Keep 3rd Gen Prius V or Start Fresh (opinions)

Yeah, tough to make a hybrid pay with that little usage.

There are many fewer >$1000 liabilities under the hoods of simple cars.

 

OK, then look at hybrid vehicles that can replace the v, they are much more rare and considerably more expensive than a Corolla.
If you need what a v does, the cheapest way to get that is to keep repairing your v.

Preventative steps I would take:
Change the WS ATF in the transaxle if you haven't; $40 DIY, $110 at my dealer.
Clean the EGR plumbing. (I haven't, so I do not have guesses at Pricing)
Check the Brake Fluid to be sure it is still not near boiling point. (testers are about $15, bleeding the brakes if needed is a dealer service) www.amazon.com/ITEQ-Liquid-Tester-Indicators-Calibrated/dp/B076SC377J

 

Unless stolen, about 15 years.

 

I would always go with the newer car if the cost of ownership per year was about the same. There are many who believe used car depreciation, even when paid off, can be equal to the cost of a replacement car. In other words it can be a false savings to simply drive a used car into the ground, experience the frustrations and stress of an occasional tow and subsequent repairs when buying a newer more reliable car is really as cost effective. Of course "a newer more reliable car" doesn't have to mean brand new, there are real savings with end of model year cars and even better savings with one to two year old cars.

Ball and chain?? You will always be paying hundreds of dollars per month to have a car at the ready. Ideally you need to get to a place where you can put down a large down payment and reduce your interest payments. And have good equity in the car when its paid off so you can buy the next one easily. If you are really financially strapped it may be time for a used economy car, a smaller place to live, etc while you concentrate on income creation or preservation.

 

Keep your car and pay it off. Leases are dumb.

Posted via the PriusChat mobile app.

 

This article is worth a read, it may even be worth reading more of his material too.

Mr Money Mustache: How to come out WAY AHEAD when buying a used car
https://mmmapp.page.link/mrVr

Posted via the PriusChat mobile app.

 

You must be getting a heck of a good deal on insurance. Having to maintain full coverage over 8 years of financing really racks up around here.

 

Leased cars are not worth the time or money, its a one sided offer and only prolongs what you should have done which is cash money or financed and payed off the principle with a plan of doing it earlier then the life of the terms. Paying less over the life of a loan isnt smart it just keeps debt longer then necessary and the car will be useless at the end of loan cycle if too long. Which puts you back at square one needing more loans to buy a new car. Its a nasty cycle that is why leasing is dumb.

Posted via the PriusChat mobile app.

 

If you are on a limited budget then buying on time is cheaper but your paying more over the life of the lease even if the payment is so called cheaper feeling. Leases are good for people with no money but the hidden costs are higher then just taking out a basic secured loan. Plus if you have limited money dont buy a new car get a used certified car with a warrenty. To each there own.

Posted via the PriusChat mobile app.

 

I would keep the V. That inverter issue is not common. Not sure why it happened. However, if you really want a new vehicle with lots of space............get the 2019 RAV4 Hybrid. 40mpg. Lots of pep.

 

If that's at the root, then I'd say you've already got the right car.

Keep it. Drive it often and gently, but do let it get warmed up every time. If this vehicle is unlocking some next-level income opportunities for you then keep on truckin'!

With daily use and basic maintenance you should expect it to last beyond the payments & warranty period. Maybe not a lot past, but enough to get ahead of the next one very gradually.

 

That's why I suggested working your budget to get to a place where the car has equity (like $4-6k) by the time it is paid for and before its an unreliable money pit of repairs. Sure some get lucky and get 300k without the unexpected $2500 repair. Most don't. And lease deals do include interest but its included in the price. Kind of like the zero interest new car loans.

 

I would keep the V. Makes most sense. You have put money into it already. You know the vehicle. Many folks on here have had great luck with the V and the gen 3 prius in general. You should have a lot more life left in it.

 

Sorry, but I disagree.
Leasing almost never EVER makes sense in your situation, and they almost never make sense in ANY situation.

With your driving patterns would suggest that it would be better for you to pay down the V as early as you can and drive it until economics force a change. You have three more years on your hybrid components warranty and once you're out from underneath the yoke of car payments (fleece or own) then you can start a maintenance fund or start saving for the next car you're interested in.

These days, everybody gets their advice on the interwebs....and when I think I know more than I really do about something (which happens a lot!!) I challenge those beliefs with contrary opinions.

I've always thought, and still THINK that in most cases, leasing is....ummm.....not wise.
However (comma!) as cars become more expensive and last much longer than they did when dinos roamed the earth, there are more and more situations when leasing can almost make sense....sorta....if you mash numbers a certain way.

When Does It Make Sense To Lease A Car?

Disclosure: I didn't know SPIT about money when I was under thirty (the link above is from moneyunder30.com), and my presumptions are that most people now under 30 suffer from that same handicap.
However (comma!) you have the sum-total of human knowledge available to you right now, at your fingertips....for less than $200 (mine cost $180 open-box) and with a <$40 data plan you can see for yourself what the sages of money and finances have to say about fleeces, cars, and almost everything else under the sun.

...Just don't confuse information with wisdom.

Good Luck with your car decision!