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Is mileage contributing much to resale value of Gen I?

Discussion in 'Generation 1 Prius Discussion' started by sarahsoo, Aug 11, 2009.

  1. sarahsoo

    sarahsoo New Member

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    Hi all:

    I have a 2001 Prius and am itching to get a 2010. However, I have delayed my purchase for a while to save up some extra cash.

    I currently have about 91,000 miles on the car. I used to live a very low mileage lifestyle but now rack up the miles much quicker than before, and I'm about to drive away on vacation, so it shouldn't take me long to get to 100k.

    Will going over the magic 100k affect the resale value much? Is there a psychological barrier there meaning that buyers will pay a lot less above this number - or, in other words, should I try to sell at about 95k rather than, say, 105k? Or do buyers know that these mileages are all similar and does it not make a difference? I suppose it could also depend on what the current gas price is when I sell it - the higher the gas price, the more desirable the Prius gets!

    If it helps answering the question, the car had a new main battery in 2006. No crashes, and it's in good or very good condition.

    Thanks! I'd love to hear what you all think.
     
  2. bwilson4web

    bwilson4web BMW i3 and Model 3

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    Start tracking the Ebay "completed" sales noting the model year and mileage. This will give you a better idea of the fair market value.

    FYI, enjoy the trip, you're already at 100k miles as far a battery warranty is concerned ... the 8 years is up.

    Bob Wilson
     
  3. tochatihu

    tochatihu Senior Member

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    sarah, as the main battery was replaced, the prospective buyers would be interested in whether you got a warranty on that? If one year (may be typical) then it is post-warranty. On the other hand it is much younger than the car.

    Smart Prius shoppers would be more interested in the car after a transaxle fluid change/pan cleaning showed things were going well inside 'the grinder'. Have you read on Priuschat how to do that stuff?
     
  4. sarahsoo

    sarahsoo New Member

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    Thanks guys. I wouldn't even have thought to check Ebay completed sales! I will start doing that. I've checked out the KBB value but of course things are much more variable in the real world.

    As for the main battery warranty, I haven't a clue. I'll check the paperwork, but as it was a replacement, it was probably a year. I would not have bought any extra warranty myself, as I make it a general policy not to do that for anything. I was hoping the fact that the main battery is younger than the car would be appealing to buyers.

    I'll also check out the instructions on the transaxle fluid change, but to be honest, I'm unlikely to do it myself! I am pretty clueless when it comes to car maintenance, sadly. Is it something I can ask a mechanic to do fairly cheaply? Or even Toyota? Is it something that would be done routinely? I'll probably take it to Toyota for a service before I sell it, so I could ask them to let me know how things look if it's something they'd be doing anyway.
     
  5. jdms2000

    jdms2000 New Member

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    i would be surprised if the dealer charged you less than $150 to change the transmission fluid and clean the pan. you can easily do it yourself. hardest thing is unscrewing the 10 or so bolts on the transmission pan.
     
  6. Robin McDonald

    Robin McDonald New Member

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    Having just bought a 2003 I'll give you a bead on my recent thoughts. I had a limited budget. I could spend tops $9000. I had three choices, a 2001 with 56,000 miles for $8000, a $7000 2002 with 91,000 miles, and a 2003 with 120,000 for $8000. The 2002 was quickly out because it was from an Ebay seller because there were a number of cosmetic problems like unattached rubber seals, a broken right yellow lamp cover, a keyed hatch, upholstery on the doors that was loose. And the sellers lot was right in front of a car auction place. I just didn't trust the guy. I went to the Giant Longo Toyota service bay and picked out a service councilor who looked like he knew something and I asked him which of the two remaining cars I should buy. Oddly enough he chose the 2003 with 120,000 miles because the battery had been recently replaced and he likes the 2003 body style better. Personally I didn't see much difference in the body style but I think I see it now. Never got to see two side by side. I was very worried about the battery too so that made me feel more comfortable going with the high mile car.

    When I had three choices I was doing a lot of math about how much longer I had on the Hybrid system warranty. Because I live in California I was under the impression it was a 10 year 150,000 mile warranty, but I have heard on this forum its a 15year 150,000 mile warranty. Either way I was figuring the 120,000 mile car only had 30,000 miles left.
    But the 56,000 mile car was a 2001 so it only had two years left (if only ten years) So both cars were close to equal if you factor 12000 miles a year of driving. (I hadn't considered some of the other parts like the transaxel might still be under warranty on the 2001)

    When buying a used car, I think what's important is buyers aren't always completely logical or wise. I wanted my friends to be impressed with the car when they saw it and the 2003 was more pristine looking on the exterior. The 2001 was from a private party and owned by a young family. It was lightly soiled, the engine compartment was filthy and full of leaves from being parked under a tree and he drilled a small whole in the dash to accomodate his Sirius radio add on. The 2003 was from a dealer and I would happily eat off the engine.

    So if I am any example to you, get your car detailed before selling. I think that will make a bigger difference than 10,000 miles.

    I was ready to buy either one and knew the engine would clean up.
    I wrote the private party seller about my impressions about his car. And I was surprised the day he had the engine steam cleaned professionally. When I was there
    he had a potential buyer and he proudly had the engine and trunk opened. He had taken the baby seat out and detaled the interior. It looked much better. (I have to say the engine was ridiculously soaked in Armor All. I got a drip on my finger tip rubbing it over the silver "Hybrid" cover.) The interior was all also Armor Alled. This guy was now in a prime selling position. He had a new buyer with me there as a potential buyer ready to possibly snatch it up. And I might have had he given me the 7700 price. The driver wanted it for 8000 but if I really wanted it I could have bought it out from under her. But I really was happy to have the decision taken out of my hands. For 8000 I kind of prefered the 2003 if for no other reason than the many scuffs on the rear bumper. And the 2003 had zero armor all on the interior, which let me know it was garaged and well cared for. It was also a CarFax one owner vehicle.

    So a lot of rumors personality, information, misinformation, circumstance, rumor, timing, car searching fatigue, price and other things factor into the deal.
    It is not a wholly logical process.
     
    scotman27 likes this.