I have a 2004 Prius with 70500 miles. I probably could get around $15k for the car, at least. Should we all be selling our Prii now and getting new ones, or does it pay to drive them till they quit (probably 200k) and get very little for them. What do you think?
If money is your biggest influencer then I would probably stick to conventional wisdom which states that the cheapest car you can own is the one you already have (unless it doesn't work).
I drive a 2004 and we picked up a brand new Spectra Blue pkg 2 last night for my wife...only 1 mile on the odometer. It's nice and pretty and smells good inside. The Spectra Blue color is really nice, very deep. I wished it was mined. So if the new car smell and pretty new paint and low miles and new warranty are worth it, then go for it. I think if I was in your situation I would keep what you have and wait for the next gen to appear and make a move then...that's what I will likely do with my 04.
Well, if you have to ask complete strangers if you should buy a new car, then you probably shouldn't.
IF you can find a new Prii in the color/packages you want, and IF you can get it for MSRP or less, go for it. Your 04 is a hot item in today's market. Then you will have plenty of time to evaluate the next-gen, while you enjoy that new car smell, new car warranty. :decision:
Well, since you asked, I vote no. You are at the point of ownership on your car where you have likely paid off your loan so the next few years you own it, you will be finally be recouping some of that money back. And with the economy the way it is, best not to have another car payment if you can swing it.
I second this suggestion!!! I think for anyone that does not have a car payment and has a very fuel efficient car, they would be better of sticking with what they have and run the car till it runs no more. On the other hand, I think your Prius is worth more than just 16k. The dealership I bought my Prius at currently has a 2005 Prius with over 56k on it and they are selling it for 26k. So I think you could probably get more than 16k, but why get yourself into another car payment when you have a great car that hopefully is not giving you any mechanical troubles?
Thanks for the thoughts. My Prius is running fine and I paid cash for it, so it's paid off. I'm just wondering if it might be a good time to do this given the resale value. Sure, it costs me $5-7k. but I got to drive the old one for 70,000 miles. I'm just afraid that it won't be worth much at all at 150-175k miles, especially if the battery goes. MsDaisy, this forum is for asking such questions. Your response was not in the spirit of the forum.
Unfortunately, the high resale value is partially tied to the higher price that the dealers are charging for the brand new ones. Any profit you would make would be countered by the premium you would probably have to pay to buy a new one. You would also have to get on a waiting list unless you get on the waiting list now and sell your used Prius the day your new one comes in. I like to own cars for about ten years so I wouldn't sell a 2004 if it wasn't giving me problems.
