I have recently been doing some research on used PIP pricing. For example, I'm seeing 2013 model PIPs with 25K-30K miles for around $17,000 or so. This is less than I was expecting. Seems like the PIP depreciates rather quickly...or am I not taking something into consideration? Thanks!
The residual amount for a 2015 pip is less than $17000 after 3 years. So they pretty much are selling for the residual amount on the lease. Which is really lower than it should be.
Ohhh, I know that very well. Took me 2 months to unload my former 2012 PiP and unfortunately didn't got half the principal expenses I made. The good part is, I was not in a hurry to sell and awaited for the right buyer. Finally a coworker of mine took possession of it.
A few months ago a low miles PiP would be $19-21k at a dealer, I assume Toyota certified. Could be lower on private sale or much lower if miles is 70k or so we've seen $14.5k on higher miles PiPs.
I just purchased my 2012 pip for 17k from Carmax with 29 k on it ,and the prices are still dropping on others which are farther away from me. I noticed the same thing about the prices , which are cheaper than the regular Prius's with more miles on them. I am really satisfied with my car so far and glad I didn't pay full price for it as I have for my last few cars. Carmax has some good deals on them right now, I had saved quite a few pip's over the east coast and I am still getting messages about the price's dropping, overall I like my car ,but if I were to do it again I would get a 2013 with 20 k or so and a year of bumper to bumper warranty left for 17-17.5 that would be ideal for peace of mind with a used car purchase.
If prices keep dropping, Toyota might have to lower the prices of the residuals on the return leases.......so people don't all return their leases (like a leaf)
Yes this appears to be the case. I am actually quite surprised at these used PIP prices...they are not all that far off from the hybrid Prius! Good point about the Leaf. I wonder if cars that get the federal tax credit generally depreciate 'faster than they should'. Dumb question but is there any reason one couldn't use the PIP as a regular hybrid ( i.e. - do not use the plugin capability )? I'm sure I would use the plug...but just curious if anyone has done that.
none at all, many in cali buy them for hov sticker and never plug in. the larger li-on battery will give you a few extra mpg. when you compare to lift back pricing, be sure to specify base vs advanced, and lift back package and accessories/options.
Leaf residuals are small potatoes.. Chevy Volt residuals are a killer.. 2 friends who both leased Volts.. the base model residual after 3 years was ~$25k.. the fully loaded Volt residual was ~$29k.. it made no sense to keep the car, even if you wanted to (which both of them did).. both guys tried unsuccessfully to re-negotiate the residual to keep the car.. but Ally didnt even want to talk about it.. one ended up with a Nissan Leaf and the other picked up a Rav4EV Keep in mind you can get the new 2016 Volt after fed tax credit and CA rebate for about $25k This past weekend, a coworker picked up a used fully-loaded Volt for $18k
I don't understand the steep depreciation now, it might be related to the year end 2015 closeout prices. Hopefully the prices will recover once the 2015 models are gone.
i paid 30k for my base. i figure after 4 years, it should be worth around 16k. but it won't be. unless gas prices rise dramatically.
I got my base PiP for kit much more that a Prius 3. So I wouldn't expect used prices to be that much different from a regular Prius unless we run out of green stickers. $17k for a used 2013 Prius 3? I'd rather buy a brand new 2015 Prius 3 for what $21k or so
The prices of the Prius will no longer be that low once all the 2015's are gone. Don't even think about a $4000 discount on a new 2016
As others have pointed out, gas prices has an enormous impact on the value of used Prii. Also, with the impending Gen IV release, the half-decade old gen III is less appealing. My other guess is that the majority of people that wanted a PiP bought one new, and most everyone else doesn't even know the difference. This would explain some of the price similarity between both versions of the car. There really isn't much difference between the 2 anyhow.
How about a pioneer PHEV vehicle with almost 11 miles of electric range? I loved my PiP but it was a moment in my life to step UP for a better performance vehicle.
I'm thinking this might factor into it as well. However, the fact remains that the PIP seems to be depreciating faster than the liftback. Maybe that will level off though... At any rate, it looks like there are some great deals on PIPs out there right now!
Are there really people out there that looking at both models side by side at a used car lot would pay more for a regular Prius with the same number of miles? Would never understand that decision in a million years.
Mostly of the "new wana be Prius drivers" are uneducated on the type of vehicle they are making a decision for.
