Overwhelmed by Purchase

I considered an Element a few years ago, but it was too tall for my late wife to transfer into from her wheelchair. If you have need for the flexible, plastic interior and don't plan to use it for high mileage (not very freeway-friendly ride, IMO, and low MPG), it's a pretty good choice.

Normally, I wouldn't recommend that someone dump a car so soon, but I think NOW would be a good time to get out of your Element and into something else. If a dealer is willing to give you what you owe now, it's probably the last time you'll get that offer due to the mileage you drive and the anticipated death of the Element. I suspect the offer may not be as generous on a new Prius as there is usually more margin built into used car prices than new vehicles.

 

Tourings had some changes (they didn't exist when I got my 06) and IIRC, they cost more than non-tourings, so that does factor into how much you should pay for the car. Here were some old threads I dug up about touring vs. non-touring, w/some links in the first: http://priuschat.com/forums/gen-ii-...esented-base-model-touring-3.html#post1382292 and http://priuschat.com/forums/gen-ii-prius-main-forum/49380-touring-discussion.html.

http://www.toyotacertified.com/ebrochures/08_prius.pdf shows the MSRP pricing, at the time. Don't let the price of the cheapest model (1220) fool you. It began with the 08 model year had a bunch of stuff removed (http://www.cleanmpg.com/forums/showthread.php?t=5670), such as cruise control.

http://priuschat.com/forums/knowled...andard-optional-equipment-some-countries.html might also help you in comparing used 2nd gens.

The touring also has a slight gas mileage hit (Most fuel-efficient cars).

Back to the 2010 pricing, http://priuschat.com/forums/dealers-pricing/98733-fair-price-2010-prius-ii-w-47k-hertz.html sounds like a good price for a higher mileage used 2010. But then again, what do I know about used Prius pricing? I haven't been in the market for a Prius since late 05 and I bought mine new in January 06 after putting myself on a wait list.

I don't know the full circumstances of your situation and whether you're getting a good deal on your trade but generally, dealers will give you terrible amounts on trade in vs. selling private party. You'd of course need to work out what to do w/your existing loan, such as possibly paying it off in full before selling.

 

I went from a 2008 honda element to a 2011 Prius and never looked back one of the best moves i have made. The element is being phased out and may take a hit on the used market. I got good resale on mine but it was in april. Element mpg was 22-24. The Prius is only 60 a year more to insure. The element was nice and was what i wanted in 2008. The Prius is great and will probably be replaced with another Prius down the road like 200,000 miles down the road.

 

Minimum cost solution: Continue driving the Element until it falls apart or until you save up the entire purchase price of a Prius, which ever comes first. Trading in a car you owe money on for another car you will owe money on? The finance company should send you candy and a stripper to say thanks.

 

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i have a 2010 prius 3 bought new in oct 2010/wanting to sell.never been on wet road and garaged kept,its blizzard white,has nav system,solar package,still have window sticked.list was 29,321.00--has only four thousand miles on it.pics can be sent.we lost our son sept,1 2011-and cant bear to ride in it,my son really loved this car.also has transferable extented warrenty.still has new car smell .SHOWROOM CONDITION !!!
can contact me at 336-200-2882--if you a want a new car with saving money-this one is it

 

OK, at current Philadelphia gas prices of $3.29 going from 23 mpg to 50 mpg would save you $128.74 (20kmi/yr) to $193.11 (30kmi/yr) per month.

It seems you really want to get out of the Element.

The question is when to jump. In the short term gas prices should be going lower or holding at current prices and people seem to be back to buying larger vehicles. Good news for you.

Don't get that 2010. It's way overpriced. (I bought my Two (II) late 2009 for under $22k before tax). They're back to full production, supplies are growing and the refreshed 2012 Prius will be coming soon and will drop the value of 2011s and 2010s further. Since you're financing I think you want to look for a good deal on a late 2011 model since you'll get a better interest rate.

You have a car that works so no rushing. You can wait for months as long as you get a good deal in the end. You should be able to pay less than MSRP (and treat the extra crap the dealer throws on as value $0) and if things keep going as they are you should be able to get reasonably close to invoice if you wait for a late 2011. With the shortage over it's back to a buyer's market, as much as dealers will try to pretend otherwise. So, as others say, test drive and, preferably, rent a 2011 Two and Three to decide which one you want (Three has a fancier stereo and bluetooth) and then start looking for a good deal.

But you could also test a Gen 2. You might find you prefer it, but financing can make a used car more expensive.

 

OP - The one thing that I would point out is that your Element is fairly new so in the past 18 months or so you liked it so much that you committed to buying it. Now you are in love with the Prius - will you still be so smitten a year or two from now if you pull the trigger.

There are a few things that might change. If gas prices spike up then it is a great move, but the US government seems to be hellbent on keeping gas prices as low as possible. Your driving habits could change as well - you say right now you are driving 20-30k a year - 30k is quite high so chances are the miles driven will not go up, but very well could go down quite a bit. Would you be happy in a year if gas is below $3.50 a gallon and you are driving 10k /year?

The other thing that you need to really get a understanding of is the Prius itself. It has its strong points, but also has many negatives - I'd say high high among them are the hybrid premium and also lack of comfort. Take MPG out of the mix and it really stacks up against cars that are quite a bit less expensive. If MPG is important to you the Prius might be the right choice - if it is not critical there are a number of cars that can offer very good mileage and save you $5k or more - if you look at it, that money will buy you a heck of a lot of gas. At the very least I'd test drive the Prius back to back with the Corolla and Matrix.

If you are fixed on a Prius and plan on keeping it long term I'd recommend that you buy new unless you can get a great deal on something used. The prices of the 2 used that you posted just seem too high.

 

I, too, think that the price on the Prius will be dropping over the next 6 - 12 months, barring some incident that will keep gasoline prices at high price levels.

I'm curious what your definition of "keeping it a long time" is. That makes a big difference in whether you should swap cars now or wait. If your thoughts of long term are 10+ years/200,000+ miles (arbitrary numbers), then I don't know if it really matters, in the end, if you wait or pull the trigger.

 

Haven't read the other replies but just want to say whatever you do the first option is not a good deal at all IMO. Now, if you were talking about a new 2011 at that price I would still say to negosh your way down a bit more.

I personally would go with a new car, but generally speaking, option two sounds best.

 

Kelly Blue Book says it's a fair deal---if it's Certified.
Private Party deals vary from 17K to 14K---depending on condition.

My take, as I've already said earlier, is that you're already upside down on a 2010. The dealer is willing to "pay off" that car and put you further upside down in a two year older car that probably has more miles on it than your 2010.
If you finance this car for five years, you'll STAY upside down (on average) for another 3-4 years. Since you're a 30K per year driver, you may anticipate that you'll probably have some repair costs---even in a Prius, during the 100,000 miles that you will put on this car in addition to the monthly payments.

That's the deal, as I see it.
MY OPINION (current value <$0.02) is that you'll be better off getting a new or newer G3 (2010-2012) in a year when the prices drop off a bit as the PHV comes on line, and when Prius production ramps back up post-tsunami.
You'll have the advantage of having paid off more of your 2010 Element.

Of course, I don't have to drive the Honda every day. It may be worth it to punch out and pay for a 2008 over the next five years or so if you're really that much out of love with the box-car.

Before you do anything, see if you can get some stick time in a G2. It would really REALLY be bad to have to pay for a used car over a five year period that you're as out-of-love with as you presently are with the Honda.

Best of luck!

 

I don't know but you could try Toyota Certified Used Vehicles - Search Inventory and dig around on places like Craig's list and autotrader.com.

A quick check on Cars for Sale - Buy a New or Used Car Online - CarsDirect and putting on zip code of 19019 brings up a CarsDirect price of $24,130 on a 2011 Prius (model) Two, including destination charge. If CarsDirect's prices work the way they used to, that should be the no haggle price (don't quote me on this, you need to double check this). So, if you were to haggle somewhere, that would be your upper bound.

I've never met DianneWhitmire, but she has some deals at http://priuschat.com/forums/dealers...pecial-incentive-lease-rates.html#post1401338 but unfortunately is on the other side of the country from you.

I haven't read most of the posts in this thread, but I did state that the used 2010 w/37K was to me, on the high side.

Do keep in mind the 2012's are coming out soon. Info at Exclusive: 2012 MY Prius - Changes and Additions | PriusChat and 2012 Prius Mid-Cycle Refresh Official Details | PriusChat.

In case you didn't understand why I said I don't buy cars by "payments" is because of the 4-square system discussed at Confessions of a Car Salesman - Edmunds.com.

 

Inventory is still low and demand relatively high so they have absolutely no reason to negotiate. If you are looking to do this soon wait until the end of the month and see if you luck out and find a salesman or dealership looking to make their monthly numbers.

Otherwise I'd recommend waiting until February - my wife and I have had great luck with President's Day sales. We have found that great deals can be had if you are willing to be open a bit on what you are going to get as the great deals are simply for what is on the lot already.