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15k for '08 Prius with 38k miles

Discussion in 'Gen 2 Prius Main Forum' started by Prius-Forever, Apr 29, 2010.

  1. Prius-Forever

    Prius-Forever New Member

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    A relative of mind has the opportunity to buy a 2008 Prius (package 2) at a used 'wholesale' car auction for near $15k ($13,700 minimum bid, $650 broker fee + $250 listing fee and $150 Inspection) with the Auction fees included. I am never a fan of car auctions to be begin with. When bidding, you don't have the opportunity to drive or even see the car in person beforehand. He thought it was a "steal", yet after looking at edmunds True Market Value, it said it was worth 14.9k. Doesn't sound like a steal at all, but just a market price. The car is just a base model with 38k miles; it doesn't have HOV stickers either. It is a one owner car with a minor accident reported on the title (side hit no airbag deployment). This seems a bit high to me, especially because there is no sought after options on it. There is however a return policy if their is defects in the car; although I am not sure the auction fees are refundable.

    Anyone know if he should pass on this and look at other options?
     
    #1 Prius-Forever, Apr 29, 2010
  2. Patrick Wong

    Patrick Wong DIY Enthusiast

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    I agree. Since the price is not wonderful and there's no shortage of used Prius in CA, why buy this vehicle if you can't inspect and test drive it?
     
    #2 Patrick Wong, Apr 29, 2010
  3. bedrock8x

    bedrock8x Senior Member

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    I don't think this is a real "car auction" place. There are a number of used car lots running a daily auction as a attraction to the uninformed.
     
    #3 bedrock8x, Apr 29, 2010
  4. jelloslug

    jelloslug It buffed right out!

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    A Prius with those miles at a real auto auction would be around $10-12K depending on the options.
     
    #4 jelloslug, Apr 30, 2010
  5. bisco

    bisco cookie crumbler

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    be afraid, be very afraid...:scared:
     
    #5 bisco, Apr 30, 2010
  6. Prowler

    Prowler Newbie

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    NOT a good deal. I just bought that same car with 42k miles on it at a toyota dealer for $13k and it was toyota certified and came with a 3000/ 3 month bumber to bumber warranty.
     
    #6 Prowler, May 4, 2010
  7. The Electric Me

    The Electric Me Go Speed Go!

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    Well you pretty much give yourself your own answer. The only person who seems to think it's a good deal is your relative.

    If you just want re-assurance that your instinct is correct and/or a thread to show your relative? Then Yes, paying 15000 for a vehicle with a reported accident, without even being able to drive it in person or get any hands on evaluation IMO is obviously unwise.

    In this market, in this day and age, I'd think better opportunities would easily exist.
     
    #7 The Electric Me, May 4, 2010
  8. Prius-Forever

    Prius-Forever New Member

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    That's what I was trying to tell them, it's not terrible, but not great either. I'd say if it had HOV stickers and had leather and/or Nav it would be worth it. I was seeing alot of Priuses 05-07 with similar mileage with full options for mid thirteens. Right now a ton of 06-07 lease returns are coming back and I keep seeing dealers lower prices because they are not selling as well as they used to (Most likely because of 3rd Gen being out, Prius recall reputation, and no longer high gas prices).
     
    #8 Prius-Forever, May 4, 2010
  9. New_Yorker

    New_Yorker New Member

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    Tell him to bid lower ! Offer them 10,500 and up it to 11,000 if they let you have the car examined and test driven. Tell them you'll need the difference for taking such a risk on the car, in case they're selling a lemon.

    The CAR WAS IN AN ACCIDENT ! Book Value = USELESS !

    THEY DON'T Want You Test driving it - WARNING ! WARNING ! WARNING !

    ONE OWNER could have Beaten The Crap out of the Car, more than 3 owners !

    Make them an OFFER that YOU CAN'T REFUSE, and don't pay them anymore.

    LOTSA USED PRIUS Cars around, and this is the last Generation Version, not the latest, another reason to pay less for it.
     
    #9 New_Yorker, May 5, 2010
  10. cycledrum

    cycledrum PSOCSOASP

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    How much less should be paid for a 2008??? Any recollection what those friggen things cost in 2008??? They were $$$$

    Sad to see decent 2008 Pri's dissed and poohed to be worth under $15k now.

    MSRP for a 2008 Prius package 2, the price during the good 'ole Summer of 2008 when people were driving/calling out of state to get any Prius for sale. ...

    2008 package 2 - $24,369 MSRP! That was the window sticker price with a set of carpet floor mats folks.

    So, here is talkabout a 2008 package 2 , 38k miles priced $15k ... 'oh boy that's high, offer 'em 11k blah, blah. Geeeez.

    That's $ 9,369 down off the MSRP + 10% TTL for total loss of ... drumroll...

    $11,769 dollars or about 31 cents/mile purchase loss. Lame

    comparing ....

    2008 Honda Civic LX Sedan 4D

    Above, link will go dead, so here's some details ...

    a regular 'ole 2008 Civic LX automatic with whadya know, 37,900 miles

    what's the dealer asking? A whopping $15,201

    What's the 2010 Civic LX MSRP (which is likely $400 higher than '08, I think Honda raises $200/ year, but forget that, Let's look at worst case loss)....

    $19,155 - $15201 = $3,954 2008 Civic LX loss (whole lot less than $9,369)

    Prius loss as you say should be $9,369 or even more

    Civic loss $3,954

    Lemme try to find a lower priced one on CL...

    lowest priced Civic LX automatic I can find on CL today...

    $11499
    'I sell my 2008 Honda Civic Lx like new with low 19k miles, Ac, Pw, Pdl, Cd and Ipod connection, Auto transmission, CC, key less entery, super clean, tinted windows to keep the tempetur cool in side, salvage tltle, excellent condition runs like new. Title on hand must sell soon call eddie at'

    and he's still asking only $7656 under today's MSRP complete with salvage title!

    But, Civic has not gone through an upgrade. Ok, Mazda 3 has with larger gas engine. Let's check that out...

    A Mazda3 Grand Touring 2.3L hatchback with 45k miles dealer asking
    $15,995

    today's MSRP 2.5L GT hatch, $23,695 so loss of $7,700 or less, I don't know '08 MSRP.

    I just can't seem to match that $9,300 loss on the Prius, yet hawks want to chew it down more, :rolleyes:
     
    #10 cycledrum, May 5, 2010
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