We are trying to decide between buying a new Prius at $24,000 MSRP plus tt&l or buying a used one. The used on is a 2004 with 60k miles on it. We can save between 5-6 thousand on the used one, but we are not sure if it is worth it given the mileage. Considering how much I drive, it will roll over 100K in a little over a year. Does anyone have a prius with higher miles? Any problems out of it? I am just hoping that maybe I can get some advice from people who already own one. Thanks.
<div class='quotetop'>QUOTE(krissi @ May 4 2006, 09:49 AM) [snapback]249644[/snapback]</div> First thing to keep in mind is the $3,150.00 tax credit you'll get if you buy a brand new Prius. That knocks the price down near the used one. Second thing to consider is the used ones warranty will be over at 100k on the battery and IF the battery should go bad you'll be looking at a $2000-3000.00 repair on the battery. Further the regular warranty on the used one will be done and while chances are the used one will be relatively trouble-free given the Toyota quality, it's still nice to not have to worry about anything going wrong and getting stuck for large repairs. In summary, there are people that have driven their Prius well over 100k and not have any problems. But the battery will eventually need replacement. I'd recommend going with a new one. Either way I'm positive you'll love the Prius either way you decide to go.
<div class='quotetop'>QUOTE(Syngefinger @ May 4 2006, 09:00 AM) [snapback]249653[/snapback]</div> Isn't the tax credit only beneficial if you itemize your deductions? I really do not understand how that works?
100% agree with Syngefinger...B/w the tax credit and the value of the 3/36 warranty and the extended life of the new car over one with 60k miles I think you're clearly better off getting a brand new car. The additional cost will only be a couple thousand dollars. Also, consider the resale value later on. If you drive both cars for 100k miles the difference resale price of the '06 (with 100k miles) and the '04 (with 160k miles) will be substantial. If you can get the price for the '04 down in to the $20k range then I think you have to reassess. Note, I'm not saying this is a reliablity issue, I think the '04 would hold up fine for as long as you'd want/need it to. But on a financial/resale/warranty basis it makes a lot more sense to get the brand new '06.
<div class='quotetop'>QUOTE(krissi @ May 4 2006, 09:07 AM) [snapback]249656[/snapback]</div> Unless you pay AMT (alternative minimum tax--and you'd be itemizing if you do pay that) you will qualify for the tax credit. That may mean you'll need to itemize this year, but pay H&R block or buy TurboTax and do that...it's worth it for that kind of money.
<div class='quotetop'>QUOTE(efusco @ May 4 2006, 10:07 AM) [snapback]249657[/snapback]</div> Excellent point on the resale value, efusco.
<div class='quotetop'>QUOTE(Syngefinger @ May 4 2006, 09:19 AM) [snapback]249665[/snapback]</div> Thanks to all of you. I just spoke with my husband and we decided to go with a new one. We are going to the dealership tonight to order one. Thanks for your help!
<div class='quotetop'>QUOTE(krissi @ May 4 2006, 10:30 AM) [snapback]249668[/snapback]</div> You're very welcome. You won't regret your decision.
<div class='quotetop'>QUOTE(efusco @ May 4 2006, 07:07 AM) [snapback]249657[/snapback]</div> I have to agree with the good doctor on this one...get yourself a new car rather than a used car. One never knows what issues used cars might have, or what they may have been through.
Get the new car. Efusco explained it perfectly already. If i could afford it, i would trade in my prius for an 06. If they were to do this 94mpg prius in 08, i would swap again. My car has only 53k miles on it. It still runs perfect. I want to change the suspension though. BT Tech brace really helped out. Originally people were estimating that the prius engine will last around 500k miles. The battery has been tested by Toyota to live 21 years.
