Spend $10k to upgrade to a Gen III from Gen II?

Discussion in 'Gen 3 Prius Main Forum' started by Tim Wang, Jun 24, 2013.

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  1. Tim Wang

    Tim Wang Junior Member

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    Hello, I am very new to the forum. Don't really know this is the right place to ask this (please help me out).

    I have a 2007 Prius Gen II with 37k miles on it, I've been driven this car for 3+ years and suddenly want to get a Gen III.

    I like the Gen III for it's exterior shape, I rather like the center console and I see many people suggest that it's easier to get good mileage on the Gen III. I also want to get one with a solar roof.
    After a trip to the local dealer I find out I will be paying more than 10 grand if I want to trade in my Gen II to get a certified 2010 Gen III Prius Three with the solar roof package. My question is: Is the upgrade to Gen III really worth that much?
     
    #1 Tim Wang, Jun 24, 2013
  2. MPGnutcase

    MPGnutcase Active Member

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    I think it's worth it
     
    #2 MPGnutcase, Jun 24, 2013
  3. cycledrum

    cycledrum PSOCSOASP

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    $10k ? No. Your car only has 37k miles on it. Overcome the urge to upgrade.

    What if the 4th gen Prius, which will be revealed in a year or so blows the 3rd gen away? You could save the money to upgrade to a 2016 4th gen Prius.
     
    #3 cycledrum, Jun 24, 2013
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  4. GardenWeasel

    GardenWeasel Member

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    A 2007 with only 37000 miles? I love my 2010, but it would be hard for me to trade such a low mileage Prius!
     
    #4 GardenWeasel, Jun 24, 2013
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  5. cycledrum

    cycledrum PSOCSOASP

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    Add up the whole cost of car ownership, it's pretty shocking.

    Let's say you bought the car for $23k total. And you get $16k back trade in or sale. $7k gone

    I'm guessing you drove it about 25k miles. That's 28 cent PER MILE, each and every mile.

    Add in 11 c for insurance registration, 8 for gas, 2 or 3 for maintenance, Prius is costing about

    50 cents / mile driven. That 10 miles trips across town and back, $5. Consider this before shelling out $10k more a Gen III with solar.
     
    #5 cycledrum, Jun 24, 2013
  6. Vas25tl

    Vas25tl Member

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    That sounds very expensive...
     
    #6 Vas25tl, Jun 24, 2013
  7. mmmodem

    mmmodem Senior Taste Tester

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    $10k seems like a lot of money but people are making that choice everyday buying a 2013 Prius three for $25k. I'm assuming you can sell your Prius for $12k. Which means people are paying $13k more for a Gen3. So the price for a CPO is pretty good.

    The problem is that in 2 years, the 2015 model Prius will come out. I'd wait.
     
    #7 mmmodem, Jun 24, 2013
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  8. bisco

    bisco cookie crumbler

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    welcome! i understand your desire. i was getting the urge to sell my 08 with 35,000 and buy a 2011. then i heard the pip was coming in '12 and i held out for another year. i would suggest you visit another dealer or two, (i do it by email) get their best price and then go in for a trade in value. don't take one dealers word for anything. all the best!(y)
     
    #8 bisco, Jun 24, 2013
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  9. Tim Wang

    Tim Wang Junior Member

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    Thanks all of you guys for the comments and suggestions in such a short period of time. I admit, I got really impulsive and didn't really do the math before head down to the dealer.

    I didn't bought my current Gen II prius new. I got mine as a certified pre-own in 2010 for about $15k (was that a deal?), with 21,000 on the odo. I don't drive much, living in a small town in Illinois there is really nowhere to go; The fact that I'm stucked in college doesn't help either.

    The number is actually pretty shocking if only the cost to run the vehicle is considered. I wonder if the drop in resell value actually balance out it a bit, since I will sell or trade my Gen 2 prius eventually.
     
    #9 Tim Wang, Jun 24, 2013
  10. cycledrum

    cycledrum PSOCSOASP

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    Depreciation (purchase - resale) of a car is usually the biggest expense of owning. Safe to say mine would sell for about $15k (down from $25k purchase) when 5 yrs old or 60k miles. 17 c / mile right there. Cars easily cost 40 c /mile and up to own and operate. Fancier cars, big SUVs, luxury cars can cost twice that.

    Maybe do some small mods to keep things interesting?
     
    #10 cycledrum, Jun 24, 2013
  11. Tim Wang

    Tim Wang Junior Member

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    I am thinking of doing the EV button mod about right now, I already got all the parts I need (which is really just button and wires).
    At this very moment I am researching on the forum on how to clean the fabric on the door (the armrest edge got quite dirty)
     
    #11 Tim Wang, Jun 24, 2013
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  12. calirider

    calirider ECOmobile

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    37k, keep it until the 4th gen comes out. With that amount of miles in that amount of years you should look into the 4th gen plug in and really improve the MPG.
     
    #12 calirider, Jun 24, 2013
  13. Tim Wang

    Tim Wang Junior Member

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    What would be a reasonable price for you to be comfortable to upgrade? If you are in my situation? I really like the new moon roof and the solar panel so I'm going back and forth with my thought...
     
    #13 Tim Wang, Jun 25, 2013
  14. energyandair

    energyandair Active Member

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    If you have no debt and have enough money to pay cash for the difference and still have enough left over for any likely future needs, the right number is the difference in the 2nd hand value between the 2 cars .

    If you have any debt now or paying to change will generate debt either now or in the future, the right number is $0.
     
    #14 energyandair, Jun 25, 2013
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  15. Vas25tl

    Vas25tl Member

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    How many miles are on the 2010?
     
    #15 Vas25tl, Jun 25, 2013
  16. bisco

    bisco cookie crumbler

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    enjoy college, life gets serious after you graduate and prius becomes one of the fun parts.:)
     
    #16 bisco, Jun 25, 2013
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  17. Tim Wang

    Tim Wang Junior Member

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    About 37-38k
     
    #17 Tim Wang, Jun 25, 2013
  18. Vas25tl

    Vas25tl Member

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    Send the $10k on a convertible and keep both cars.

    Or sell yours yourself and buy the 2010 without trading it in. For some reason the numbers don't add up. How much is the 2010? You should still be able to get good money for your car having such low miles.
     
    #18 Vas25tl, Jun 25, 2013
  19. MPGnutcase

    MPGnutcase Active Member

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    I always trade in here in Illinois you only pay the difference cost of new less trade = what you pay tax on. Some states you have to pay tax on all of it and that hurts
     
    #19 MPGnutcase, Jun 25, 2013
  20. Vas25tl

    Vas25tl Member

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    I've only done this twice, every other time, I've been able to sell my car for considerably more than the dealer trade in + what I would have saved in tax.
     
    #20 Vas25tl, Jun 25, 2013
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