What's your Prime worth now?

It's not just PP. Any used car's value has gone up in the last 6 months or so due to supply and demand issues. Used car sales is a red hot seller's market. I sold my 2020 PP purchased in 2020 new and sold 10 mo later at the beginning of 2021 for ~$4000 profit. If I had kept the car and kept driving it, even with added miles and time, it would have added ~$3000 profit (total $7000) if sold now. The 2021 PP I purchased new in July 2021 can be sold to Carvana for about $6000 profit now.

 

The average price of a used vehicle in the United States in November, according to Edmunds.com, was $29,011 — a dizzying 39% more than just 12 months earlier. And for the first time that anyone can recall, more than half of America’s households have less income than is considered necessary to buy the average-priced used vehicle.

$29,000 for an average used car? Would-be buyers are aghast | AP News

 

Anyone know what a Toyota Scion is? Author didn't do their homework?

 

Yep the market is nuts right now....it's a great time to just maintain any vehicle you have and NOT be in the market for a used OR new vehicle unless you have no choice.
It's based on a number of reasons....computer chips and parts shortages and the demand for cars is very high because many folks delayed their purchase for one or two years and also many people are returning to work and need transportation.
But, like anything else, what goes up must come down....so my worry is folks will be buying at these inflated prices and in a couple of years, when things return to normal, they'll try to sell or trade in their vehicle and realize they are underwater....owe much more than the vehicle is actually worth.
I the meantime, folks, check with your automobile insurance and pay the extra few bucks a month to get the gap insurance. This will pay the current market (or near to it) for replacing your vehicle if it gets totaled and you need to replace it. It would stink to only have regular insurance and the "book" worth is $20,000 but then you find the "market" value of your car to replace is closer to $30,000!
My USAA has something called a "purchase assistance" option I can buy that pays 20% more than the book value and it's around $15 a month for our newer cars.....well worth it these days.

 

Did our cars go up or did our dollars just go down?

 

Scion is a discontinued marque of Toyota that debuted in 2003. https://en.wikipedia.org/wiki/Scion_(automobile)
Albeit the Scion brand has been discontinued by Toyota back in 2016, our local Toyota dealer still uses the logo printed on their website and their stationaries/business cards.

 

Yes, I knew that. Author didn't. That's like saying someone bought a Lexus Toyota.

 

Well, the relatively newish used car you purchased in Nov. 2020 probably increased the value more than a new car purchased in the same time frame. Large depreciation on any new car has been already taken care of on your used car.

 

Interesting that the author mentioned the "toyota scion" having a "whopping 160K miles on it". There was a time when I thought that was exceptionally high mileage. Now I see ads for "Low Mileage" cars with about the same number of miles on them. What changed?

 

Both

Posted via the PriusChat mobile app.

 

You're right. Should read Scion TC or something like that.

Posted via the PriusChat mobile app.

 

Yeah def ask your ins co.
I actually got "new replacement" (i think that is what my ins calls it) coverage on my Prime. First auto to do so.
I cannot remember but I think it is $100+/-yr for me.

 

Would be nice but I wouldn’t count on it.

 

You will argue ACV v Replacement cost. You can win the argument.

https://www.eqgroup.com/acv_explained/

 

This has worked in the past. Don't ever take their first offer if you can show them the replacement value is higher.