4. So you paid $23000 + $2400 - $3150 = $22250. If you were able to sell your Prius in January for $25000 you would have "made" a profit of $2750, but here's where it gets hairy: A pkg 6 is going to cost you at least $28000 plus taxes, so $28000 + ~$2800 (taxes) - $1575 (new tax credit amount) = $29225 - $25000 = $4225. So, $4225 is the least amount that you'll have to add to your $25000 when all is said and done, and it may be more than that.

    In the end, you're the one who has to decide if it's worth it to you.

    Vince
     
    #3 VinceDee, Oct 19, 2006
  4. seakykr

    seakykr Ugly Betty is her name.

    Joined:
    Sep 28, 2006
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    Location:
    San Diego
    Vehicle:
    2007 Prius
    You folks are right. I didn't think this through too carefully. It is 3150 not 3500, and of course all the taxes and stuff. I guess this just means I'm getting a little envious of those with Package 6's. I love the added features, so I guess I'll find cheaper ways to add them to my Package 2, primarily with a car computer and additional flip-up screen giving me voice-activated navigation, VOIP phone, music & video. But I'm gonna miss the extra controls on the steering wheel. Perhaps I will hold onto this car a few years and then trade it in when a new Prius model comes out. Thaks for your input.


    <div class='quotetop'>QUOTE(VinceDee @ Oct 19 2006, 11:00 AM) [snapback]335153[/snapback]</div>
     
    #4 seakykr, Oct 19, 2006
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