[Wildman]

I've read a series of posts on another site by folks trying to sell "classic" versions of the Prius. They seem to be taking a bath, with losses on the order of $7000 on a $20,000 car after a year or two.

I suspect this situation is due to a couple of factors, including the fact that the new model is much improved over the old ones, the price of the 2004 is essentially the same as the older ones and a lot of people are nervous about the cost of replacing the battery. The last factor might only be in the minds of the used car buyer, but the perception is enough to make some folks nervous..

Low resale value makes me think it wise to defer purchase of a new Prius. Anybody have any thoughts on this?

 

[dupie61]

2001 / 2002 Prius for sale: Re.

Prius for sale reply: There are 5, 01 and 02 Prius in the Minneapolis Sunday paper, prices range from $15,700. to $16,900. all with low miles, two of the 5 have been in the paper for the past three weeks so that alone should give you an idea as how the used Prius market is in the Minneapolis area.
I was one of the lucky ones who picked up a Salsa Red on October 15th the first day of the national release, option package number 3. My order was placed with Carlson Toyota on August 26, 2003.
dupie61

 

[whatshisname]

Hi Mr.Wildman: I'm thinking you shouldn't worry too much about how much one gets trading or selling his older Prius. If you deal with dealers you get much less than when you sell on your own. However, sometimes there is so much work involved selling your own you actually earn every dollar of the gain. According to what I have been reading on the net, in some areas the Prius has very little depreciation. Each year more people learn about the wonders of the hybrids, especially the Prius, and the demand for them continues growing. Remember the old question; how much is my car worth? The answer; whatever somebody will pay for it.

About the battery pack. Here in this country, Toyota guarantees the battery for 100,000 miles or 8 years whichever comes first. I know the engines in conventional cars often need expensive attention sooner than that. To me that means if Toyota will stand behind it for that long it will probably last much longer. Toyota advises that after 5 years only the individual cells will be replaced, not the entire battery. That makes sense because why should toyota give owners 16 years by delivering new batteries after seven and a half years. The future for the hybrid concept is very rosy. You're going to see them everywhere. When some of the earlier ones get old or get wrecked you'll be able to find parts and batteries for them everywhere. You better hurry up and order yours. The waiting periods are getting longer, not shorter and Toyota is putting them together as fast as it can and that's not fast enough. (Whatshisname)

 

[Wildman]

Battery life is an issue with used Prius buyers, at least in their minds. Whether it's really a problem or not doesn't matter a lot. If they THINK it's a problem, the used Prius prices will be depressed.

I really like the technology in these cars, but it's likely, at least for now, thay aren't really a money saver. A couple of things could change that...

1. A lot more hybrids being sold
2. Gas prices going up a lot
3. Smog requirements increasing with government intervention (tax breaks)

The market for these cars isn't big enough yet to make the system work. Popular cars sell better than others and when the Prius remains almost a cult vehicle, the resale value will remain an issue.

I read a note from a person (on the Yahoo site) who traded in a 2002 model Prius with 24,000 miles. He drove 1500 miles to buy it and wouldn't disclose how much he received on trade in. He paid sticker price on the new one. Only Prius buyers do that! As long as the dealers (and the buyers) deal this way, resale values will be low. You gotta drive a lot of miles to make up for being screwed on resale value.

I'll wait a couple of years till the market either settles down or collapses. The 16 inch wheels and four wheel disc brakes will be here soon. Once the waiting list dies down, the Prius might be an economic altenative. It's not there yet.

 

[whatshisname]

Ok Wildman. I waited just as you are planning to do and now I feel as if I have missed a lot of happy driving. Really, all the remarks in your last response indicate your car marketing ideas and plans are old school. I once thought as you are thinking now; initial cost, trade in value and what do others think of me when I tell them what kind of car I'm driving. Really, they're all the wrong reasons. Toyota has announced it will market an SUV type hybrid vehicle for the year 2005 and plans to convert its entire line to hybrid operation during the next ten years. The one single plant that manufactures the hybrid is in Japan assembling them night and day as fast as it can. That's why we have to wait. They're being shipped all over the world with the U.S. held to 25 percent of the plant's output. I'm presently waiting for my second Prius and the first one brought me a $2000 income tax benefit. Even Uncle Sam is trying to tell us something. However, I'm inclined to agree with you. If you feel Prius buyers are paying too much because they pay MSRP and if you feel the Prius is not cost effective then you had better wait. That'll be one more for the others who are waiting as I am. 8) Whatshisname