Bought the Prius, Now Considering the Plug-in

I'd encourage you to relax, and make the best of your choice. Any additional benefits you may achieve from a plug-in would be nullified by the costs of trading cars. Depending on electricity costs, which vary widely, you get about 12 miles on a plug-in charge, which costs roughly half as much as gasoline. So 6 miles gained per charge more-or-less -not a huge deal.

The Prius itself didn't really pencil out when I initially considered buying one. We have no programs or incentives for EVs or hybrids here. I calculated that it would take 200,000 miles before I would begin to see a payback for the extra cost of a hybrid over a conventional car.

What tipped the deal in my favor was a large discount from the dealer and the availability of free power at work. Otherwise, I'd be driving something else.

 

You also have to remember that if you trade in your new Prius for a PiP you'll be paying sales tax and registration again. That alone probably represents at least $2500-$3000. That plus the hit you'd take on trading in a one month old car would lead me to think you should just enjoy the prius you've got.

 

If I were you I would drive the car you have. You are going to get 50MPG or thereabouts on the car you have. You are not going to do any better than that any way you cut it.

You bought the right car. Stop worrying about it. You have a mild case of "BUYER'S REMORSE". We all get it. Two months from now and you will be fine. Drive your car and enjoy it.

 

If anything, you should have leased the Prius. Then in 3yrs, when technology has advanced again, you could refresh your hi-tech car. The PiP gen II should be coming out in about a year or two - trade up then.

What do you pay for a KWHr? If it is 20 cents or higher, it may be cheaper to not have the PiP.

How many miles do you drive a year (or will be driving)?

The Prius saves so much gas, that getting more mpg is will not save significantly more gas.

 

Leasing is good advice? Since when?
I enjoy the period after I've paid off a car, and I owe nothing. It's usually well over 5 years of payment-free driving. That extra money comes in handy for other things.

 

Seansky I agree you probably did the right thing. The PiP has smaller gas tank, a little less storage, and no spare tire. So it is not a slam dunk that PiP will be as useful for you. MPG about the same. In CA right now, PiP may be a slam dunk due to very low prices and or poss. green stickers (sold out for now). You can see if next PiP Gen2 has more advantages.

 

i believe you will take your biggest hit now, not after waiting awhile. it doesn't hurt to talk to some dealers tho. all the best!

 

Keep your current 2014 Prius hybrid and enjoy the benefits. PIP technology is developing and will only improve. Leasing makes sense to me with the current Prius PIP and the Gen 4 on the horizon.

 

Seansky,
I've walked in your shoes.....
I bought a new Prius Five in March of 2012, I kept it for six months then traded it in for a 2012 PIP.
At that time Toyota Financial was offering a $5000 credit on the PIP, and there was (and still is) a $2,500 Fed Tax credit for the PIP, and our local electrical utility (LIPA) also offered a $500 rebate check for the PIP.. after all was said and done- I had about $2,500 out of pocket expense to move from the 2012 Prius Five to the 2012 PIP.
To me it was well worth it- my lifetime MPG in the regular Prius was about 50mpg, my lifetime in the PIP was 92MPG over the 18 months I had it. The PIP has an average EV range of 11mi in fair weather under NY (LIE) driving conditions.
Even in EV mode the PIP will run it's ICE once you exceed 62-64mph.

About 7 weeks ago- I traded in the PIP for a Volt. My EV range is up to 47+ miles now.
I've put about 2,500 mi on the Volt and have used 4 gallons of gas in almost two months.
The Volt sells for $34,995 and there's a $7'500 Fed tax credit for it because it's got a much larger battery than the PIP.
The Volt can run at it's top speed of 100mph in all EV mode.
The Volt is a four seater BTW- no middle back seat.

You do have options.... I don't regret buying the PIP- as a matter of fact I liked the PIP's EV mode so much I eventually wanted even more.

 

More and more EV is very addictive.

 

100% accurate!
Read today that Nissan will double the Leaf's range to 160mi in 2017...
Next Nissan Leaf will get longer range, plainer looks

 

Maybe. Depending on your driving situation. We just purchased our 6th Prius, a 2014 PlugIn Advanced -- top of the line. I was also looking closely at the BMW i3 (and still will follow). My drive to the office is 11-miles in LA street traffic. The PPI is a measley 12-15 miles (c'mon Toyota, add some battery!!) but I can drive to the office totally EV, charge at the office and drive home totally EV. My challenge is to make that first gasoline fill-up last three months -- very likely. Pretty ideal machine for my needs right now. And remember the PPI is 110V. Full charge in about 2.5 hours. No 240 needed. Big difference. Bottom line: the compromise of hybrid gas/EV that Toyota has straddled for some time continues to work. I just wish/hope the balance would shift to EV. Gimme a bigger battery and adopt the BMW composite plastic frame. Why couldn't I get an option to add a bigger PPI battery pack???

 

With respect to the sales tax cost of trading cars, it depends on the state.

In many states when you trade in a car you only pay sales tax on the difference between purchase price and trade-in allowance.

I don't know if this applies to NY though.

[Edit: It appears that this is the case in NY. http://www.tax.ny.gov/pdf/publications/sales/pub838.pdf]

 

Correct- I can tell you from personal experience in NY you only pay sales tax on what's left after your trade-in has been deducted. So if they give you $23K for your trade-in and the new car is $28K, you pay sales tax on $5k.

 

When you quote PiP mpg, don't forget to factor in the cost of the electricity used and the "effective" miles.
That cost of electricity for me is low, 12 cents/KWH, but it does trim down the "real" mpg or equivalent mpg.
If your electricity rates are higher, the PiP may say 100 mpg, but after factoring in how many gallons of gas the electricity cost would have given you to, the Prius and the PiP might be equal cost.

Nevertheless, you are using coal/nuclear/natural gas/hydro/etc. instead of oil which we import too much of.