selling a used prius

[Anonymous]

I have 2004 Prius with 183k miles on it. It's having some issues right now and according to my hybrid battery guy it needs a new inverter/converter and a new 12 volt battery (not the hybrid battery). I am not currently driving it because the big warning triangle came on and I can hear the hybrid battery fan running. It sounded like he could fix it for not an arm and a leg (maybe $500? Or more?)... but I am not sure I want to put any more money into it and may just get a new car.

I was surprised to see that KBB values it (for private party) at $1500 to $3000, even listing the condition as "fair"?

So how do you sell a car with an obvious issue and get maximum $$$$? Even on the low end, that's more than I would have thought and more than I could get for a trade in.

When I bought this car I traded in a 1988 Camry for like $1000... probably could have gotten more.

Also curious to hear people's recommendation my next car. Debating whether to spend $$ (Insight, Ioniq hybrid, or another Prius) or $$$$ (Tesla, Kona EV, or Ioniq EV). Obviously I keep cars for a long time but i'm having trouble stomaching $40k+ vs. $25K.

[Anonymous]

The inverter/converter and engine battery (12v) are going to be nearly $2,000 + labor (another $250, minimum, unless you do it yourself).

So figure $2250 parts and labor.


Your car is literally valueless. Worth zero.



I'd see what the scrap value on it is. Probably about $250 would be my guess.

You could part it out a piece at a time, but it would take months for it to be picked-over enough to recoup the book value worth in parts.


But you can't sell it, and you can't trade it, because no one is going to buy it knowing it needs $2,200 worth of work.

[Anonymous]

its about a 7 hour job, so at dealer rates thats 800 bucks and then some just in labor.

nothing highly technical, just a lot of unbolting and moving things out of the way. no way I would put a NEW inverter on a 15 year old car.

used inverters are running around 200 bucks. so if you can find a shop to install a used one. go for it unless you are capable and want to do it yourself.

the inverter failure could be the result of the cooling pump failing...there was a recall on the inverter pump


Recall Number
12V536000
Recall Date
11/14/2012
Component
HYBRID PROPULSION SYSTEM: INVERTER
Summary

Toyota is recalling certain model year 2004-2009 Prius vehicles manufactured August 6, 2003, through March 30, 2009 and FCHV-adv vehicles manufactured December 12, 2008, through September 13, 2011. During manufacturing, a scratch may have occurred inside of the electrically driven water pump at the coil wire. The coil wire may corrode at the scratched portion.
Consequence

The corroded coil wire may break and the water pump could stop. The corroded coil wire could cause a short circuit between coil wires and a possible open fuse, creating a stall-like condition of the hybrid system while the vehicle is being driven. This may increase the risk of a vehicle crash.
What Owners Should Do

Toyota will notify its owners, and dealers will replace the electric water pump, free of charge. The recall began on January 17, 2013. Owners may contact their Toyota dealer or the Toyota Customer Experience Center at 1-800-331-4331.




link to how to replace the inverter from the repair manual
https://attachments.priuschat.com/attachment-files/2019/02/161262_Inverter_removal_and_install.pdf

Priuschat.com is a wealth of information

[Anonymous]

Thanks all. OP here. My guy told me I could get the inverter/converter on rackauto.com for $50 and it was like half an hour of work. Then the battery is another couple hundred. That's where I came up with $500...

He is a super super nice guy but maybe i'm too trusting and he doesn't really know what he's talking about. He really wants to fix my car though (or buy it for $500... maybe I should just go that route).

Leaning towards retiring the prius and getting something new and shiny. I've been talking about it for 4 years so may as well pull the trigger... haha.

[Anonymous]

Anonymous wrote:its about a 7 hour job, so at dealer rates thats 800 bucks and then some just in labor.

nothing highly technical, just a lot of unbolting and moving things out of the way. no way I would put a NEW inverter on a 15 year old car.

used inverters are running around 200 bucks. so if you can find a shop to install a used one. go for it unless you are capable and want to do it yourself.

the inverter failure could be the result of the cooling pump failing...there was a recall on the inverter pump


Recall Number
12V536000
Recall Date
11/14/2012
Component
HYBRID PROPULSION SYSTEM: INVERTER
Summary

Toyota is recalling certain model year 2004-2009 Prius vehicles manufactured August 6, 2003, through March 30, 2009 and FCHV-adv vehicles manufactured December 12, 2008, through September 13, 2011. During manufacturing, a scratch may have occurred inside of the electrically driven water pump at the coil wire. The coil wire may corrode at the scratched portion.
Consequence

The corroded coil wire may break and the water pump could stop. The corroded coil wire could cause a short circuit between coil wires and a possible open fuse, creating a stall-like condition of the hybrid system while the vehicle is being driven. This may increase the risk of a vehicle crash.
What Owners Should Do

Toyota will notify its owners, and dealers will replace the electric water pump, free of charge. The recall began on January 17, 2013. Owners may contact their Toyota dealer or the Toyota Customer Experience Center at 1-800-331-4331.




link to how to replace the inverter from the repair manual
https://attachments.priuschat.com/attachment-files/2019/02/161262_Inverter_removal_and_install.pdf

Priuschat.com is a wealth of information

OP again. Pretty sure this was resolved at the time of the recall back in 2012/13.

[Anonymous]

Are you pretty sure because you did the recall yourself or because you trust that someone else did it?

With regards to a new vehicle, you likely could have been driving a new Prius every 3 years for about the same cost of what you sunk into the current one in the past 15/16 years.

Contrary to urban legend, Toyotas don't last for ever.

[Anonymous]

Anonymous wrote:Are you pretty sure because you did the recall yourself or because you trust that someone else did it?

With regards to a new vehicle, you likely could have been driving a new Prius every 3 years for about the same cost of what you sunk into the current one in the past 15/16 years.

Contrary to urban legend, Toyotas don't last for ever.

I think I looked at the paperwork about a year ago and saw that i'd had that recall taken care of at the dealer - but I am at my desk at work right now so can't know for 100% sure.

I'm not sure I understand your second comment. For the first 15 years, I'd guess I averaged $500 every 2-3 years. Oil changes plus a bigger repair every few years. Last year I put quite a bit more into it (brakes, cracked tire rod or something, etc) thinking I was buying myself a few more years before needing to get a new car. Then, due to Murphy's law, a week later the hybrid battery failed so I paid another $900 to have it reconditioned. Hindsight is 20/20 and if I'd known the hybrid battery was about to die, obviously I wouldn't have spent the money on the other stuff. But it was worth it to me at the time to wait on getting a new car to see what other EVs came onto the market. I wasn't anticipating that 8 months later I would be facing another $$$$ issue (perhaps I should have aniticipated that on a 16 year old car) but regardless, at this point I don't want to put any more money into it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Are you pretty sure because you did the recall yourself or because you trust that someone else did it?

With regards to a new vehicle, you likely could have been driving a new Prius every 3 years for about the same cost of what you sunk into the current one in the past 15/16 years.

Contrary to urban legend, Toyotas don't last for ever.

I think I looked at the paperwork about a year ago and saw that i'd had that recall taken care of at the dealer - but I am at my desk at work right now so can't know for 100% sure.

I'm not sure I understand your second comment. For the first 15 years, I'd guess I averaged $500 every 2-3 years. Oil changes plus a bigger repair every few years. Last year I put quite a bit more into it (brakes, cracked tire rod or something, etc) thinking I was buying myself a few more years before needing to get a new car. Then, due to Murphy's law, a week later the hybrid battery failed so I paid another $900 to have it reconditioned. Hindsight is 20/20 and if I'd known the hybrid battery was about to die, obviously I wouldn't have spent the money on the other stuff. But it was worth it to me at the time to wait on getting a new car to see what other EVs came onto the market. I wasn't anticipating that 8 months later I would be facing another $$$$ issue (perhaps I should have aniticipated that on a 16 year old car) but regardless, at this point I don't want to put any more money into it.

What I mean is the 2004 Prius was about 20,000 new, so driving it for 15 years until it's now worthless means you took on about $1300 of depreciation a year - about the same amount as you would pay driving a new Prius and changing it every 3 years or so. You would have no need to change brakes, tires, collant, spark plugs, or any other of the wear and tear maintenance. You'll have the latest technology, safety, comforts, and the peace of mind that you are covered under warranty.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are you pretty sure because you did the recall yourself or because you trust that someone else did it?

With regards to a new vehicle, you likely could have been driving a new Prius every 3 years for about the same cost of what you sunk into the current one in the past 15/16 years.

Contrary to urban legend, Toyotas don't last for ever.

I think I looked at the paperwork about a year ago and saw that i'd had that recall taken care of at the dealer - but I am at my desk at work right now so can't know for 100% sure.

I'm not sure I understand your second comment. For the first 15 years, I'd guess I averaged $500 every 2-3 years. Oil changes plus a bigger repair every few years. Last year I put quite a bit more into it (brakes, cracked tire rod or something, etc) thinking I was buying myself a few more years before needing to get a new car. Then, due to Murphy's law, a week later the hybrid battery failed so I paid another $900 to have it reconditioned. Hindsight is 20/20 and if I'd known the hybrid battery was about to die, obviously I wouldn't have spent the money on the other stuff. But it was worth it to me at the time to wait on getting a new car to see what other EVs came onto the market. I wasn't anticipating that 8 months later I would be facing another $$$$ issue (perhaps I should have aniticipated that on a 16 year old car) but regardless, at this point I don't want to put any more money into it.

What I mean is the 2004 Prius was about 20,000 new, so driving it for 15 years until it's now worthless means you took on about $1300 of depreciation a year - about the same amount as you would pay driving a new Prius and changing it every 3 years or so. You would have no need to change brakes, tires, collant, spark plugs, or any other of the wear and tear maintenance. You'll have the latest technology, safety, comforts, and the peace of mind that you are covered under warranty.

I disagree with that a lot. I’m the proud owner of a 2005 Prius with only 120K miles. It may be worth it to you to do this for peace of mind, but financially there is no way to come out ahead. My kids drive our old Prius and the savings on insurance alone based on the worth of the vehicle is worth it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are you pretty sure because you did the recall yourself or because you trust that someone else did it?

With regards to a new vehicle, you likely could have been driving a new Prius every 3 years for about the same cost of what you sunk into the current one in the past 15/16 years.

Contrary to urban legend, Toyotas don't last for ever.

I think I looked at the paperwork about a year ago and saw that i'd had that recall taken care of at the dealer - but I am at my desk at work right now so can't know for 100% sure.

I'm not sure I understand your second comment. For the first 15 years, I'd guess I averaged $500 every 2-3 years. Oil changes plus a bigger repair every few years. Last year I put quite a bit more into it (brakes, cracked tire rod or something, etc) thinking I was buying myself a few more years before needing to get a new car. Then, due to Murphy's law, a week later the hybrid battery failed so I paid another $900 to have it reconditioned. Hindsight is 20/20 and if I'd known the hybrid battery was about to die, obviously I wouldn't have spent the money on the other stuff. But it was worth it to me at the time to wait on getting a new car to see what other EVs came onto the market. I wasn't anticipating that 8 months later I would be facing another $$$$ issue (perhaps I should have aniticipated that on a 16 year old car) but regardless, at this point I don't want to put any more money into it.

What I mean is the 2004 Prius was about 20,000 new, so driving it for 15 years until it's now worthless means you took on about $1300 of depreciation a year - about the same amount as you would pay driving a new Prius and changing it every 3 years or so. You would have no need to change brakes, tires, collant, spark plugs, or any other of the wear and tear maintenance. You'll have the latest technology, safety, comforts, and the peace of mind that you are covered under warranty.

I disagree with that a lot. I’m the proud owner of a 2005 Prius with only 120K miles. It may be worth it to you to do this for peace of mind, but financially there is no way to come out ahead. My kids drive our old Prius and the savings on insurance alone based on the worth of the vehicle is worth it.

We can do the calculations if you want, but this is general knowledge among people who know better than to hold on to a Honda/Toyota forever. We only buy new Honda/Toyotas because there are people like you who have an irrational attachment to old Hondas and Toyotas, to the point that you will pay an absurd amount of money just so you can tell someone with a sense of pride that you have a really old reliable Honda or Toyota. I had a 2011 Prius II, purchased brand new for $21,500 plus 3.9% tax, drove it for 3 years and sold it for $18,500, costing me 1279.00 a year. Looking at your 2005 Prius, I assume you bought it for about 20k new including tax. Current market price for a 2005 Prius with 120k miles has a "private party" value of $4k according to KBB. This means for the 15 years of you owning it, you've taken $1066 per year of depreciation, plus any maintenance you've paid for, including tires, brakes, spark plugs, air filters, etc. According to the following website, the maintenance cost of a Toyota Prius is $4300 over 10 years:

https://www.yourmechanic.com/article/the-most-and-least-expensive-cars-to-maintain-by-maddy-martin

Most of the maintenance cost is back end loaded because a new car only requires oil changes and tire rotations during the first 3 years of its life. I'll be generous and say that only 1/2 of the $4300 is excess maintenance/repair costs for a Prius as things wear out over time. $2150 over 10 years is $215 per year. Add this to $1066 of depreciation and you get $1281 per year of depreciation and *excess* maintenance beyond oil changes and tire rotations.

As for insurance, you should call your insurance company and ask them how much the policy would be if everything stayed the same but you bought a 2020 Prius instead. Go ahead.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are you pretty sure because you did the recall yourself or because you trust that someone else did it?

With regards to a new vehicle, you likely could have been driving a new Prius every 3 years for about the same cost of what you sunk into the current one in the past 15/16 years.

Contrary to urban legend, Toyotas don't last for ever.

I think I looked at the paperwork about a year ago and saw that i'd had that recall taken care of at the dealer - but I am at my desk at work right now so can't know for 100% sure.

I'm not sure I understand your second comment. For the first 15 years, I'd guess I averaged $500 every 2-3 years. Oil changes plus a bigger repair every few years. Last year I put quite a bit more into it (brakes, cracked tire rod or something, etc) thinking I was buying myself a few more years before needing to get a new car. Then, due to Murphy's law, a week later the hybrid battery failed so I paid another $900 to have it reconditioned. Hindsight is 20/20 and if I'd known the hybrid battery was about to die, obviously I wouldn't have spent the money on the other stuff. But it was worth it to me at the time to wait on getting a new car to see what other EVs came onto the market. I wasn't anticipating that 8 months later I would be facing another $$$$ issue (perhaps I should have aniticipated that on a 16 year old car) but regardless, at this point I don't want to put any more money into it.

What I mean is the 2004 Prius was about 20,000 new, so driving it for 15 years until it's now worthless means you took on about $1300 of depreciation a year - about the same amount as you would pay driving a new Prius and changing it every 3 years or so. You would have no need to change brakes, tires, collant, spark plugs, or any other of the wear and tear maintenance. You'll have the latest technology, safety, comforts, and the peace of mind that you are covered under warranty.

I disagree with that a lot. I’m the proud owner of a 2005 Prius with only 120K miles. It may be worth it to you to do this for peace of mind, but financially there is no way to come out ahead. My kids drive our old Prius and the savings on insurance alone based on the worth of the vehicle is worth it.

We can do the calculations if you want, but this is general knowledge among people who know better than to hold on to a Honda/Toyota forever. We only buy new Honda/Toyotas because there are people like you who have an irrational attachment to old Hondas and Toyotas, to the point that you will pay an absurd amount of money just so you can tell someone with a sense of pride that you have a really old reliable Honda or Toyota. I had a 2011 Prius II, purchased brand new for $21,500 plus 3.9% tax, drove it for 3 years and sold it for $18,500, costing me 1279.00 a year. Looking at your 2005 Prius, I assume you bought it for about 20k new including tax. Current market price for a 2005 Prius with 120k miles has a "private party" value of $4k according to KBB. This means for the 15 years of you owning it, you've taken $1066 per year of depreciation, plus any maintenance you've paid for, including tires, brakes, spark plugs, air filters, etc. According to the following website, the maintenance cost of a Toyota Prius is $4300 over 10 years:

https://www.yourmechanic.com/article/the-most-and-least-expensive-cars-to-maintain-by-maddy-martin

Most of the maintenance cost is back end loaded because a new car only requires oil changes and tire rotations during the first 3 years of its life. I'll be generous and say that only 1/2 of the $4300 is excess maintenance/repair costs for a Prius as things wear out over time. $2150 over 10 years is $215 per year. Add this to $1066 of depreciation and you get $1281 per year of depreciation and *excess* maintenance beyond oil changes and tire rotations.

As for insurance, you should call your insurance company and ask them how much the policy would be if everything stayed the same but you bought a 2020 Prius instead. Go ahead.

This is not PP but I am guessing s/he didn't factor in selling every 3 years since those cars do hold their value really well. But there's also a transactional cost in selling and buying a new car every 3 years. May be psychological but it feels like a huge hassle.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are you pretty sure because you did the recall yourself or because you trust that someone else did it?

With regards to a new vehicle, you likely could have been driving a new Prius every 3 years for about the same cost of what you sunk into the current one in the past 15/16 years.

Contrary to urban legend, Toyotas don't last for ever.

I think I looked at the paperwork about a year ago and saw that i'd had that recall taken care of at the dealer - but I am at my desk at work right now so can't know for 100% sure.

I'm not sure I understand your second comment. For the first 15 years, I'd guess I averaged $500 every 2-3 years. Oil changes plus a bigger repair every few years. Last year I put quite a bit more into it (brakes, cracked tire rod or something, etc) thinking I was buying myself a few more years before needing to get a new car. Then, due to Murphy's law, a week later the hybrid battery failed so I paid another $900 to have it reconditioned. Hindsight is 20/20 and if I'd known the hybrid battery was about to die, obviously I wouldn't have spent the money on the other stuff. But it was worth it to me at the time to wait on getting a new car to see what other EVs came onto the market. I wasn't anticipating that 8 months later I would be facing another $$$$ issue (perhaps I should have aniticipated that on a 16 year old car) but regardless, at this point I don't want to put any more money into it.

What I mean is the 2004 Prius was about 20,000 new, so driving it for 15 years until it's now worthless means you took on about $1300 of depreciation a year - about the same amount as you would pay driving a new Prius and changing it every 3 years or so. You would have no need to change brakes, tires, collant, spark plugs, or any other of the wear and tear maintenance. You'll have the latest technology, safety, comforts, and the peace of mind that you are covered under warranty.

I disagree with that a lot. I’m the proud owner of a 2005 Prius with only 120K miles. It may be worth it to you to do this for peace of mind, but financially there is no way to come out ahead. My kids drive our old Prius and the savings on insurance alone based on the worth of the vehicle is worth it.

We can do the calculations if you want, but this is general knowledge among people who know better than to hold on to a Honda/Toyota forever. We only buy new Honda/Toyotas because there are people like you who have an irrational attachment to old Hondas and Toyotas, to the point that you will pay an absurd amount of money just so you can tell someone with a sense of pride that you have a really old reliable Honda or Toyota. I had a 2011 Prius II, purchased brand new for $21,500 plus 3.9% tax, drove it for 3 years and sold it for $18,500, costing me 1279.00 a year. Looking at your 2005 Prius, I assume you bought it for about 20k new including tax. Current market price for a 2005 Prius with 120k miles has a "private party" value of $4k according to KBB. This means for the 15 years of you owning it, you've taken $1066 per year of depreciation, plus any maintenance you've paid for, including tires, brakes, spark plugs, air filters, etc. According to the following website, the maintenance cost of a Toyota Prius is $4300 over 10 years:

https://www.yourmechanic.com/article/the-most-and-least-expensive-cars-to-maintain-by-maddy-martin

Most of the maintenance cost is back end loaded because a new car only requires oil changes and tire rotations during the first 3 years of its life. I'll be generous and say that only 1/2 of the $4300 is excess maintenance/repair costs for a Prius as things wear out over time. $2150 over 10 years is $215 per year. Add this to $1066 of depreciation and you get $1281 per year of depreciation and *excess* maintenance beyond oil changes and tire rotations.

As for insurance, you should call your insurance company and ask them how much the policy would be if everything stayed the same but you bought a 2020 Prius instead. Go ahead.

The insurance goes up a ton because I’m no longer willing to hold a policy with a high deductible.
You do what you want but please don’t act so smug. We’ve never done well trading in vehicles and getting a good price, so I’m guessing you either have an in or spend a lot of time negotiating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are you pretty sure because you did the recall yourself or because you trust that someone else did it?

With regards to a new vehicle, you likely could have been driving a new Prius every 3 years for about the same cost of what you sunk into the current one in the past 15/16 years.

Contrary to urban legend, Toyotas don't last for ever.

I think I looked at the paperwork about a year ago and saw that i'd had that recall taken care of at the dealer - but I am at my desk at work right now so can't know for 100% sure.

I'm not sure I understand your second comment. For the first 15 years, I'd guess I averaged $500 every 2-3 years. Oil changes plus a bigger repair every few years. Last year I put quite a bit more into it (brakes, cracked tire rod or something, etc) thinking I was buying myself a few more years before needing to get a new car. Then, due to Murphy's law, a week later the hybrid battery failed so I paid another $900 to have it reconditioned. Hindsight is 20/20 and if I'd known the hybrid battery was about to die, obviously I wouldn't have spent the money on the other stuff. But it was worth it to me at the time to wait on getting a new car to see what other EVs came onto the market. I wasn't anticipating that 8 months later I would be facing another $$$$ issue (perhaps I should have aniticipated that on a 16 year old car) but regardless, at this point I don't want to put any more money into it.

What I mean is the 2004 Prius was about 20,000 new, so driving it for 15 years until it's now worthless means you took on about $1300 of depreciation a year - about the same amount as you would pay driving a new Prius and changing it every 3 years or so. You would have no need to change brakes, tires, collant, spark plugs, or any other of the wear and tear maintenance. You'll have the latest technology, safety, comforts, and the peace of mind that you are covered under warranty.

I disagree with that a lot. I’m the proud owner of a 2005 Prius with only 120K miles. It may be worth it to you to do this for peace of mind, but financially there is no way to come out ahead. My kids drive our old Prius and the savings on insurance alone based on the worth of the vehicle is worth it.

We can do the calculations if you want, but this is general knowledge among people who know better than to hold on to a Honda/Toyota forever. We only buy new Honda/Toyotas because there are people like you who have an irrational attachment to old Hondas and Toyotas, to the point that you will pay an absurd amount of money just so you can tell someone with a sense of pride that you have a really old reliable Honda or Toyota. I had a 2011 Prius II, purchased brand new for $21,500 plus 3.9% tax, drove it for 3 years and sold it for $18,500, costing me 1279.00 a year. Looking at your 2005 Prius, I assume you bought it for about 20k new including tax. Current market price for a 2005 Prius with 120k miles has a "private party" value of $4k according to KBB. This means for the 15 years of you owning it, you've taken $1066 per year of depreciation, plus any maintenance you've paid for, including tires, brakes, spark plugs, air filters, etc. According to the following website, the maintenance cost of a Toyota Prius is $4300 over 10 years:

https://www.yourmechanic.com/article/the-most-and-least-expensive-cars-to-maintain-by-maddy-martin

Most of the maintenance cost is back end loaded because a new car only requires oil changes and tire rotations during the first 3 years of its life. I'll be generous and say that only 1/2 of the $4300 is excess maintenance/repair costs for a Prius as things wear out over time. $2150 over 10 years is $215 per year. Add this to $1066 of depreciation and you get $1281 per year of depreciation and *excess* maintenance beyond oil changes and tire rotations.

As for insurance, you should call your insurance company and ask them how much the policy would be if everything stayed the same but you bought a 2020 Prius instead. Go ahead.

The insurance goes up a ton because I’m no longer willing to hold a policy with a high deductible.
You do what you want but please don’t act so smug. We’ve never done well trading in vehicles and getting a good price, so I’m guessing you either have an in or spend a lot of time negotiating.

FWIW... this is OP with the 2003 Prius. When I asked my insurance company about how much our insurance would go up if I got a new Prius, I was shocked that it was actually going to go down because of all the safety features. That was a few years ago and this was the note from my agent: That's correct - the premium is actually going down a bit. It is entirely due to the added safety features on the newer vehicles (in this case the Prius). A lot of our clients are pleasantly surprised when the purchase a new vehicle....they're expecting a premium increase and they find it's actually a bit less (in many cases).

So... PP may have something there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Are you pretty sure because you did the recall yourself or because you trust that someone else did it?

With regards to a new vehicle, you likely could have been driving a new Prius every 3 years for about the same cost of what you sunk into the current one in the past 15/16 years.

Contrary to urban legend, Toyotas don't last for ever.

I think I looked at the paperwork about a year ago and saw that i'd had that recall taken care of at the dealer - but I am at my desk at work right now so can't know for 100% sure.

I'm not sure I understand your second comment. For the first 15 years, I'd guess I averaged $500 every 2-3 years. Oil changes plus a bigger repair every few years. Last year I put quite a bit more into it (brakes, cracked tire rod or something, etc) thinking I was buying myself a few more years before needing to get a new car. Then, due to Murphy's law, a week later the hybrid battery failed so I paid another $900 to have it reconditioned. Hindsight is 20/20 and if I'd known the hybrid battery was about to die, obviously I wouldn't have spent the money on the other stuff. But it was worth it to me at the time to wait on getting a new car to see what other EVs came onto the market. I wasn't anticipating that 8 months later I would be facing another $$$$ issue (perhaps I should have aniticipated that on a 16 year old car) but regardless, at this point I don't want to put any more money into it.

What I mean is the 2004 Prius was about 20,000 new, so driving it for 15 years until it's now worthless means you took on about $1300 of depreciation a year - about the same amount as you would pay driving a new Prius and changing it every 3 years or so. You would have no need to change brakes, tires, collant, spark plugs, or any other of the wear and tear maintenance. You'll have the latest technology, safety, comforts, and the peace of mind that you are covered under warranty.

I disagree with that a lot. I’m the proud owner of a 2005 Prius with only 120K miles. It may be worth it to you to do this for peace of mind, but financially there is no way to come out ahead. My kids drive our old Prius and the savings on insurance alone based on the worth of the vehicle is worth it.

We can do the calculations if you want, but this is general knowledge among people who know better than to hold on to a Honda/Toyota forever. We only buy new Honda/Toyotas because there are people like you who have an irrational attachment to old Hondas and Toyotas, to the point that you will pay an absurd amount of money just so you can tell someone with a sense of pride that you have a really old reliable Honda or Toyota. I had a 2011 Prius II, purchased brand new for $21,500 plus 3.9% tax, drove it for 3 years and sold it for $18,500, costing me 1279.00 a year. Looking at your 2005 Prius, I assume you bought it for about 20k new including tax. Current market price for a 2005 Prius with 120k miles has a "private party" value of $4k according to KBB. This means for the 15 years of you owning it, you've taken $1066 per year of depreciation, plus any maintenance you've paid for, including tires, brakes, spark plugs, air filters, etc. According to the following website, the maintenance cost of a Toyota Prius is $4300 over 10 years:

https://www.yourmechanic.com/article/the-most-and-least-expensive-cars-to-maintain-by-maddy-martin

Most of the maintenance cost is back end loaded because a new car only requires oil changes and tire rotations during the first 3 years of its life. I'll be generous and say that only 1/2 of the $4300 is excess maintenance/repair costs for a Prius as things wear out over time. $2150 over 10 years is $215 per year. Add this to $1066 of depreciation and you get $1281 per year of depreciation and *excess* maintenance beyond oil changes and tire rotations.

As for insurance, you should call your insurance company and ask them how much the policy would be if everything stayed the same but you bought a 2020 Prius instead. Go ahead.

The insurance goes up a ton because I’m no longer willing to hold a policy with a high deductible.
You do what you want but please don’t act so smug. We’ve never done well trading in vehicles and getting a good price, so I’m guessing you either have an in or spend a lot of time negotiating.

FWIW... this is OP with the 2003 Prius. When I asked my insurance company about how much our insurance would go up if I got a new Prius, I was shocked that it was actually going to go down because of all the safety features. That was a few years ago and this was the note from my agent: That's correct - the premium is actually going down a bit. It is entirely due to the added safety features on the newer vehicles (in this case the Prius). A lot of our clients are pleasantly surprised when the purchase a new vehicle....they're expecting a premium increase and they find it's actually a bit less (in many cases).

So... PP may have something there.

I understand that, but I wouldn’t be willing to have the deductible I currently have with a new vehicle. So in my situation, no.

[Anonymous]

Anonymous wrote:

This is not PP but I am guessing s/he didn't factor in selling every 3 years since those cars do hold their value really well. But there's also a transactional cost in selling and buying a new car every 3 years. May be psychological but it feels like a huge hassle.

That's certainly true. Our family has 3 cars and we pretty much buy a new car every year, and sell a car every year. Typically it's my wife that gets tired of a car, points to it and tells me to get rid of it. I wash/clean it, take some good photos and it's usually sold in 2 weeks on Craigslist. Again, there are a TON of people looking for 2 to 3 years old Hondas and Toyotas. During this 2 weeks, we are scoping out the replacement car - usually the newer model of whatever it is we are selling. Researching the current price takes about an hour, negotiations usually take in total of about 2 hours emailing people and phone calls. Time at dealership picking up the car is another 2-3 hours. So half a day total every year.

My wife likes it because she's always driving a car with the latest safety features. I like it because I'm a car guy and gets to play with new gadgets. I can see how others may not wish to do this so frequently. I guess for us, that sensation of driving a new car every year makes up for the few hours we have to spend buying it.