Effect of 2010 on Resale Value of Existing Priuses?

It is an interesting question, I agree.

Like you, I will drive mine until it almost dies completely. I've done it with every car I've owned. Drove a 1981 Celica 15 years and a 1994 Quest 14 years, which was traded in for the Prius. I got $2000 for the Celica and $750 for the Quest.

Fine by me. Don't have any use for resale value.

 

I have a 2001 Honda Civic EX and my wife has a 2001 Ford Mustang.

The Civic is worth about twice what the Mustang is worth, judging by what I see on Craigslist and the book values.

There are millions of owners who would happily trade down to the 32/40 I get, real-world, in the Civic.

We are on a waiting list for a 2008/09 Touring - put down $500 deposit on it. We'll sell the Mustang.

I expect Prius values will hold up well. Even if the new Prius gets 30% better mileage than Gen II, the Gen II's are getting 100% or more mileage per tank when compared to the average cars and especially SUVs.

All this is predicated on $4.00/gallon or higher gas. If this turns out to be a bubble, then the premium value attributable to mileage will diminish. As I'm writing this, oil is crossing $140/barrel. I expect prices to stabilize where they are and stay there for some time, as they did in 1972 when the price tripled within a year. It never went back to 30 cents a gallon. Unless something big happens to the average wage, the incentive to drive a high mileage vehicle will continue.

(I'm not expecting one factor in fuel prices, the value of the US dollar, to recover all the ground its lost, either; as a country, we're carrying far too much debt. Someone tell the VP that deficits do matter. )

 

I expect there will be a decent market for the used Prius. The people who have money to buy new may well go for the plug-in version, but there will be plenty of people out there who don't ever buy new, or can't afford new, whatever - they will want a more efficient car than what they have now.

I looked at the listings near me for a used 2007 - they are asking about $3-$4 over what I paid for it new, so I'm thinking I'll still have a decent resale value when I need a new vehicle.

Of course, there is more than one way to look at it. If you are the type to trade in every few years and to think of your car as in "investment" you are more likely to be disappointed when trade-in values go down.

But if you keep your car for a longer period of time and look at it as a cost rather than an investment, I think your expectations will be a bit lower on the trade-in values.

 

A lot depends on the price of gas. If the price keeps going up then the pre 2o1o prius will hold or increase in value in constant dollars. The real pain of the gas price increase has yet to surface. When NO one can sell their old non-hybrid vehicles due to the price of gas then we may see a jump in price for all hybrids - including used hybrids.

With the price of gas increasing slowly there should not be too much of a drop in the prices of used hybrids no matter what comes out in the way of a PHV.

 

I got Blue-Book value for my 2001 trade-in when the first 2004 models came out. Years later, I could have sold it myself for quite a bit more!

In other words, the tried & true model will stand strong next to the new model... especially with pretty much nothing competitive available in that used market.

.

 

yeah, me too. my 2007 with 25000 miles is (apparently) worth just about what i paid for it new.

very interesting question. highly, if you figure it out... let us know

if we start seeing some after market replacement batteries, this might help - one of the concerns some of my friends have with older used ones is remaining battery pack life. once the warranty is passed if we could drop in a replacement battery for a cheaper price than at present, this should help with resale. much like now you'd be more likely to buy a used conventional powered car that had a fresh top overhaul and a new tranny.
fortunately, DD will be 16 in 2 years ; she'll get the used one ; I'll get a new one {plug in? i'm orginally from missouri - i'll believe it when i can see and touch a plug in model}.

of course , if gas prices 2 years from now are $6-7, then this discussion will be a moot point. that, i suppose, is the real question - will gas prices remain high, or move even higher? or is this a bubble fixin' to pop...

 

I made a promise to Tascha that I would drive her into the ground. So uh, haha. I do however have plans to possibly trade in two other vehicles that are pretty much garaged for the Chevrolet Volt if it turns out to be a viable product. Most of my travel is under 50 miles and if I can do that full electric I am in. I would like the new Prius to be a full electric drivetrain with a generator or something, but they aren't planning that too soon.

 

I traded my 2000 honda for the 07 prius, got about 8000 for trade in.

finance was 19850 out the door with payment 365 through TFS.

I really want the plug in but will wait till a year after they on the market just for the intial bugs to be worked out.

I think 05'06's 08s etc will hold a good value even in a couple of years or more, though it all depends on gas.. if oil drops very low back down to 40 bucks a barrel, well then demand for a hybrid will go way down..so who knows..just one of those wait and see.

may just keep it for years,unless im making more doh by that time..then ill have two prius

 

I have been pondering this as well, actually I am in the better position, looking to buy! I wanted a Prius II back in college, starting in 2004. Now that I am all graduated and found a good job, I can finally stop drooling over everyone else's Prius (soon enough).

Here is what I am thinking...

I will buy used if:
-I find a gently used Prius (40-50K miles) for $15-16K (after Prius III comes out next year)
-Later on convert to PHEV

I will buy new if:
-Prius III is at the same MSRP or lower than the Prius II
-FE increases dramatically (Li-Ion)
-If I can get a PHEV by 2010/2011

Your thoughts?

 

my 06 had 50k on it and we picked it up for just over 20k

this is the ONLY used prius i have EVER seen locally that is used and has under 80k miles on it.

i consider local within an hours drive one way

 

While I personally plan to buy a plug-in car, I think they're a bit of a niche product, enough so that I doubt it will affect the resale value of the gen II Prius. I think a substantial increase in mileage of the gen III or a major change in the body might affect the value more than anything else, though I doubt it would be very dramatic.

 

I am planning on buying the next generation Prius too. I really do not car if it is a plug in or not. I do not expect to see a big drop in the value of the generation 2 cars. There are a ton of people who want a used Prius because they do not want to spend the money for a new car. I suspect they will be snapped up pretty quickly. I plan to sell mine myself as I have done all of my previous cars.
I can guarantee I will not pay anything over MSRP for the next generation or I won't buy one. I remember when I was going to buy my '05 at the end of '04 and everyone was posting that I should pay whatever they ask for the privledge of being able to buy a Prius. I said then I would not pay anything over MSRP and in fact I bought one for about $500 under MSRP.
I was also advised to just buy whatever they had on the lot regardless of package or color. Again, I bought the top of the line in the color I wanted - took all of 3 weeks to get the car.
Cousumers need to stick to their guns and not be fooled by car sales people who sell BS for a living. Educate yourself and know what you want before walking into the lions' den and stick to it. Don't let them take their next vacation on your impulsive nature.

 

Thank you redhandeddenial. I was worried I overpayed. Seems I am right on target, because that is what I paid. I did get almost all the extras though, except the touring package. What package did you get? Thanks!!!
-Brad

 

The revolution of the internet powered consumer! There is simply no excuse not to do your homework before walking into a dealership.

I am still planning on waiting to see what the price difference will be between the Prii II and III or maybe I will haggle one of you guys to sell me your Prii.

 

I don't think the introduction of the 2010 model will be a problem for resale the first 2 years. People will still want a hybrid, and judging by how long it took to fill the supply chain in the US with Prii, there will be a long lag time to sell regular hybrids.

 

I think a sizable percentage of PRIUS owners, (perhaps not represented in this forum) would NEVER...EVER want to "plug in" a car. The idea of having to plug in their car seems like a technological "step backward". This group wants "better" gas mileage, but not at the expense of being inconvenienced. If the next PRIUS gets much better gas mileage and is not a plug in, I think you will see a slight diminish in resale value. The main player in this will be all of the other manufacturers doing the same thing. Having said all this, Does a Civic still hold it's value? It certainly is not the best in any one category. I don't think there is a worry to be had.

 

It isn't only the price of gas. It's the economy in general that depends on the price of oil. And the economy can't sustain $130-140 oil. That's what the stock market is saying right now. The price has to come down more in line with demand.

Regardless of gas prices, the ICE is on the way out because of reduced carbon and higher mpg standards in the near future. Hybrids and electric cars will take over the market within five years. High gas prices right now are just accelerating the change--though there aren't enough hybrids right now to satisfy demand. Today's Prius will still be advanced technology 3 or 4 years from now. And probably more reliable than other options.