Time to get rid of my Prius

I'm just trying to be helpful but... you can buy a brand new package #6 with no miles for that price. It may help if you post some pictures as well as more detailed information on the car like the package level for starters. Anything you can tell about it will make a person that much more comfortable buying it opposed to not knowing anything at all about it. Has it been garage kept? Washed and waxed regularly? Mosly highway miles? Has it ever been involved in an accident or had any paint work? What condition are the tires and brakes in? Did you maintain it yourself or at the dealer and at what time/mileage intervals? People like to know those things and pictures are worth a thousand words, good luck with the sale!

 

<div class='quotetop'>QUOTE(efusco @ Dec 31 2006, 02:19 PM) [snapback]369014[/snapback]</div>

Not to mention the $1,575 tax credit.

 

<div class='quotetop'>QUOTE(efusco @ Dec 31 2006, 12:19 PM) [snapback]369014[/snapback]</div>

I agree with you, but then the seller will need to kick in an extra ten grand to get the title released by the lien holder. cmwade77 is in a no win situation. He cannot afford to keep the car or to sell it.

 

California HOV cert. has the name of the original registered owner that may not be transferable.
With a residual of $28000 after two years what was the purchase price and the monthly payments?

 

<div class='quotetop'>QUOTE(IsrAmeriPrius @ Dec 31 2006, 12:27 PM) [snapback]369018[/snapback]</div>

He can do what most Americans in the same situation have always done. Roll the negative equity over into a new car loan.

Actually, until a few years ago, I had no idea people did such things. But I guess we don't get such a large percentage of the population living from paycheck to paycheck without such creative financing.

 

<div class='quotetop'>QUOTE(priusenvy @ Dec 31 2006, 06:32 PM) [snapback]369109[/snapback]</div>

or play SUV owner and torch it!

 

<div class='quotetop'>QUOTE(priusenvy @ Dec 31 2006, 05:32 PM) [snapback]369109[/snapback]</div>

That will only make the payments on a replacement vehicle even more unaffordable than the Prius payments which are presently outweighing by the benefits of driving the car (the OP words).

 

<div class='quotetop'>QUOTE(cmwade77 @ Dec 31 2006, 10:37 AM) [snapback]368975[/snapback]</div>

I paid about $24K for my 2004 pkg 6. You must have a pkg 9 (fully-loaded, for those unfamiliar with the 2004 pkgs) if you still owe $28K, but to have paid off only one or two K in two years you must have had a 15-year car loan. (???) I'm surprised any bank would have allowed you to pay off so little of the loan in so much time.

 

<div class='quotetop'>QUOTE(daniel @ Dec 31 2006, 06:14 PM) [snapback]369122[/snapback]</div>

Did you forget that in those days a significant number of buyers paid the so called market adjustment (i.e., dealer's markups) of as much as $6,000?

 

So it appears the op may have gotten r*p*d by his dealer.

 

<div class='quotetop'>QUOTE(cmwade77 @ Dec 31 2006, 03:37 PM) [snapback]368975[/snapback]</div>

No way you're getting 28K for it...

IMO, given by what you wrote, and some assumptions about your financial situation, one of your options is to trade it in for a car cheap enough, such that even with the addition of the negative equity, your payment could be lower and more affordable... This probably means something like a used Honda Civic, something amongst those lines.

<div class='quotetop'>QUOTE(daniel @ Dec 31 2006, 11:14 PM) [snapback]369122[/snapback]</div>

this could easily be sub-prime financing, with interest rates well into the teens, and/or he might have rolled negative equity into it.... So far, the longest term auto loans I've heard of (excluding exotics), is 84 months, which is becoming more and more popular these days...

 

Your price seems steep.

In a couple of months I'll be selling my 2004 package 7 that has 36K miles, a 100,000 mile Toyota Platinum extended warranty and near new Michelin Hydroedge tires. I'm targeting $21,500 as a sale price. Am I being to generous to my potential buyer?

 

<div class='quotetop'>QUOTE(Ken Cooper @ Jan 2 2007, 03:46 PM) [snapback]369677[/snapback]</div>

Not really. Here's a bunch of prices I got quoted on new 2007's at the end of December:
# Color Pkg MSRP Sale Price
72188 Seaside Pearl - $22,994 $21,270
72358 Driftwood Pearl - $23,059 $21,312
72525 Silver - $23059 $21,312
72522 Silver Pine - $23,059 $21,312
72524 Silver Pine 1 $23,889 $21,971
72331 Black 2 $24,169 $22,230
72460 White 3 $25,549 $23,288
72390 Silver 3 $25,614 $23,330
72392 Silver Pine 3 $25,614 $23,330
72526 Magnetic Gray 3 $25,614 $23,330
72475 Black 6 $29,344 $26,419
72391 Driftwood Pearl 6 $29,344 $26,419

 

<div class='quotetop'>QUOTE(cmwade77 @ Jan 2 2007, 11:03 AM) [snapback]369649[/snapback]</div>

Did you read this thread: Stevens Creek Toyota: At least 35 Priuses in stock?

 

<div class='quotetop'>QUOTE(cmwade77 @ Dec 31 2006, 01:37 PM) [snapback]368975[/snapback]</div>

Sorry to say, but this is why when you buy a new car, you need to be sure that you're going to want to keep it for as long as possible.

Your price is WAY over what you should expect for a car of your mileage and vintage (the penalty for being an early adaptor)...and, unfortunately, something subjective like "the benefits of ownership" is clearly not enough (in my opinion) to sell the car...unless you really can't afford the payments and have no choice.

Here's how I see it: The benefits of ownership of a car are that it takes you from here to there as cheaply and reliably as possible. Am I missing something?

Finally: You STILL OWE $28,000 ON A '04 PRIUS????!!!??

The fact that you elected to accept a higher financing rate/longer loan period just to qualify is a big, huge warning that you shouldn't have bought a car that costs this much in the first place.

I think the best thing to do is learn the lesson that it's important to have a budget and stick to it. Did you ever calculate the true cost of the car once the loan's paid off, or were you just looking at how much the payment is every month? You must have needed a car REALLY BADLY to agree to those terms!

Finally, when you're considering the real cost of the future car you'll be saving for, don't forget to include how much you lost by buying the Prius as you did/selling it at a big loss. It's sounding like you'll be out many thousands of dollars; if you run the numbers, keeping the Prius might not be such a bad idea after all.

 

<div class='quotetop'>QUOTE(cmwade77 @ Jan 2 2007, 11:03 AM) [snapback]369649[/snapback]</div>

1-Dealers do not have waiting lists any more.
2-HOV stickers are available as of Jan 1, 2007 (10000 of them)

Which option(s ) does it have and what color is your 2004?
Have you done any mods to it ? Were you notified by Toyota of any recalls?
Where is the car located (city only)

 

ouch. sorry you got screwed over like that. is selling the other car an option? it looks like you're going to lose a lot of money if you sell the prius.