I just bought a 2007 Seaside Pearl Package 2 yesterday (2/19). I have been LOVING it so far. I am really into research, and this was a helpful tool for me, and may be interesting for you, too.. Consumer Reports (I have an online membership-definately worth it for car research) compares the 2006 Prius & Corolla LE automatic over a 5 year span. Here's the break-down of what they said: * Prius(44mpg) / Corolla(29mpg) / Price Difference * Purchase price $22,305 / $16,510 / +$5,795 * Sales tax 1,732 / 1,282 / +450 * Tax credit 1,575 / - / -1575 * Fuel cost (75k mi) 6,238 / 9,465 / -3,227 * Maintenance & repair 2,971 / 2,638 / +333 * (Financing 3,286 / 2,432 / +854)* * (Calculated financing) 2,895 / 3,290 / -395)** * Five-year depreciation 56.9% / 55.1% / -1.8% rate as a percent of purchase price * Projected resale price 9,613 / 7,413 / -2,200 (purchase price minus depreciation) * Total (financing aside) -424*** * Total (with their financing) +430 Therefore, after 5 years the Prius ends up saving $424 when compared to the Corolla. Keep in mind that after March 31 the $1575 Tax credit is going down to $787, and then after September it is going away all together. *This is CR's data, but it is not current with today's Prius financing specials (4.9% for 60 months), or with the "Excellent" credit rating's APR of 7.4% for the Corolla. **The Calculated Financing is based on above rates (as calculated on Toyota Financial's Payment Estimator). ***For the overall, I did not include the financing, because not everyone finances, and the discrepency in the calculations.
I mostly respect CR's reviews, but I take issue with several things in this comparison. Search here and you'll find other threads with much discussion. Briefly: The biggest flaw is the apple-to-oranges comparison, Prius vs. Corolla. Functionally (ie, the hatchback), feature-wise, and size-wise, the Matrix (more expensive) would be closer. But that's still not a fair comparison. Unlike the other hybrids reviewed, there is no equivalent gas-only model to compare to the Prius. Furthermore, they have probably over-estimated maintenance and repair costs for the Prius. Same with depreciation. Check out used Priuses for sale and you'll see them fetching a lot more than what CR's depreciation schedule would suggest they should.
<div class='quotetop'>QUOTE(JimboK @ Feb 21 2007, 07:41 AM) [snapback]393847[/snapback]</div> I agree on the apple to oranges comparison. The Prius is a midsize car, the Corolla is a compact car. For a better comparison they should have compared it to a Camry. The matrix is also considered a small station wagon. Looking at midsized stations wagons I see: Focus wagon, Passat wagon, Legacy wagon, Mazda 5, etc. The resale may be taking into account that hybrid production numbers are rapidly increasing so the supply will greater in 2011 than today.
<div class='quotetop'>QUOTE(JimboK @ Feb 21 2007, 06:41 AM) [snapback]393847[/snapback]</div> And on the flipside, it's wrong for them to assume that you'll get the full tax credit in the end.
Yes, I would say the Matrix is a more comparable comparison. For me, this comparison was perfect because I was gong from a Corolla to a Prius, and had been considering getting another Corolla. I'm happy with my choice
<div class='quotetop'>QUOTE(razzledazzlebee @ Feb 20 2007, 11:14 PM) [snapback]393743[/snapback]</div> I generally agree with CR, and it's a good place to start. But there were a few disagreements here with that article (to put it mildly). There was a thread about this last year when the article came out, and one member wrote in to CR with a correction they agreed was necessary. In their online edition, they revised the depreciation rate, because they had double-charged the hybrid premium (purchase and depreciation). Correcting for that makes the Prius slightly less expensive than a Corolla with their figures. Keep in mind though, they still expect a higher-than-normal depreciation rate, which is definitely not the case so far. More expensive maintenance which doesn't seem correct (brake pads last life of car, depending on driving style, engine is on half the time so less wear & tear, NiMH batteries last life of car). Also, they did their fuel cost based on 3 years at $2/gal, a year at $3/gal and a year at $4/gal, for an average of $2.60/gal. You can decide for yourself if that's a reasonable assumption for the next 5 years. Studies done since then have been more positive for the hybrids, but I don't have links to them right now.
Well, even if the two cars cost the same over 5 years (which is basically what they've said), you get a midsized car with a lot of luxury features with the Prius. Instead of the much smaller and less fancy Corolla. The "standard" Camry is a better comparison, as stated above. I suspect you would end up ahead by a fair amount with that comparison.
If I remember correctly (that's a big if), the Prius interior space is larger than the Corolla, slightly smaller than the Camry, thus it should be compared to a Camrolla. This is the problem, it's difficult to categorize and compare apples-to-apples. My Prius has identity issues.
<div class='quotetop'>QUOTE(razzledazzlebee @ Feb 21 2007, 11:50 AM) [snapback]393972[/snapback]</div> I hadn't thought of the Matrix being most comparable, but now that a couple of people have suggested it makes the most sense. Similar interior space and performance. My site can only compare the prices. Using the "minimize shared features" mode, which equips the Matrix like a base Prius, yields a $2,134 price difference in the Matrix' favor. This includes the current tax credit, which won't be around much longer. Adjusting for the Prius' additional features cuts this difference in half. So, is the Prius worth an extra grand up front to people here?
<div class='quotetop'>QUOTE(mkaresh @ Feb 21 2007, 05:47 PM) [snapback]394206[/snapback]</div> Definitely.
The Corolla is boring - the Prius is a cool, geeky car with lots of interesting technology. It's like comparing chalk with cheese! Mike
ya that comparison is ahhh... ok fine... show me TODAY, where i can buy a 5 year old Prius for $9000??! ... ... ... well??, im waiting... ok... lets look at this. 5 year old classics are going for about 11-13,000 and thats a downgrade. to say that the depreciation between the two will be nearly the same is ludicrous.
