So, I was recently laid off and was thinking I should get into a less expensive car. I have a 2010 Prius V ATP and thinking of trading it in for a 2010 Insight EX. It is a big jump from a the top of the line Prius to the Insight. I was thinking of getting the Insight EX. I didn't want to get the navigation since that tacks on $2000. But, it bothers me there are no stereo controls on the steering wheel unless you get the navigation model. I do like the Prius better. I would go for a base Prius, but it cost more than $2,000 more than the price I am getting for the Insight. The Prius has a bigger engine, bigger back seat, and easier to achieve the rated MPG. I know all these have been said. I owe nothing on the Prius and having cash in my pocket is a good feeling. I went shopping and they were willing to give me $28,000 for my Prius and sell the Insight EX for $20,500 ($300 under invoice). I would be able to pocket $7,500. I have had the Prius for 4 months and put 7,000 miles on it. I only paid $30,000 for the car. A part of me really wants to keep it. I don't need to trade it in. But, like I said having the extra money in my pocket is a good feeling. What do you think I should do?
If you only lose 2 grand and are jobless, it might be the right thing to do, but I'll bet by the time all of the numbers are factored in , it will be more than two grand. I would take a hard look at the sport fit.
well, it is actually more than $2,000. more like $2,600 since i paid tax on a $30,000 car instead of a $20,500 car. i feel loosing $2,600 for a 4 month car with 7,000 miles isn't too bad. i like having a hybrid, but the insight isn't that stellar in that department. i thought about the fit and like how it looks, drives, and has a usable back seat.
Keep it. For starters, if you were just laid off, you have no idea what the future holds. What if you get a job offer next week? Wouldn't you feel awful that you got rid of a great car that you loved for (what sounds to me like) no reason? If you get to the point where you are in dire straits (the situation, not the band) then it's time to consider selling the car. Regardless of the quality of the Insight, I think selling your Prius now would be a rash decision. Wait a while and see what happens. If it's paid off, it's not a financial weight on you and, in fact, because it does get such good mpg, it's actually helping you. Good luck on the job front - and not just so you can keep your Prius!
If I lost my job I wouldn't trade it in for a new car, I'd buy an $8000 used Yaris & pocket $20,000 for peace of mind.
I agree with Dirk. Squeezing some money out of a car to live on doesn't make sense when you could very well land a new job offer in the near future, especially given you owe nothing on the Prius. Sell it only when you're hurting for money.
I have really been thinking about it and reading what you all say. There is not need to trade it in since I don't owe anything on it. I will have to sleep on it and make a decision.
The best advice is to always live within your means and keep enough money in savings to cover an emergency like losing your job. Then you'll never be forced to make drastic financial decisions like this.
