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Should I buy a used 2008 Prius?

Discussion in 'Newbie Forum' started by Hanover, May 12, 2012.

  1. Hanover

    Hanover New Member

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    Yup, I'm a newbie! :)

    Long story short, I bought a brand new 6 cylinder Rav-4 Sport last year and things have come up to where I want to lower my payments.

    Not going to go into my negative equity as I realize how much of a hit I'm taking here. So please, lets avoid that discussion. I've also looked into refinancing, but even refinancing wont give me a low enough interest rate to make it worth it. :)

    Currently paying $561 a month right now at 11.4%

    I went down to CarMax and they have a fully loaded 2008 Prius Hatchback with leather seats, nav system, JBL sound system...the works for $20,000. It only has 60k miles on it as it was a Leased vehicle and was only ever owned by one person.

    I qualified for a 6 year loan at $477 a month which does lower my payment by $80. Now, I'd have actually walked away from that until I went to a few web-sites that have told me that I would save an average of $160 on gas every month based on my 18,000 miles per year driving habits. You add that savings to that $80 and it comes up to a whopping $244 left in my pocket every month...

    But what I need to know is, is that realistic?

    The Hybrid Car Guide (look it up, I cant post URLs yet) is one of the sites I used to calculate my average monthly savings on gas.

    My Rav-4 gets 22mpg and in Atlanta, gas averages about $4.55 right now. I'm filling up at about $45 a tank, and that's one tank per week. That site says I should be able to save about $2016 per year with the Prius...is that correct or is that more on the wishful thinking end of things?

    Basically as I see it, if my gas goes down by $160 and I add that to the $80 I'm saving every month on my payment, that really makes that payment more like $237 a month.

    This is how I calculated how much would end up left in my pocket every month:
    Prius 2008 (Financing for 6 years)
    Current loan payment: $561
    New Monthly payment: -$477
    Gas savings /mo (46mpg): +$160
    Total Monthly Savings: =$244 per month

    Even better is if I took that $244 and continued to apply it to this new loan, I'd own the car by 2015.

    I LOVE this Prius though. It's in the color I want and basically has the same types of features that are in my Rav-4.

    I just need to know if that $160 isn't just wishful thinking on an overly-biased website or something.

    Thanks for your help in advance.
     
    #1 Hanover, May 12, 2012
  2. Munpot42

    Munpot42 Senior Member

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    To get a good idea of the expected mileage on an'08 I would go to Fuelly.com and look up Prii of that year to get an idea of average mileage. My guess is that it will be in the neighborhood of 44 mpg.
     
    #2 Munpot42, May 13, 2012
  3. cwerdna

    cwerdna Senior Member

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    I haven't worked out all your numbers and never shop cars by payment. Your current loan has a crazy high interest rate.

    So w/the 22 mpg you claim to get on your RAV4, is this via manual calculations of your driving or by looking at EPA estimates?

    That $20K sounds really high for an 08 w/60K miles. If you're going to shop 2nd gens, http://priuschat.com/forums/knowled...andard-optional-equipment-some-countries.html might help. Or, you should look for a more lightly equipped used Prius, if money is tight.

    Heck, at autotrader.com w/the 30301 zip code, I see some lightly equipped 2010s for ~$20K. The 3rd gen (2010+) is overall a superior car vs. the 2nd gen.

    I don't know anything about saving $2016/year. My lifetime mileage is ~45 mpg, but as they say, YMMV. Depends on many factors: the driver, speed, trip lengths, type of drive, habits, temperature, etc. ConsumerReports.org - Most fuel-efficient cars shows what the 2nd gen (04-09) got on CR's tests.

    If its small size will work for you, how about a new Prius c? At least you'll have a car w/a full warranty from day 0 vs. a car that has none of its 3 year/36K mile and 5 year/60K mile powertrain warranty left and two years of "free" maintenance (http://www.toyota.com/toyota-care/).

    MSRP on a Prius c One is $19,710 w/dest charge and Two is $20,660. I wouldn't get the One since it has no cruise control.
     
    #3 cwerdna, May 13, 2012
    imOCD4a_prius likes this.
  4. M8s

    M8s Retired and Lovin' It

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    I sold a 2009 package 6 (leather, navigation) touring model with 16.5 k miles and lots of other upgrades for $21k a year ago - and that was top dollar then.

    Keep looking for a 2008 or 2009 package 6 with 30k miles for $16k to $18k or so. You can easily get 48 - 50 mpg and can go as high as 60 mpg if you really work at it. The 2008 - 2009 are the best of the 2nd generation bunch. I prefer the 2nd to the 3rd generation but that's just a matter of personal preference.
     
    #4 M8s, May 13, 2012
    imOCD4a_prius and KK6PD like this.
  5. seilerts

    seilerts Battery Curmudgeon

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    6 years is a long time to finance a car that is already 4 years old.

    +1, Trade it for a new Prius C. A Toyota dealer could possibly give you better terms on a new car, especially since you are trading in a RAV.
     
    #5 seilerts, May 13, 2012
  6. Hanover

    Hanover New Member

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    This is using my car's computer which right now has been showing 22 mpg for the last four months. My current interest rate is 11.4%...and yes, thats crazy. :)

    The one I was looking at has leather seats, nav system, bluetooth/hands free (which is important for my job)..seems like it's the more fully loaded model. I assumed thats why it was more expensive than the lightly equipped model.

    I've read that a C is pretty much as small as the first gen Prius..is this correct? If so, I really prefer a more mid-sized car for. I'm a kind of a big guy. :)

    Ok, I think I'll head down to the toyota dealer in my area and check them out. Thanks!
     
    #6 Hanover, May 13, 2012
  7. Son of Gloin

    Son of Gloin Active Member

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    For what it's worth: I just glanced at the Fuelly site / the page for 2008 Prii ... out of 127 listings, more than half - 70 - are averaging at least 45 mpg. As mentioned above, of course, "YMMV"!

    Also, IF "BlueTooth Hands-Free" is one of the more important features you're looking for, that comes with Package III-and-above ... you don't need to go to the top-of-the-line to get that.

    The MAIN issue in all your considerations - as far as actual / final costs are concerned - seems to be that ridiculous rate you've been quoted! Sheesh ... here's hoping you can end up with a MUCH lower rate; whichever vehicle you end up getting!

    BEST OF LUCK IN YOUR QUEST!
     
    #7 Son of Gloin, May 13, 2012
  8. Hanover

    Hanover New Member

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    The verdict...

    ...and the winner is...

    (keep reading...)

    What an amazing adventure today.

    I drove down to World Toyota in Atlanta today and they had one black Prius C version 2 on the lot. I was a bit wary thinking about how small it was, but I fell in love with it instantly. The dealer got the keys and we took it for a test drive. Wow, I really have to get used to the way it DOESNT idle. I kept thinking we stalled every time we stopped. :)

    The acceleration is better than I expected. The EAV and ECO modes are really cool. I love how much information it gives you about your drive. I swear, its like a scoreboard that pops up after every trip...makes me want to best myself every time I get back in it. :)

    Fortunately World Toyota gets all their prices from the internet, so this one was priced at $21,000.

    I was really shocked when they appraised my Rav-4 Sport/6 Cylinder at $22,000. CarMax was only willing to go to $19,000! Even better is that since my trade-in was more than the Prius c, I didnt have to pay any tax.

    As far as financing, they gave me an interest rate of 7% at 72 months...well below my current rate of 11.4 and CarMax's offered rate at 9.04%. That dropped my payment to well below my target. :cheer2:

    So to sum it up:

    A brand new Prius
    Lower Interest Rate
    Lower Payments
    My trade-in was valued at $3,000 more

    So needless to say, I brought home a brand new black Prius 2012 c2. I estimate saving about $350 every month with this car in terms of monthly payments + gas mileage.

    Cant wait to drive to work tomorrow. (never thought I'd ever say that!) :)
     
    #8 Hanover, May 13, 2012
  9. Keiichi

    Keiichi Active Member

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    Well, congrats on your car. You got a Prius v? Not a standard Prius? Either way, as long as you are happy with your decision, and a brand new one, no less compared to the used one you weren't sure of, I think you are going to enjoy the car. :)
     
    #9 Keiichi, May 13, 2012
  10. cwerdna

    cwerdna Senior Member

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    Congrats!

    I think the OP meant they got a Prius c 2. A likely typo since c key is right next to the v...
     
    #10 cwerdna, May 13, 2012
  11. Keiichi

    Keiichi Active Member

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    That would make better sense...
     
    #11 Keiichi, May 13, 2012
  12. Hanover

    Hanover New Member

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    I corrected it.
     
    #12 Hanover, May 13, 2012
  13. KK6PD

    KK6PD _ . _ . / _ _ . _

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    Well done laddie! Welcome to the group. Sounds like you got a fairly good deal! You sound happy, and you found the proper forum to express that happiness!
    Stick around, there's lots to learn, and contribute!

    :welcome:
     
    #13 KK6PD, May 13, 2012
  14. cwerdna

    cwerdna Senior Member

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    :welcome:
    I don't know your driving habits, speeds and trip lengths, but if your trips aren't too short and you aren't driving 75+ mph on the highway, you should be able to attain at least 2x the mileage of your RAV4 w/o too much difficulty.

    BTW, you probably noticed the rear visibility due to the rear headrests is pretty poor. I noticed that when I test drove one over the weekend. If I owned one, I'd remove the rear headrests (when nobody's sitting in the back) but keep them stored inside the car somewhere, in the event you do need to take on passengers (for their safety).
     
    #14 cwerdna, May 13, 2012
  15. Son of Gloin

    Son of Gloin Active Member

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    Re: The verdict...

    Sounds like you made out with a great deal overall ... certainly a better one than you'd been anticipating. CONGRATULATIONS! Also, in part, you said:

    In light of all the above - and referring to your trade-in in a general sense - don't forget to update your insurance information through your agent. My guess is you'll be saving some bucks there each-and-every month, too!
     
    #15 Son of Gloin, May 14, 2012
  16. M8s

    M8s Retired and Lovin' It

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    Re: The verdict...

    Great post. I really like "hearing" a new owner's excitement and enthusiasm like this.

    That's why I read some of the posts in the Prius c forum every day. Those guys are generally new to Prius ownership and are over the moon with the performance of their new cars. Be sure to post there - you'll be a great addition to that site.
     
    #16 M8s, May 14, 2012
  17. roostercruiser

    roostercruiser Junior Member

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    I did
     
    #17 roostercruiser, May 18, 2012
  18. imOCD4a_prius

    imOCD4a_prius Member

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    Congrats ! I'm really happy for you. I'm still on my quest for the quest for that "Special Prius Feeling." I won't stop believin' as I search for the '08 you were looking for !! Enjoy :) DJ
     
    #18 imOCD4a_prius, Jun 24, 2012
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