I've noticed that prices on used 2011 and even 2010 models are as much and sometimes more than a brand new corresponding (ie. II, III, IV) 2012 Prius at MSRP. What gives? Why would someone price or buy a used car for as much as a new one? Assuming I find a private seller who is pricing a 2011 or 2010 model below what a new one costs, what are the most important factors to consider when buying one, so as to avoid future depreciation? I'm thinking in the Phoenix area, a light color (Blizzard White or Silver) with low mileage with a high number package (III or IV) would be ideal. A dark grey or black colored Prius in Phoenix with low mileage would throw a curveball, just like a white or silver colored one with high mileage. What do you all think used Prius buyers in the Phoenix area are going to desire 5 years from now when they are looking at the used car ads?
Do you all think the higher prices for used vs new is a temporary phenomenon or more semi-permanent that's dictated by high fuel prices?
Anybody who prices a used Prius at or near new prices is clearly delusional. Dealers will do it so they have room to 'deal'. Private owners are delusional and will keep the car if they insist on being foolish. The only time that phenomenon may play out is during a gas crisis when supply is short or non-existent. The Prius is just another used car ... to think otherwise is fooling yourself. REV
revhigh: Thank you for your helpful reply. Now, it's a matter of finding a seller of a used GEN III that isn't delusional about price. Sellers are exploiting high oil prices and the demand for fuel efficient cars.
Pricing a 11 leftover at 0% for 5 years may be an excelent way to go vs getting a used one ... especially if you keep your cars for a long time. Buying used is either cash or higher interest -- both will add $$ to the used car price ....... easily 3-4 k in 4-5 years.
On this note, I saw KBB: Used hybrid prices jump 6% in February on gas-price surge recently. As has been noted earlier, prices (and values) of used Priuses go up when gas prices are high and down when they're "low".
I'm in the market too. Think outside the box and outside of Phoenix and you might be able to save. I've looked as far as Miami and found 2010 prii II with 35k miles for $16k which means you still have room to negotiate to maybe 15k, possible 14k if you're a super haggler. Expand your search area and be willing to drive the car back/pay for a shipper and you improve your odds and pricing
most dealers mark up cars QUITE a lot. there is much room for negotiation, if they do not want to then they just target people that want to pay too much (there are a lot of them) and will pass on selling to the good negotiators as others mentioned if you have to finance the rates are typically worse on used. they are giving decent money on trades if you are trading towards a new one doing a quick search on carmax.com they are out of their mind. you are right...you can get a new one for less than a used one.
rebound -- I was speaking about the difference with a used car. To purchase a used Prius with cash (16k) with 35k on it when you can get an 11 for 22k (some poster) zero miles and warranty is not the way to go. Add financing and you start to loose 2k to 4k -- better to get the new car and invest the 16k in cash.
That's a good idea, but don't you think it's a risky buying a car without test driving it and being unaware of hidden cosmetic flaws?
Sure you need to go there test drive it. The condition of the car is more important than the mileage. If value is your priority, buy a Gen II Prius for $10K with 100K miles with cash. Then drive it for another 100 - 200K with regular maintenance. I bought my 2004 at 110K for $8K two years ago, put on 53K now and my maintenance cost is at $123/10K miles, including oil changes, a refurbished 12V battery ($45), a set of used (80% new, $150) tire, spark plugs, transmission oil, coolant, light bulbs...
I don't know about that. I had no trouble at all selling my 2010 Prius II with 37,000 miles for $18,000 and I could get 19,000 if I wanted to keep up the game. Admittedly, I added a really nice Kenwood unit with nav and backup cam, which adds about $1,000. And the car is well-maintained and very clean. $14,00-$15,000 is going to get you a salvage title or maybe rental vehicle here, ( San Fran area) which I wouldn't touch.
Perhaps now that fuel prices have stabilized, used private party prices won't be so exorbitant compared to new. There is no sales tax on used private party car sales in Arizona, so that's a big advantage vs buying from a dealership, especially when private parties price cars reasonably.
I had a minor air conditioning problem with a 2008 gen2 with 45k, in Phoenix, AZ. I drove down to check out the progress and walked into the show room. Of course Shane an eager salesman grabbed me. I asked about trade-in. I could not believe $5k would get me a 2011. Wife was out of town. Called her later and she was interested. We are now driving a new 2011 with 1k miles on it. I really wanted a gen 3 with the bigger engine, the extra milage was not a factor. My wife is very pleased.:cheer2: I've never driven a Prius, while owning one for 4 or 5 years. I drive a Yellow Hummer. http://www.enichesoftware.com/ Check out my solar farm. Vern
There are important differences between what people ask for a used Prius and what they can reasonably get. Nearly everything that I own is for sale if the price is right.
