Last post on Jul 08, 2011 at 8:03 PM
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Toyota Prius, Hybrid Cars, Sedan
#994 of 2152 Resale price of 2004 Prius vs Residual value for new Prius
Sep 04, 2007 (2:58 am)
This does not seem to make sense. New cars are going for $21-25k, while used ones from 2004 with comparable options are being listed in autotraders within $17-22k range.
This makes the 3-yr residual for cars bought in 2004 at over 80%. That seems believable for a Toyota (or a Honda for that matter). But why is the residual value on new Prius's as low as 52-54% (as reported by other posters)?
Does it mean that the resale values of today's cars, after three years (2010-2011), would be substantially lower, when the new generation of hyrids (80-100 mpg) hits the market?
If this is true, then, for those who can afford to defer their decision by a year or so, does it make sense to wait?
Please advise. My lease ends in a month ... I love the car, despite its heavy fuel consumption, which forces me to actively consider a hybrid ... but I'm concerned about how much value I might lose in 3-4 years. Is there anyone with access to a crystal ball???
Thanks in advance,
#995 of 2152 Re: Resale price of 2004 Prius vs Residual value for new Prius [nm_socal]
Sep 04, 2007 (5:28 am)
You are comparing prices 2007s are "going for" with "list prices" of used ones. Some used cars with HOV stickers in some areas are holding much higher resale value, but that will not be forever because the HOV stickers will expire in a few years.
The asking prices on used cars at dealerships are usually much higher than the selling prices. KBB full retail on a used car is not a realistic selling price. It is the starting point of negotiations.
Resale will probably be lower in the future than in the past because of more supply and the expiration of HOV stickers in a few years.
Tax credits are also getting lower or going away.
#996 of 2152 Re: Resale price of 2004 Prius vs Residual value for new Prius [jaxs1]
Sep 04, 2007 (8:06 am)
Can anyone, in any state, recommend their dealer? I am looking for an honest or at least reputable dealership that will not rip me off for a standard 2007 Prius with package number 2 and mats.
This weekend I went to 4 dealerships in Miami, Fl. I thought the sleazy dealers were a thing of the past. Here are SOME of their lies: the window sticker base price is the price paid by the dealer, all cars come only with package number 5, package number 2 cost $1199 (not $850 as advertised on the Toyota site), the 2007 cars on the lot are not leftovers since 2008 cars will not be available until December, $22,500 is the dealers-paid base price without options. That dealer agreed on a price after 40 minutes of negation and changed it on the sales ticket. It was a horrible experience…..each one grabbed our license and one even wanted a credit card as proof we were serious. Every psychological tactics was used to detain us, wear us down, and to confuse us.
With each case…..the cars were around 24,800 for what should be 22,500-23,000. Now as I read your prices….even that would have been too much.
So, I am willing to travel out of FL to any dealership you recommend. I like Toyota’s Prius but the feeling of being swindled has us thinking about other car makers.
#997 of 2152 Re: $21,695 for Standard Prius/SoCal [socalred]
Sep 04, 2007 (1:06 pm)
Your info is very helpful. Could you tell me the
OTD (out the door) price with the Package (#2?) and who was your salesman?
I've been inquiring this past week at several dealerships.
#998 of 2152 Re: Price-fixing in Miami
Sep 05, 2007 (5:12 am)
I spoke to my fifth dealer in Miami and now I am convinced they are price-fixing here. Has anyone else experience dealers taking your license and entering the information on-line? How else can they all be coming up with the same price…and the same lie about “no such thing as invoice price.”?
For a 2007 with package 2, the price they quote is $24,600+ and that is not the OTD price. They will not go lower. This is for a left-over but then again, this pack of sleazy dealers claim 2008 cars will not be available for months and that I must pay over the MSRP price if I want to buy a Prius!
Please, can anyone recommend their dealership (hopefully, not in Miami or in Florida!)
#999 of 2152 Re: Price-fixing in Miami [srm1]
Sep 05, 2007 (5:51 am)
This is what is known as a Sellers Market. People want a Prius, dealers have limited inventory and sell the car for whatever price they want because they know someone will pay their price for it. This is one of the reasons used Prius are going for top dollar as well. I also think the end of thetax incentives ends soon, so there will be a rush to buy the last of the '07 models, and dealers know this. If you are serious about buying one, there are other states you can look to that may offer a better deal, but from what I have seen lately, the lots are empty again and the waiting list is growing. Good luck, maybe you can find a model that doesn't sell as well like a base model like I did, so it doesn't have smart key or play MP3's in the CD deck, but it has everything else, and with the $140 DICE unit I installed I now play my Ipod in it. I got mine April 2, right after the incentive was cut in half, the Saturday before they all sold out at this dealer, but 10 minutes before I pulled in, they got a base model off the truck. I got it for sticker, plus $4K for a 98 Exploder sight unseen. I drove out of there for under $20K, and it has everything I need in the car save for leather and power seats, which was something I was looking for in a car, but I can live without those. Timing is everything.
#1000 of 2152 Re: Price-fixing in Miami [srm1]
Sep 05, 2007 (8:49 am)
A bit pricey but you can fly to Calif and have a nice vacation drive back to Florida. Just got my pkg 4 (base, not touring) for $23,471 + TTL in No. Cal. on Aug 31. Still plenty on the lots up here.
#1001 of 2152 Re: Price-fixing in Miami [pmanza]
Sep 05, 2007 (10:12 am)
Wow, we just moved from CA to FL and thought it would be cheaper to purchase a Prius here. CA is not known for ‘reasonable rates on anything.’ Go figure!
After flipping through this site, I learned a lot about the Prius. I thank all of you for enlightening me. Is it worth buying a Prius in the CARB states for that “generous warranty’? Do you pay extra for it? Since my bad experience with the Miami dealers, buying one in the NE is doable. Any dealer recommendations for CT, ME, MA, NJ, NY, RI, VT?
#1002 of 2152 Re: Price-fixing in Miami [srm1]
Sep 05, 2007 (1:30 pm)
have you looked at fitzmall.com? A lot of posters from back east say that they are fairly reasonable, not the cheapest, but not the most expensive either, and easy to deal with.
#1003 of 2152 Re: prius package #2 in 21400 southern cal [jamesdu]
Sep 05, 2007 (5:47 pm)
Could you pls give me dealer info? I'm in the same boat.
looking for prius with the package #2. No one knows for sure
when the 08's are coming out but all say no changes except
tail lights. Not as many choices of colors towards the end
of the model year either