Well, I really think I am going to have to sell my Prius before the end of the year. I got the 2004 with BC package and installed Xm Radio. Then I started listening in earnest to a Debt Reduction guy named Dave Ramsey. I really want to pay off debts that have been around way to long. To do this I think I am going to have to sell this car. What is a fair price to ask for. I will owe about 26,000 on it when all is said and done. I am going to turn back in the Warranty and get a percentage back but what can I reasonably get for my Prius. Any suggestions would be appreciated. I really didn't want to do this but I know I need to. Thanks for your suggestions and your support. Peace, Fr. Bill Kessler
Don't know what others think but to me the most appropriate way of deciding on a FAIR price is to use the Kelley Blue Book guide. Just my 2c
JChu, thanks for the suggestion. It is hard to believe the value that they are quoting. $21k??? Surely it is worth more than that... Oh well I have another month till I have to deal with it.
Fr. Bill.... you might follow this thread... also look at whats being sold on cars.com as well as autotrader.com... http://priuschat.com/forums/2004-prius-pkg...0290.html#50290 Bob Andersen
FrBill, I think there are a few things on your side. 1) It's a relatively new Prius 2) Prii have kept their value and there is still a national waiting list proving demand 3) Nobody haggles with a priest Just a thought: Have you talked with anyone in your congregation? When you originally purchased your Priustmobile, was there anone who was really interested, perhaps enough to be interested in purchasing it now? This way, it's not like they are purchasing from a stranger and you would know that it's being taken car of.
Fr. Bill, Different perspective.......Are you absolutely certain you have to do this? I mean, it doesn't sound as if you would be able get along without any kind of a vehicle and $26k is not exactly an exorbitant price for a new car these days. What do you have in mind regarding a suitable replacement vehicle? Will the replacement provide a substantial reduction in your monthly cash outflow? Maybe you already have done so, but I'd encourage you to run the numbers carefully before selling your car. Perhaps consult with someone you know who is knowledgeable in financial planning/debt management (parishioners who are CPAs, financial planners, credit counselors, maybe?). Over the years, I've known a couple of associates who did pretty much the same thing you're contemplating. It appeared to actually exacerbate their problems and they both wound up going the BK route. Just a thought. I sincerely hope you'll find a way to keep your car.
i agree with tag. what will you be driving and will you be as happy with it. also, gas prices are no garantee. other than the fact it is highly unlikely that you will see a significant drop in price. however, a significant rise would not be a total surprise. also, i would take any debt reduction, weight loss, real estate scheme or whatever with a grain of salt. not having payments does have obvious benefits, but are they going to be worth the money saved?? in my mind, your first bout with the repairman will wipe out 6-12 months worth of new car payments with no garantee of a reliable vehicle. also as i think the Prius is a good value for the money, what you are really looking at for out of pocket expenses is the interest you would be paying. i dont know... transportation is a make or break item for many people and is not something that can really be compromised. most have to have something. having something that isnt reliable can cause financial hardship real fast if you need it to make it to work. i would definitely think this out very carefully before getting rid of the car. also, you say you owe $26,000. i take it you got some options?? well, i my area, retail price is $23,000 for a base model with 6500 miles on it. even trade in value of my car is $630 more than i paid for it. granted my area is very into hybrids and all things environmentally responsible, but premiums for cars have been reported all over. i would have to say, i would never sell the car if it meant taking a loss. oh course, i wouldnt dream of selling my car unless it was to replace it with another Prius.
sorry to here your current situation. I'm afraid i may have to do the same thing. I was thinking of getting a base prices scion. they still get 35mpg and the newest scion model is a really nice car. As for price. All i can say is, get what you can for it. I know overpricing is bad. I don't agree with it. If you are selling your car to get out of debt, at least have it help you out and pay off a little. just don't make a business out of resaling prius for a higher price.
I am looking at getting a good high mileage car that I can pay cash for. I have a bid on one on ebay and I hope it comes through. It won't get 50mpg but it gets in the 30's. I can then take my Car payment and start to chip at my credit cards and student loans. I have a signifigant amount of debt and I want to get out from underneath it. I have ebayed about 30 things and gotten back a percentage of what I originally paid. If I can sell my prius my debt falls by almost 40%. I just thought I would ask here before I begin the search to sell as you all know this car better than most. I hope someday in the future to drive one again but I have got to get out of the Debt Cycle. Thanks for any advice and for the support Peace, Fr. Bill Kessler
Hey Fr. Kessler, if you still check this I thought I'd tell you I'm a local and I bought my car in Effingham. Did Doug sell you your car? Anyways I'm really sorry to see that you had to get rid of it. I am really proud of you because alot of people around here just dig themselves deeper and deeper. Cya later -Brad
Because a car loan is backed by an actual asset, it looks really good on your credit report. Of course, if you're funnelling money to pay off the car, and you still carrying a lot of other bad debt like credit cards (mortgage is good debt otoh), then it's best to clean off the bad debt first. But look at interest rates and pay down the highest one first; which could mean keeping the car loan, if you can afford it, or consolidating them.
In my area, central WI, your car might sell for $21,000 to a private party. We paid $26,666 for our 05 with the #9 pkg. (GPS, bluetooth etc.) We only had to wait 2 weeks for delivery. One without the GPS was on the lot @ $23,500. Now, some dealers are quoting $500-$1,000 below list price. Hopefully, you are in an area with long waits for delivery. Good Luck, Doug
My wife and I are trying to do the same thing as Friar Bill... We traded an '02 for our '04 #9, then had a baby. Somehow, mom staying home with the baby became more important than our car. Go figure... So, in prioritizing and debt-reduction planning, the car needs to go. We're not happy about it, but we've got to sell. We've done the math, and it should save us approximately $325 per month in payments and insurance, assuming we can find a crappy $10K vehicle to drive. We've figured in an additional $50 per month for gas, based on our driving habits. The only thing left in the air will be cost of ownership on a late-model $10K high-miles vehicle. We're rolling the dice. We've gotten an appraisal from a few dealers for trade value; one will only pay the auction price for our area, $18K, and another will balance that price with Kelley Blue Book values, $21K. So, we figure we'll get $20K for a fair trade, or $21K if we're lucky. If we sold the car to a private party, we'd hope to get at least $23-$24K. And, if this vehicle were listed at a dealer in Oklahoma, it would be $26K. These numbers are based on July 2005 appraisals in Tulsa, OK, and Kelley Blue Book, Edmunds, NADA, and Black Book online used car values. We've not listed the vehicle anywhere yet, so if anyone is interested, feel free to post replies... This message was intended to be a price-point reference rather than a sale notice.
Yes, (to anyone that will listen) get out of the debt cycle no matter what. Live in an apartment with a roomate if you must. The Lord will provide, but God helps those who help themselves, and you gots to remove the plank first. The debt hanging over your head detracts from your real mission in life, even if that's just hanging out on the beach. I've been there, in the debt cycle, and had to make a concious choice to get out. Life is much better checking the interest I'm earning rather than the interest I'm paying. Read "The Millionaire Next Door." It will change your life. Nate
<div class='quotetop'>QUOTE(TonyPSchaefer\";p=\"50372)</div> This makes me think of the time I was helping arrange a funeral for a Jewish person. I called a Rabbi to come and say a few words. He told me how much money he wanted and I responded that was more than I was able to pay. His reply, "so how much would you pay me?" We found a relative to say the words (free.)
being in debt can be a huge burden and the load will snowball for all but the best of savers and wage earners. i was lucky enough to have built a house that i had a lot of equity in (owed $21,000, sold it for 180) and didnt want to sell it, but would have lost it had i not, so it was not only the best move, it was the only move for me. the money i got made me debt free and got me my Prius with no payments. all in all, im glad i did it but cant tell you how hard it was to give up a house i built and lived in for 13 years. i know it seems like a good idea to get rid of the car, but i feel that you are taking way too much risk for what could easily be minimal gain. i wish you the best of luck. unfortunately, with what you are planning to do, you will need it to accomplish your goals.
Father, Debt can be strangulating and interfere with one's economic future. If this is why you are getting rid of the Prius than I hope things work out for you. But if you are getting rid of it because of some charismatic talk radio guy who espouses that all debt is bad and you should always have zero debt and always pay cash, then I think you need to step back and look at what you are doing. As above, debt can strangulate, but debt is a way also to use lenders to help one build equity. And equity is not a bad thing. And since the Prius is a great car, it's resale value will always be higher than a comparable car. 21K for your car is way too low. This car commands a premium so make sure you hold out for one if you must sell it. But this car will command a premium in 5 years also. But there is nothing that you can buy that will maintain it's value like the Prius. Plus, as a Priest, you are also a mentor. Your owning one helps others to see that maybe they should too. And another thing. We have been told over the last 25 years that massive government spending that results in deficits is the major cause of inflation. This is one of the reasons Greenspan is so eager to raise interest rates. When there is inflation, equity becomes more valuable than cash, and debt is always more valuable for the person with the debt then it is for the person that holds the debt. So if you are getting rid of the Prius due to cash flow problems, good luck. But if you are doing it because this guy has convinced you that all debt is bad, beware. His job is not to help you. HIS job is to get good ratings and maybe sell a book or two.
<div class='quotetop'>QUOTE(jeffwok\";p=\"109364)</div> Sorry about you're having to sell your Prius. What ever you do, DO NOT get a Ford Taurus. They are maintenance hogs ukeleft: once they get a few miles on them. I donated one just to get rid of it before buying my Prius.
