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What to Watch Out for on a Used 2002?

Discussion in 'Newbie Forum' started by Linda L, Mar 6, 2008.

  1. Linda L

    Linda L Junior Member

    Joined:
    Feb 22, 2008
    68
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    0
    Location:
    Texas
    Vehicle:
    2002 Prius
    Hi all -

    Well, the 2001 I had my eye on got sold out from under me, since I couldn't go see it until this weekend (it was 275 miles from where I live).

    So I now am looking at a 2002 which seems to be well equipped. It does have cruise control and navigation, which the 2001 lacked.

    The dealership knows I am coming first thing Saturday to look at the car, so hopefully it won't disappear between now and then (this dealership is about 200 miles from where I live).

    Is there anything in particular that I should be aware of about the 2002s--such as any particular problems in that year model? The car is at a Toyota dealership, and they assure me it has had all necessary recalls done, and has been checked over and serviced by them.

    Linda
     
    #1 Linda L, Mar 6, 2008
  2. statultra

    statultra uber-Senior Member

    Joined:
    Dec 6, 2005
    796
    30
    1
    Location:
    Edison,NJ
    Vehicle:
    2001 Prius
    Model:
    N/A
    if all the recalls are done on it good, and any maintenance, like uh inverter coolant and hybrid transaxle coolant changed thats also good.
     
    #2 statultra, Mar 6, 2008
  3. NoMoShocks

    NoMoShocks Electrical Engineer

    Joined:
    Jan 21, 2007
    1,292
    82
    11
    Location:
    Camas, WA
    Vehicle:
    2010 Prius
    Model:
    IV
    I would be very warry of the price. Prices for used cars are too high and interest rates are higher on used car loans. Here is a comparison based on some assumptions you may need to adjust to fit your own situation.

    Option One

    Buy used 2002 Prius with 75,000 miles for $15,000 (KBB.com Retail)
    Drive 15,000 miles per year for 3 years to 120,000 miles.
    Then buy 2005 Prius with 75,000 miles for $15,000
    Drive 15,000 miles per year for 3 years to 120,000 miles.

    $5000 trade in on second $15,000 car.
    Total Cash Price = $25,000
    First car 3 year loan for $15,000 at 7.27% interest rate.
    Monthly payment = $465.
    Second car 3 year loan for $10,000 at 7.27% interest rate.
    Monthly payment = $310.
    Total payments over six years = $27,900.
    End six years owning 9 year old car with 120,000 miles on it.
    Residual Value $5,000
    Cash Cost of Ownership = $20,000
    Finance Cost of Ownership = $22,900


    Option Two

    Buy new 2008 Prius Pkg 2 with 0 miles.
    Drive 15,000 miles per year for 3 years to 90,000 miles.

    Cash Price $25,000
    With 6 year loan at 7.14% interest rate.
    Monthly payment = $428
    Total of payments = $30,816
    End six years owning 6 year old car with 90,000 miles on it
    Residual Value $8,000
    Cash Cost of Ownership = $17,000
    Finance Cost of Ownership = $22,816


    Option Three (If you were planning to pay $15,000 Cash)

    Buy new 2008 Prius Pkg 2 with 0 miles.
    Drive 15,000 miles per year for 3 years to 90,000 miles.

    Down payment = $10,000
    With 6 year loan at 7.14% interest rate.
    Monthly payment = $257
    Total of payments = $28,485
    End six years owning 6 year old car with 90,000 miles on it.
    Residual Value $8,000
    Finance Cost of Ownership = $20,485
     
    #3 NoMoShocks, Mar 6, 2008
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