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Price to sell a used (technically) Prius?

Discussion in 'Gen 2 Prius Main Forum' started by Wlmblock, Aug 27, 2008.

  1. Wlmblock

    Wlmblock New Member

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    Kind of an odd question so I didn't know where to post this so here it goes...

    I was fortunate enough to have won a 2008 Toyota Prius. Base model. Awesome!

    I don't have the car in hand yet and I'm trying to make a game plan for my next steps. The Prius doesn't fit my lifestyle (need a larger car) so I will definitely not be able to keep it.


    I'd like your thoughts/opinions please...

    --I'm going to try to work with the dealership to have them buy the car. Knowing that they are going to try to lowball me, about how much do you think they'd offer? I'm paying destination, registration, title, etc (if I have to buy it and sell it back). It would technically be a used car at that point but because of the demand, they could still make quite a bit of money on the deal.

    --I'm contacting CarMax to see how much they'd give me.

    --I'll consider a private party sale if the dealer route doesn't work to my satisfaction. How much do you think a 2008 used Prius with about 20 miles on it would go for?

    All insights are appreciated!

    Wlmblock
     
    #1 Wlmblock, Aug 27, 2008
  2. Sheepdog

    Sheepdog C'Mere Sheepie!

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    I think you can pretty easily get 20K for it. Maybe more. Are you saying base as in no options whatsoever?
     
    #2 Sheepdog, Aug 27, 2008
  3. Paducah Dave

    Paducah Dave New Member

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    If I were the dealer I would buy your Prius for $19100 and NOT contract it to you. You will save on tax and LICENCE if you sell it to the dealer before you take delivery.
    That price is $2000 back of invoice less holdback so they would get an opportunity to sell and make a profit and you would not pay sales tax and lic and deal with selling it on your own. The base model is not that easy to sell because people love the smart key and rear camera options. I hope this helps.

    Dave
     
    #3 Paducah Dave, Aug 27, 2008
  4. northwichita

    northwichita .

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    Tax implications come to mind, not owning the car lets you pay tax only on the net receipt after sale, not the initial value of the prize, at least that's what I would claim. (Novice at taxes.)- consult an expert.
     
    #4 northwichita, Aug 27, 2008
  5. pdhenry

    pdhenry It's HEEERE!

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    A couple of months ago a used Prius would get more than a new one, since a new Prius is only a promise of getting one eventually and a used Prius is by definition available immediately. Has this changed? You should get at least MSRP (even from a dealer) since they ought to be able to sell it for more. Just MHO.
     
    #5 pdhenry, Aug 27, 2008
  6. jelloslug

    jelloslug It buffed right out!

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    The market for used Priuses is very strange right now. There is a good possibility that you could get over MSRP for it.
     
    #6 jelloslug, Aug 27, 2008
  7. JimN

    JimN Let the games begin!

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    Wlmblock, if you take delivery of the Prius you will have to report the fair market value (probably MSRP) on your 2008 1040. If you title it you'll have to pay the sales tax. When you trade it for the vehicle you want you'll pay sales tax on the difference between the price of the car & the value of the trade (at least in NJ).

    If you are interested in a larger Toyota see if you can apply the "value" of the Prius to the vehicle you want. It is also worth talking to the sponsor of the contest.

    Some years ago my employer gave a car away at a trade show. The winner was not happy with the car so the dealer took it back in exchange for one with more options. We paid the dealer $200 to take the original car back AND paid for the additional options. The winner received a 1099 for the MSRP.

    Right now estimate your total 2008 income and add the MSRP of the Prius. Calculate the tax based on 2007's rates. Can you pay it? If not, you may have to sell the car to cover the taxes. If you go this way the reportable amount should be the actual amount received (fair market value).

    A Prius with the wrong option package and/or color (even Barbie pink) for the price of the taxes is a good deal.

    Best wishes for getting something you'll be happy with.
     
    #7 JimN, Aug 27, 2008
  8. JamesWyatt

    JamesWyatt Señior Member

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    Sit in the back seat of one... Also fold the rear seats down flat and observe the cargo room before you say you need something bigger... unless you have a spouse, four kids, and a giant show poodle.
     
    #8 JamesWyatt, Aug 28, 2008
  9. donee

    donee New Member

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    Hi Wimblock,

    Yes, do go try the Prius on for size. It has more leg room in both the front and rear seats than a Honda Pilot (for example). It might supprise you how versatile the hatchback is too. 8 foot lumber can be completely contained in the car. And there is also a lower trunk compartment below the rear load floor.

    The only non-starter for some people in the Prius, is if your tall with short legs. Torso-dominant people tend to be too high in the seat, to see straight out of the wind-screen, even though they have head room. The front seats are more like mini-van seats in an up-right position.
     
    #9 donee, Aug 28, 2008
  10. Wlmblock

    Wlmblock New Member

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    Thanks for everyone's input! Very helpful!

    To answer some of the questions...

    --I'm a non-biased driver. I don't care much about what I drive as long as it works well and meets my needs. I do care about some non-essential luxuries such as auto climate control (I can't help it!). In any case, I'm totally open to keeping the Prius if it works for me. My friend has one that I've been in a few times and it seems smallish for the stuff and people I haul around, but I'll check it out again before making a decision.

    --I don't have a clue about the particular Prius I won. I'm not sure if it even exists right now. In my simplistic way of thinking, the sponsor would send a local car dealership a check to be used towards purchasing a car. But maybe they already purchased the car from the manufacturer and it gets shipped to a local dealer? No idea. All I know is that it's a "base" model. As JimN said, it might be Barbie pink. Hmm... I wonder how that would look with my complexion. ;)

    --Assuming I'm not keeping the Prius...I will see if the dealer can buy it without me owning it first to avoid the title, registration, etc. fees. You all made me feel better about the price I might be able to get.

    --If selling it doesn't work out, I'll see if I can strike a deal with the dealership to trade in the Prius for some other car that might work better for me. I have to do some research as to what kind of car that might be.

    --I do know about the taxes that I have to pay. It's a good bit of money but I figure that it's still a win-win for me. Either I sell the car and walk away with a nice chunk of change or I trade it in and get a sweet deal on a different car. Not bad!

    Thanks again everyone!
     
    #10 Wlmblock, Aug 28, 2008
  11. pdhenry

    pdhenry It's HEEERE!

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    I think "Base" is officially defined as "not a Touring model." But you may be correct that it doesn't have any option packages.
     
    #11 pdhenry, Aug 28, 2008
  12. dwdean

    dwdean Member

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    At the risk of being something of a wet blanket, have you checked the "official" rules for the contest you won? Many contests have clauses about either not selling the car, or about providing an alternate "cash value" prize. Your answer may already exist in those rules.

    As with most things of this nature, the devil is in the details.
     
    #12 dwdean, Aug 28, 2008
  13. Wlmblock

    Wlmblock New Member

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    One more question: I see people listing their option levels. What would be the option level be on a base model? Zero?

    dwdean, yes, the first thing I did before I accepted it was to read the rules. I states that it's a base model and that I'm responsible for tax, title, etc. It also says that no cash or other substitutions may be made except in the event that the sponsor is not able provide the prize as listed. So I'm not counting on receiving a cash option from the sponsor but I figure that it can't hurt to ask nicely. They don't say anything about reselling, etc.
     
    #13 Wlmblock, Aug 28, 2008
  14. jelloslug

    jelloslug It buffed right out!

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    Technically there are 3 different models of the Prius with different trim levels on 2 of the models:

    1220 Gas/Electric Sedan (Base)
    1224 Gas/Electric Sedan
    1226 Touring Sedan

    The 1224 and 1226 models both have option packages available but the 1220 does not. I would suspect that your would be the 1220 version. Did the give a value for the car? That would answer the question on what it is.
     
    #14 jelloslug, Aug 28, 2008
  15. looper

    looper Junior Member

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    I see you're in Illinois

    Right now, Craigslist and Cars.com list used Prius' in Chicago for MORE than what I just paid new (1224 Gas/Electric Sedan) at Pauly Toyota.

    Don't know about the rest of the country, but 08 models are HOT around here.
     
    #15 looper, Aug 28, 2008
  16. Jim1eye

    Jim1eye Shaklee Ind Distributor

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    Do you have the car? You know you won & you're waiting for delivery? That could take months. I think you should ask them to come up with the money.
     
    #16 Jim1eye, Aug 28, 2008
  17. donee

    donee New Member

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    Hi Wimblock,

    The base Prius will have the automatic climate control, because its part of the design of the Prius to save gas. And by being able to scale back climate control energy consumption when conditions are suitable, automatically, lots of energy can be save.
     
    #17 donee, Aug 28, 2008
  18. Lola'05

    Lola'05 New Member

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    Hey, we should all have your problem. A free car. With very good reliability ratings.

    I never seem to win anything. Not even a carpet cleaning. You should be happy.
     
    #18 Lola'05, Aug 28, 2008
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