So, I just got our 2006 Package IV Prius with 125,000miles on it appraised at carmax for $4500. We were thinking about getting a new 2011 one and using this as a trade in. It has been in an accident that is why the horrible appraisal value :/ Would you all just keep it? We were worried about maintenance costs. So far it has been pretty good to us and feel that something major is just around the corner. That's the reason we thought to get rid of it. I should add we still owe $3000 on it, so $1500 would only go towards trade in. I am thinking keep it, but my husband says use it as trade in... Thoughts? Thanks in advance for chiming in
$1,500 equity is not much. I think that you should drive the car until it has a major problem, then tow to the salvage yard and be done with it.
From the buyer's point of view, that looks like an excellent price. If it's a good deal for the buyer, maybe it's not such a good deal for the seller. So long as the accident damage has been fully repaired and the car's safety or usefulness has not been impaired, I'd keep it.
I found CarMax to be really low. They offered my husband $3000 for his Ford Escape with 115,000 miles and it and he sold it to a private party a week later for $5500. It was only on Auto Trader for a few hours and he had two different people call for an appointment. I think CarMax might be good for fast easy money but that's it.
I find that if you use the kelly blue book and edmunds appaisers and average them, they land fairly close to what I've gotten in the past. Just be honest about the car condition.
Car max doesn't use bluebook... they use wholesale. You can beat their price every time. I just sold a kia - carmax offered 6.5k for it. I just sold it for 8k. Post it up on craigslist or auto trader and you will get an interested party... but be honest. If it's had repair work done, it will show on a car fax. Every person I talked to asked about the vin so they could check the carfax.
what was the nature of the accident repairs? my 2006, with 110k miles now, was rear ended a couple years ago, totally other guys fault and his insurance covered $1600 worth of body work. still have receipts. Auto trader shows about 9k for 2006 Prii with 100k plus miles, so i hope i can do better than 4500, but may not make 9000 w/accident on record. FWIW, looking at the 100, 200 and 300k mile club threads, I think the vehicle would last a long time if regularly maintained. Good luck and Happy New Year
you gotta weighs ALL costs involved...what will it cost you to replace it? you said you wanted to trade it in on a 2k11 model....I think for $4500 you should dump another $2k into maintenance and drive it till it dies
At 125K, you should do the following maintenance: (approximate dealer prices) Change oil and filter ($50) Drain and refill transaxle ($100) Change serpentine belt ($75) Change spark plugs ($100) Change PCV valve ($25) Total: $350 Buy engine and cabin air filters yourself to save $100. The serpentine belt is also an easy DIY for $15 or so -- one of the most overcharged services on the Prius. If you are in a CARB state (California and some others), then your hybrid battery is covered to 150,000 miles. That's perhaps the milestone to reconsider selling. It is a lot more lucrative if you get the car paid off and sell on Craigslist.
Why eat the loss? Drive it until it falls apart; while doing that, save up towards a replacement. (Don't ever borrow money to buy a new car.)
...we are keeping our 2006 with 99k miles...we always keep new cars about 10 years, so that's our target. Probably gonna need new water pump someday.
Thanks for all the replies! I think we will keep it. $1500 isn't much equity at all and it has done us good so far! Hopefully things hold together for at least another 50K. We maintain it pretty darn good and it has been very reliable thus far (knock on wood). Toyota is having the 0% financing on new 2011's....we may still take advantage but not do a trade-in. I'd love to save up the money but $30K is a lot to save up for just a car. I'm OK with borrowing if it is at 0%!! Thanks again for all your thoughts
Yeah you've got a real good chance of doing another 50k miles (or more) without any major issues. Since you only owe $3k then that should get you enough time to easily pay it off and probably save a bit for a deposit as well. Selling the car unencumbered is a definite advantage.
"Borrowing at 0%" means they increase the price to compensate and/or you don't get any cash incentive. They get you one way or another if you don't pay cash. If you can afford to pay off a $30,000 loan over six years you can certainly save up $26,000 in the same time.
