The Economic Un-feasability of a Prius For Me

I won't bother. If you're ok driving old cars and not spending a lot on repairs, you will not save money on the Prius. It's just not gonna happen.

 

Think of it as buying an insurance policy against an uncertain energy future.

I replaced my 1995 civic with a 2005 Prius. At the time it didn't make economic sense either. I calculated gas would have to average over $2.50 / gallon just to break even compared to buying a new civic. That seemed crazy at the time.

 

1. I would keep any car that is reliable at least 15 years.
2. The Prius is an excellent car, not just for gas mileage, but in terms of low maintenance and durability.

 

All the arguments for NOT buying a new vehicle are valid.

That being said? Life is short, you don't take it with you, and I think we should all take as much opportunity to enjoy what we can, while we can.

When the only thing you are driving is a walker with tennis balls on the bottom, would you enjoy the memory of owning a Prius?

As far as I know, nobody has ever made an ATM withdrawal from the other side.

As long as it isn't cutting into basic survival income? In other words if you can afford it? Then you don't really need anyone to talk you into "it" but yourself.

 

You could save even more by walking or using public transportation and selling your current cars. Picking and driving the car that you want is more complex that savings from differences in the cost of fuel.

 

OK ... here's another way to look at it ....

The 08 Civic (depending on it's mileage) is probably close to it's peak for trade in value. You've already eaten all the depreciation that you're going to, it's a high-quality, in-demand car, so if you're shrewd, you can get a helluva deal on a leftover 11 Prius, about $1000 rebate, AND maybe great financing to boot.

So ... for argument's sake, let's say you can get a 2011 leftover 2 for $22,000 ... less your trade in of (depending on your Civic's condition, model, and mileage) of between $11K and $16K ... call it $12K ... for $9-10K out the door. Prius has 0% financing now for 5 years where I am. So .... that's $16.67 (per thousand borrowed) X 10K = payments of $166.70 per month. Depending on how much you drive ... you'll probably save about $80-100 per month by getting 50 MPG instead of 30-32 MPG, so your additional outlay is roughly $60-80 per month to drive a new 2011 Prius.

Of course there's a milliion variables .... condition of your Civic .... is it a DX, LX, or EX ... miles on your Civic .... which Prius you end up getting ... 2, 3, 4, 5, ATP, etc etc.

I gave you base numbers that should be close for your Civic (LX) with average miles, in good condition, and you being satisfied with a base 2 Prius.

I think you can justify it if all the above falls into place. You'll have free maintenance for 25K or two years, bumper to bumper for 36K, drivetrain for 60K, hybrid and battery for up to 10 years/150K.

Hope this helps.

REV

 

lol -- cheers, guy.

I tend to buy the most efficient replacement when my current device is end of life, so I understand quite well where you are coming from.

Driving a hybrid *is* a lot of fun if you are the kind of person who likes to know how stuff works. I would also consider the benefit you are giving back to your community in terms of less pollution and less petro-dollars drained from the country.

 

Haha! The first one is free. After that, I charge

 

I think you should buy it to cure your PRIUS ENVY.

 

A little over a month ago I traded for my 2012 Prius, I had a 2007 Camry with 45000 miles on it, in perfect shape , that I traded in. I normally agonize over trading cars for weeks on end, it is a painful process for my wife and I. While economically unsound , it was the easiest trade I have ever made, I got a good trade in for my Camry, felt like I got a good deal on the Prius, and I have been grinning every since. I normally get into analysis paralysis, but not this time. I figure I got top trade in for my Camry, a reasonable figure for the Prius, everybody was happy. I might have been able to say more money by trading down the road, who knows, I normally keep cars for at least 10 years, plus I am retired and don't drive as much as I used to drive. Bottom line also is , I could afford to trade at this point in my life, that hasn't always been the case, and whatever the figures , I am very pleased with my new Prius:cheer2:

 

This is an interesting discussion. Unfortunately, the word "economic" has been confused with the word "financial."

Economic decisions almost always balance cost AND personal utility.

Clearly the best bang for the buck is to keep the '99 Accord, sell the '08 Civic, and buy another '99 Accord. This puts money in the bank, and it allows for economies of scale on maintenance and repairs by having two identical cars. However, I think we all agree that such a decision would have a dismal outcome, resulting in NDTransplant being divorced and homeless with two POS Accords, exploring another bang for the buck, living in one Accord and driving the other.

So the key to this decision is how to value your personal utility. It is very rational to want a Prius and not want the Accord. It may be financially unfeasible to buy a brand-new Prius, but it sounds quite economically feasible to buy a used one (HINT: 2009), in order to enjoy many years of reduced-guilt, high tech, low cost driving.

 

It really depends on how much you drive and how much maintenance costs on your paid off cars. For taxi-cab when comparing free Crown Vic to GenIII @3.50/gal savings on gas alone would more then pay off new Prius, but they drive 200mi a day.

There are no salesmen here so no one is trying to convince you to get one. If you need help go to fueleconomy.gov, figure out how much a year you would save on gas, then run that against maintenance on one side and car payments on other. Unless driven to extreme paid off econobox will fare better then new unpaid Prius. Your better bet is 1999 Accord good luck

 

Ooh, ooh, here's one. Replacing both of your current well-kept clean-running cars will allow two poor schlubs to replace *their* current gas-guzzling air-fouling clunkers. Everyone's quality of life will improve.

The acid test for affordability of a new car just because you want one: if you can write a check for it without explaining it to anyone, then you can afford it.

 

I bought my Prius b/c I wanted a new car and could afford it. Traded in a 2006 Mazda 5 w/ 65000 miles on it; it needed shocks and needed some hail damage repaired but mechanically was great. It got a steady 26mpgs in mixed driving. But it was horribly noisy; lots of wind and road noise.

Economically it didn't make sense.

I consider my new Prius a "treat" for myself and wife and still glad I did it.

 

The OP has neglected to mention whether his wife has test-driven a Prius. Until we know this, all arguments are moot.

 

I got the 2011 white blizzard Prius cause it was a "good looking car", paid as much as i had paid for my sienna mini van a few years ago.

Didnt lose sleep over it, prius is a nice car, runs great, love getting 45 mpg without even trying and we both love it.

Dependable, looks great and with gas at 4 bucks, no complaints.