Buying a used 2004 versus a new 2006

My 2004 turned up for sale at a dealer after I traded it in on a 05 since they hold resale value so well. Also I bet alot may be ex rentals ect.

 

May I ask why (Other than financial) did you go from a package #4 to a package #2? Is that not a downgrade?

 

I prefer (after three previous Priuses) a #2 to a #3 because I don't feel I need nav, VSC or the extra bags. SKS, the rear camera and mp3 playback is a bargain for $825.

 

I've had an '04 for two years, with 40K mi. on it, and now have an '06. There are NO substantial differences in the body or drivetrain. How many miles on these '04s? Did you ask the dealer where the cars came from? (Mainly, from a local owner vs. being bought at auction.)

As mentioned, used Priuses can be former rentals, even former Toyota dealer TRAC cars---that is, cars actually "bought" and licensed by dealers to be used as demos and dealer rentals. TRACs are usually sold after 3-6 months, so these '04s don't fit as TRACS.

Truth is, not all of the thousands who have bought Priuses are crazy about them. Some wanted more power and acceleration, some were disappointed in MPG compared to unrealistic expectations engendered by EPA numbers, and for some the "hi-tech" thrill just wore off.

Until two months ago, used Priuses were way overpriced as used cars (I know,I sold an '02!), especially sold by dealers. Now, since Jan. 1, the market seems to have dropped---probably temporarily. Do you know how to use Kelley Blue Book (kbb.com) to find the average selling prices in your area---by dealers and private parties? If so, and you're interested in those '04s, you'll have to ask the dealer what optional equipment is included on them and what the mileage is. Then input that data into kbb and it'll give you two different price "values"---which is at least one month BEHIND "reality" due to data-collection lag. But a couple of members here have commented just this week on incrased availability of used Priuses.

And if you want to get another idea of what they're actually selling for, try autotrader.com. Select the "within 100 miles" and then "within any distance" options in succession. You'll see asking prices from both dealers and private parties, with mileage usually shown and optional equipment. Very valuable resource.

Then, if you have more questions, come back here. Or you can PM me if you prefer.

 

Don't forget, by buying a new 2006 (in 2006) you might be able to take advantage of the $3100 tax credit, so some were selling their old Prius to take advantage of that.

 

That's why I traded my '04 in for an '06. Came close to breaking even and now I have a car with a new battery verse one with 27K on the meter. As long as you can get the full $3150 tax credit, it's a no-brainer trade in my humbel opinion.

 

What is the most you can pay for a Prius - new or used? There are still some brand new 2005's sitting on dealer lots ( at least in PA) that are going from $1000 - $2000 below MSRP (depending upon pkg) and you get the $3150 new car tax credit on top of that. So you really have 3 options - used 2004 or 2005, new 2005 or new 2006.

A new 2005 pkg #4 you could probably get for $1000 off MSRP or $23K. With the $3150 federal tax credit that gets you down to about $20K plus tax and tags. What are they asking for the used 2004's?

If you want to go the route of a new 2005 - go online and look for dealers in your area who put their inventory on line. That should give you an idea if a particular pkg is available. Next go to your local dealer and tell him he has a deal if he can "find" you a new 2005 at X price otherwise you want to check out any "leftover" new 2005's at other dealers. It should take him about 5 minutes to go online and swap for the car you want.

When you are comparing different years remember that a 2005 Pkg #6 is similar to a 2006 pkg #7 and I have no idea what it equates to in a 2004 model year. So, be very careful to look at what each package contains for each year so that your price comparision is based upon comparing apples to apples.

Springtime

 

I bought a used 2004 several months ago at a dealer. They told me the previous owner had traded it in for a Scion xB. *shrug* buying used (besides not having to wait forever for an acceptable package/color) allowed me to get all the bells and whistles (nav + 6 CD changer) at a price lower than the 2005 base model, which I traded for having 28k on the odometer. Its good for me, because I don't drive that much (maybe 10k/yr tops), and the nav is way better than I thought it would be. I did have the CARFAX report, so I know it was never in an accident or a rental.

I think the main upgrades from 2004-2005 to 2006 are the aux in jack, back-up camera, and new navigation version, which probably would have tipped me into stretching my budget for the 2006.

I still am really happy with my choice, and it worked out a lot better financially than a brand new car. I hope that you can get a deal as well!

--
Hillary

 

I believe, as of right now (correct me if I'm mistaken) there is no known override of the NAV lockout in the 06. This means not being able to enter in destinations while the car is in motion (something that should be fixed for good by having the override activated by the passenger sensor!). A very small concern in the grand scheme of things, but just a reminder nonetheless.

-m.

 

You can find very recent model years of ANY car up for sale. It's not unique to the Prius.

How much are the 04s? As people have pointed out in the thread, if you buy a new qualifying hybrid this year, you're potentially eligible for a tax credit which is an estimated $3150 for the Prius. If you buy a used one, you won't get that credit.

Is the price difference between the used 04s vs the new 06s worth it given the tax credit ? If it's not a Toyota certified used car, you're going to have less warranty left.

 

I am a proud 2004 owner. Mine used to belong to the EPA Most govt agencies update their fleets every financial year.

Hey, I'd love a 2006, but down here in Oz, the difference between my used 2004 and a brand new 2006 is almost $20,000. No need to be a mathwiz to figure out why I went with the 2004 Ive had absolutely no probs with it either.