Curious, is your Prius gen3 paid off by now?

I went to a state university college and owned 3 beater uppers for 13 years. Worked during the summer breaks and graduated, was on my 3rd beater upper when I got out. Got a full time job after graduation and paid off all my school loans many years later, debt no more. 6 months ago, USPS wrecked my 98 Camry, now salvage, worth no more than $600 according to KBB in excellent condition but it's actually in poor condition. Had to buy another car, I chose '12 Prius Four with solar, sunroof, vinyl and HUD option package. Paid for it one time payment in full w/personal check, did all this under the 'single' marital status so no double/dual income like most people here, and still single heh.

Truth is I would have driven the Camry into the ground if it wasn't for USPS, and not buy the Prius at all. I don't pay for anything I can't afford of it's entire value. I don't keep up with the Jones, because the Jones are just trying to impress the drivers at the next stop light which they will never meet.

So not everyone who owns a Prius is wealthy.

By the way, according to KBB, a new car looses half of it's value after 4 years when car is driven on an "average basis" so buy a car that's 5 years or older because the depreciation slows down drastically.

 

Do you think it would last longer than that- or would the expense get to be too much? How much driving do you do? Just curious. We just paid off our 2013. I hope to get at minimum 5 years of driving it with no payment. Drive safe!

 

Are you saying, for you at least, there's a correlation between owning the car outright and the need for collision insurance?

FWIW, we've always been cash purchase, and always maintained collision insurance. Kept the protection-against-being-sued insurance at the minimum though.

 

When we bought it I hoped for 10 years. We are at 135k miles now so the hybrid warranty will run out eventually (10 years or 150k here in VT). I don't intend to do a battery replacement or anything expensive, so IF that became necessary we'll probably choose to upgrade to something newer at that point.

We do rely on it as our primary commuter and family car. Wife's current commute is about 40 miles round trip daily. I currently work from home. Cars wear hard up here: salt, rust, tough roads and strict state vehicle inspections.

 

C&C are required by my financing company. My state only requires liability coverage. Therefore, I drop C&C as soon as I own the car outright and I don't need the coverage.

I define the need for insurance as a loss I cannot afford or will cause me financial hardship. Since I can afford my next car already and the value of my PiP with 135k miles and a hole in the bumper is <$5000, I no longer need C&C. I cannot afford multi-million $ lawsuits so even if the state doesn't require liability auto insurance, I would still buy it.

 

Paid cash

 

We leased it. When the lease ended we bought it mainly because we don't like the Gen 4 at all, and our Gen 3 has been trouble free.

 

Purchased it just after my wife's van was totaled in January 2012 Prius 2. Paid it off in 3 months.
I have since retired my first Generation Honda Insight (280,000 miles, lifetime 52 MPG average, and a 4 year old battery change.) and taken the Prius for my 106 mile round trip commute. Getting around 54 MPG per tank, 50 at night, 60 during the day. But it is SOOOO much quieter.