What do used Prii really sell for?

I found 04 and 05 Prius prices on these internet sites: Edmunds, Kelly Blue Book, and NADA. Can't find where I wrote then though.

IIRC the base 05 averaged about $22k, and the 04, $20k. You could check there.

It seems very likely that Consumer Reports is wrong on 5-yr depreciation (56.1%). The classic model 01 has depreciated about 40% over 5 years and the new model is holding much better during the initial 2 years. I did email CR about that, and pointed out that their "used car pick" of an 02 Prius for $15k implied a low depreciation. Their email in reply did not respond to that point.

 

I think Consumer Reports is wrong.

I think the Prius is going to hold a high resale value. As gas goes up, people will want them. Those that can't afford to buy new will want used. There won't be enough used to go around. And the fact they retain their value will only make them more popular and valuable.

 

I think CP is basing their conclusion on the concept that older hybrids will incur huge maintenance costs, namley replacement of worn batteries, and therefore will have low resale value. This idea has been debunked but CP just hasn't caught up yet.

 

I think reason for the high value of a used prius is partly because of instant buying! No Waiting!! the high demand and not so high production is still causeing high waiting times.Some people may not wish to wait long and a used one is no waiting.When production increases and waiting lists shrink i think the used prius value will drop a bit.Its all supply and demand.

 

<div class='quotetop'>QUOTE(PriusRos @ Jun 23 2006, 06:08 PM) [snapback]276091[/snapback]</div>

Me too--even to the not knowing exactly what I wanted--except it took about 4 days, and I ended up at the 2nd closest dealer to my home--less than 15 miles, and I started looking about 100 miles because I had heard that this one dealer ALWAYS had some in stock. They didn't, fortunately!

EDIT: Oops, I was wrong--it is the 3rd closest, at about 19 miles...BAAAD Rufaro...

 

<div class='quotetop'>QUOTE(PriusRos @ Jun 23 2006, 06:08 PM) [snapback]276091[/snapback]</div>

I think it really depends on the area and the demand there. Before I placed any deposits, I recall visiting two dealers earlier (one I later placed a deposit at) and neither had any Priuses in. It took 1.5 months for mine (which was a lot sooner than I expected). See http://priuschat.com/index.php?showtopic=1...96&#entry213696 if you want to see the details.

 

<div class='quotetop'>QUOTE(PriusRos @ Jun 24 2006, 06:19 AM) [snapback]276271[/snapback]</div>

At this point, unless for some reason they REALLY need a Prius NOW it's silly to even bother buying a used current gen Prius unless it's significantly less than $3150 off MSRP of an 06. Maybe the only exception might be if the person is pulling in virtually no income...

I wouldn't be surprised if the people buying the used ones don't know about the $3150 tax credit or think they can get it on a used one.

 

The market will be people who are a little desperate to get a used car that gets really good mileage. You may not get what you paid for it but when the price of gasoline goes above $3 per gallon and stays there, you may get close, and they won't give a rat's behind about the tax credit. As we've seen in the past couple of years, the price of gasoline can skyrocket very quickly and that's when you'd be in a position to sell it...of course, you probably wouldn't want to then.

 

<div class='quotetop'>QUOTE(stanlwyjohn @ Jun 23 2006, 08:26 PM) [snapback]276078[/snapback]</div>

So far that hasn't been working too well for me. When I finally got my 2006 Prius I figured my 2002 would be a cinch to sell. That was almost 2 months ago. And 12k is less than some of the prices I've seen quoted around here. 80k miles to be sure but a great car and you all know the 2002's are cute. Full XM Satellite radio..... oops, this is starting to sound like an ad

Anyway, maybe people aren't waiting that long after all to get the new cars.

Ken

 

From personal experience I find that there is definitely high resale values on an "old" Prius'.

I bought my '06 in April and traded in my '05 (for the tax credit, naturally!). I received $22,000 for my '05 in trade with about 12,000 miles and it was only 10 months old. I only paid $23,700 for it to begin with!

I just couldn't image how much my '05 would retail for. After all, how could one pay more for an '05 rather than a new '06.

 

I went on the waiting list for any color/package Prius with a $500 deposit about 4 weeks ago. I got a call from the dealer that a silver pkg 1 would be in, in a couple days. so yippie. I go to my local toyota dealership to see what they might give me as a trade in for my 01 tacoma (not enough by the way and i got blue book for it an hour after sitting on the corner )Yes im getting to the point of this reply. So after I leave Toyota I get a call saying they have a used 06 pkg 3 in silver pine mica (color i wanted) its 6 months old w 5000 miles on it. I paid 23 and a half and the new silver pkg 1 would have been yes 23-5 I have all a warrenties minus 5000 miles i love it and still the new car smell!! the silver is pretty but even if i hated the color i still would have gotten it, hey its a Prius! so in my opinion its not a car that you drive off the lots and the value drops after the tires pass the curb !!!!!

 

You may have saved a few days waiting for a new car but you lost the $3,100 tax credit. You don't get a credit unless you are the original owner. Used doesn't count. So in essence, you could have gotten the new car for $20,400. Or you could have applied that extra $3,100 to getting a higher package...new.

 

i dont know where or why most of you think that the prius has high re-sale ... i've been trying to trade my 06 pkg 7 (12k miles) in, and the most i can get, and it seems like im begging for it, is 21500 ...and this is multiple dealers. i paid 28k for it in feb 06!! how the heck does a car depreciate 6500 in 5 months? even though i show the dealers the printouts from, edmunds, nada, and blue book .. it doesnt matter .. im not taking that little for this car as a trade ... i even tell them, make it 23k and ill talk ... they just let me walk out the door!!! i dont understand what kind of business that is but o well

 

Their talking about the re-sale market, not the trade in market...but DVDIRV seemed to do well!! Maybe a trip to Indy for the Brickyard, and drive home in another car?...why are you selling your 06?...heck, I think if you put it in the private sales forum you would do better than 23K...I think I've seen lower packages than yours on EBAY, salvage titles for 20K!!

 

I haven't gotten my Prius yet (bumped back from today to possibly Friday ), but I've been researching them quite a bit lately. I've a subscription to consumer reports online, and, unless I'm reading completely wrong, they are rating Prius as holding their value much *better* than average, not less.

 

<div class='quotetop'>QUOTE(Priwes @ Jul 24 2006, 09:21 PM) [snapback]291733[/snapback]</div>

I think there are two major factors at work here:

1. Trade-in value is always much lower than resale value. Dealers do need to make a profit, and they have expenses (e.g., storage, paying salary/commisions for staff, etc.). Furthermore, (I'm told) it's much easier and cheaper for dealers to finance a new car (which is a known commodity with a widely recognized value) vs. a used car. Presumably a used car requires a thorough inspection and potentially some maintenance, adding more costs & risk. Thus the profit margin that a dealer needs on a used car is necessarily higher than that of a used car to cover the added costs.
2. Because there is no tax credit on a used Prius, the amount dealers can effectively charge is much lower. Say a dealer wants to charge $24k for that #7. A customer would be comparing a new #7 for ~$28k-~$3k, so they are only saving about $1k. I think its safe to say that depreciation after 6 months & 12k miles is more than $1k! A dealer who can't get $24k for the car certainly isn't going to give $23k in trade-in given the expenses involved.