Effect of 2010 on Resale Value of Existing Priuses?

I thought I'd share my story. Right after I bought the 2003 Prius, the 2004 came out shortly afterwards and I thought immediately the value of car my dropped in half being there was such an improvement over the two models.

A year or so later I received a letter from my dealer saying how there was a demand for my prius and I should come in and see the value of my car. On a whim, I passed by and went inside. I told the dealer I was interested in the 2005 prius (the 2006 was coming out shortly). He made me offer upon offer, always having to "check with his boss" to see if he could do it. I simply didnt go in there to buy a new car but he wanted this deal badly. He told me to name my number. I paid a bit over 19K for the 2003 on carsdirect, and carsdirect was listing the 2005 for 27K that day - both fully loaded. I told him 8000.

Of course that was out of the quesiton, but 60 minutes later after he practically held me hostage (he had our driver licenses) he finally agreed to it. I still dont understand why he was so desperate for this deal. After all it was a generation I for a generation II. (although, I did have the car fully paid for and I was going to do cash on the 8000 difference).

I had to wait about a month for the new prius, but I got it and still have it. Considering I traded in a car with over 2 years of use and only paid the diference between the cost of the two cars, I felt I got a great deal.

Ive since gotten similiar letters about coming in to find out how much my prius is worth. I think I'll wait until the 2010 comes out before going down. I suspect the resale value will be strong. Theres still a strong demand out there for hybrids, and itll only get stronger.

 

Herbinator, great story.

I went through something a bit similar...before I moved from Silicon Valley 6 weeks ago I sold my 2007#4 with the CA HOV stickers for significantly above KBB, almost what I could get a new 08 for - which I did about 6 weeks ago. Since I was able to get the 08 at invoice, I only put in about another 1K from my pocket and drove away with a brand new zero-time Prius, also a #4. The 2007 had 31K miles on it...

Needless to say, I am VERY happy with this "exchange", especially since prices have been going through the roof the following days and weeks after I signed the paperwork.

 

I would be interested to know what kind of premium the car pool stickers commanded if you don't mind. Thank you.

 

I've posted this elsewhere on PC, but I got an additional $3.5K for my original $8 investment in the stickers (not to mention the $1575 tax credit on the 2007 I bought). Overall it has worked out very well...

 

The price on the 2010 Prius will be at a premium due to several factors. The first being the state of US currency as it relates to the Yen. The dollar is at an all time low. That means the price will have to be higher for Toyota to make money (expect a $2000 to $3000 premium). The second issue is how many of these vehicles will be available. Demand will be high (especially if mpg increase). Therefore there will continue to be a premium added to the purchase price. Expect Toyota's expected sale price $21,000 for the base model to be more like $27,000 to $30,000. I could be wrong, but gas prices are not going down. Your Gen I and II Prius will still command a premium price if offerred for sale.

 

and something to remember or think about also is that GM is in serious danger of going belly up. The WSJ news was talking about it and said that the guys at GM gave themselves 11 months to turn it around or they are toast and filing. The WSJ said they were not open to reorganization as debt was too high. Filing chapter out-for-good means total out of business.

No chevy volt if the company is no longer in business.

 

Maybe....maybe not. If filing allows them to cut their bloated dealer network and eliminate those pesky union contracts, they may gain an immediate advantage.
The question is; would the public buy a car from a bankrupt company?

 

Woah.. woah.. woah. That is definitely a snide backside comment from someone who has never worked in a factory setting without a union. Try it sometime and you'll be singing the praises of unions until the Second Coming...

Hate to tell you that myself and many others have been in those situations, and even the places with unions, they will try to put you into dangerous spots, force overtime, lengthen workdays without notice, consistently demand more than what you are paid to be doing, your work given away to other workers, etc.

People like to give unions a bad rap because it's "PC" but I can guarantee most of those folks don't realize what we would be experiencing without them.

 

Evidently you wouldn't recognize sarcasm if it bit you on the butt.
I was union for most of my working life, and currently carry a Retirement Card from the International Association of Machinists and Aerospace Workers, Lodge no. 2297.

 

It depends on how the battery test out on the market. A few exploding batteries, like the laptops, and it will make the old hybrids even more valuable.

I wouldn't write out the hybrid until 3-5 years down, when it is proven that the expensive batteries can last and become economical.

Nobody can predict it. Look at the laptop batteries. I am sure the manufacturer did not make them to explode. But before they sell a lot of them, it is hard to predict what would happen.