So as some of you may remember, I had checked with a few dealers around Nov/Dec of last year when looking for another car, and had some trade in offers on my Plugin. I have the base Plugin, and they were telling me with 8,500 miles and in perfect condition it was only worth $21,000. The highest I heard was around $23,000. NADA trade in value is around $26,000-$27,000, and the lowest plugin I can find for sale with more miles than mine is over $25,000 as well. I know trade ins are dealers are always less, but that seems like a big difference - it's even under the NADA trade in value by a few thousand. Has anyone had any experience with this? I know the big Toyota incentives and rebates played a role in devaluing these cars, but I just can't find any that low. Has anyone bought a used Plugin for less than $22k or thereabouts?
i don't recall seeing anyone here who has purchased a pre owned pip. if you need top dollar, you should consider driving it to cali, i think they have the highest prices.
As frustrating as it is, a dealer can't give you close to what you'd consider a fair value because they can't turn around and get much more depending on your area. In Boston, I've gotten offers for a new base model for ~26,700. Once you factor in a fed tax credit of $2500, that's a cost to me for a new one of $24,200... Sure, not everyone is eligible for a tax credit and the TFS incentives won't last forever, but for the time being some markets are still flush with deeply discounted 2012 models. The toyota dealers here are going to have to sit on their used Pips until the new ones clear out (a dealer admitted to me that they couldn't price a used Pip at a price that made sense given the availablilty and prices of new 2012s. And there are nearly 100 new ones within the immediate boston area)
Thanks! yes, I've been lurking for a while, and finally had something to contribute. I've been doing a lot of shopping, and there's a lot of 2012 stock here still (Herb Chambers and Prime are pretty flush with them. I see you're in the Boston area as well). Right now, I drive a 04 BMW convertible that I've been agonizing over trading in since it's the most fun reliable car I've ever owned. It's just that I have a 4 month old daughter...
why would anyone buy a used plugin at this point? a few months ago, people were buying NEW plugins for 26-27k. After the IRS rebate, that comes to $23-24k. In some states, with additional rebate, the price goes below $22k. why would anyone buy a pip with 8500 miles on it for the same amount of money??
I'm in CA where the rebates are lowest. I wouldn't buy a used PiP for $23k. I don't think you would either. Makes no sense when I can get a new one for $25k and 0% interest. Unfortunately, You'll have to wait until the rebates dry up to see higher prices.
make sure you take a good long test drive before buying, it's a great car in it's own way, but it's not a bmw!
To the other poster with the BMW: I have a bmw 335i, and the Prius is just a different car. Basically, the whole MPG thing is fun and that keeps some of your interest, but it is in no way a fun car to drive. It's a hardcore numbers sort of car - saving money with gas and being economical. It's neat to see how it does it, and that's fun. But driving fun is it as far as that's concerned. Back to the topic: Maybe Prius PIP prices will stabilize in the $15-$20k range eventually in the next year or so, but they definitely took a beating from the $32k price. I think a little worse than regular depreciation due to all of the incentives.
That came out wrong - I just meant the price they will eventually stabilize at and not rapidly descend. A couple more years down the road. If they are already in the low $20's used, who knows how low they will go.
Most of the PiP purchaser does somekind of research before they make the purchase. Meaning, they will most likely look at the deals that are being offered currently. If there are deals to be had for brand new PiP, used PiP value will suffer because of it. Supply is already there, demand is just too low. Dealerships will not want to get into buying used PiP, and if it's trade-in they will most likely offer a price they are comfortable with which will be very low figure. PiP for me is paying for itself and more. My older vehicle which i still own got me 20mpg. I drive about 33k / year, now i'm getting 60mpg. Basically my gas savings is paying for the car itself due to 0% for 60months. Hence, personal value (resale value) for this car is very high.
my first post, having bought my PiP a week ago, secondhand. Unfortunately for this thread I,m in the UK, but FWIW I paid £19,495. New price here is £28,245 after the government grant (we appear to have a spec midway between your two, but it still would ease my pain if you didn't say HOW MUCH!!!). 14k miles, 10 months old, registered to the dealer and used as a demonstrator and an employee's car. If that looks like high depreciation, it was the cheapest by a grand or so on the Toyota dealers' site in the whole of the UK, though also the highest mileage. Oh, and having just signed up, it was a good job the verification check told me that the thing I was looking at began with a T; so far as I'm concerned, it was a 'lorry'....
Most dealers use Black Book values for trade-in, not NADA or KBB. Also you don't qualify for any rebates/tax incentives on a used PIP so values are adjusted to compensate. Try selling it yourself? I just saw two PIP's listed on EBay, one in CA and another in NV. The NV car has a "rebuilt" title and only has a 1 yr/12k mile warranty on the hybrid system so it doesn't seem as good a value as it initially appears.
welcome to priuschat! sounds like a pretty good deal. i hope you enjoy it as much as i do. all the best with your lorry!
Dealers around this area use Galves and Manheim auction prices for valuing used cars. You have to suscribe to look up anything.
