Love my 2011 Prius, and apparently they hold their trade in values fairly well. Wondered when is a good time to consider trade in for new or newer used Prius. In other words an optimal number of years to hold onto car and realize maximum value towards either new or used. I imagine the BIG battery lifetime probably factors into the equation, thus to me if chassis and body are "pristine" as such, then popping for a new big battery would be less expensive than new or newer used, and keep Prius rolling along. Way back in the day, my dad traded cars every three years for new. Cars today seem better made (??) thus people seem to hold on longer.
Tough to say. If you "drive your cars hard and put them away wet", maybe sooner. Our 2010 is very low mileage, garage stored. Had one serious hit, but you wouldn't know it. The other day got a cold-call from the dealership asking if we'd be interested in, well I'm not sure what exactly, kinda cut them off, but I guess trading-in for the latest or whatever. Just not interested, coming up on 6 years this fall, more-n-likely will make 10. Or more.
i believe that when you trade for the same model car, it doesn't matter when you trade. value is either high, average or low for both. right now, prius is low due to gas prices, except in cali. as for how many years, i agree. cars are built a lot better, as we witness here everyday. i generally keep might around 4 years, but not because of maintenance, just personal preference. i will keep this one at least 5, because the new pip, 200 mile chevy bev and other cool rides are coming this fall.
Interesting subject. Need to graph utilizing a blue book or guide with prices, options, mileage adjustment etc. for the old car. New car MSRP, then there are the seasonal rebates. Don't forget insurance and DMV. Could be quite the complex project. There are a lot of variables. (Tire replacement on the old car makes a $500 difference.) (Lease schedule could offer a base line comparison.) It seems dealers like high mileage, new year vs. low mileage old year. Again, interesting question/ statistic. Please....show us your findings/ schedules once the project is completed. Wishing you luck.
My 2011 five has about 6 payments remaining -- 5 year 0% . Around $3300.00. The dealer has called me a couple of times over my ownership period -- always lower value vs payoff. At 3 years they offered me 9k and I owed 13k. I said why would I give you another 4k for my perfectly good car? To get a new one .. was the answer! It's a Prius ... I bought it because it's reliable and efficient .. was my response. Anyway -- they offered me 8k a while back .. if I traded for a new one. Car now at 150k. So I went from 4k down to 5k up. I will get another Prius in the next couple of months (using the free Toyota money) ... but i'm thinking of keeping the 2011 and using it to replace an aging MB that I leave at a vacation house. My 2011 is in perfect shape.
If you are asking what the most prudent financial decision is, then the optimal trade time is never. Holding on to an already paid off car and simply maintaining and repairing it as needed is always the better financial decision. Further, selling the car privately will put about 20% more money in your pocket compared to trading it in. I wonder why people do trade-ins when selling on Craigslist is so easy and free. Most people don't make car buying and selling decisions based on logical financial reasons, but instead on emotional ones. You will buy another vehicle when you decide that new features or styles is worth more to you than having a stronger financial standing. I created this cost of ownership spreadsheet after being dissatisfied with other tools on the internet that were incomplete, or lacked the ability to evaluate the cost of owning an EV. Of course, it requires you to make a lot of assumptions about what the likely maintenance and repair costs will be, and what you anticipate the sale price to be when you do decide to sell.
New cars lose about half their value in three years. Let someone else take the financial hit and always buy used.
Traction battery just died in our 2010 at 162K miles. I've been on the wife for the last year about getting rid of the car, but waited just a little to long. Going to replace the hybrid battery with an OEM version from Toyota for about $2200, and keep the car another year or so, and then look at replacing the car with a used 2014, or 2015.
