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[quote=Anonymous][quote=Anonymous]
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.[/quote]

the up side for the OP, though is that after 3 years,  the car is paid for and the OP no longer has a car loan hanging over their head

so lets do those numbers...  i buy for 21500.  its paid off in three years.  thats 600 bucks a month i'm not spending for the next 12 years on a car loan,  Yes I'll still be spending on maintenance.  but lets say I spend 200 a month on maintenance over the next 12 years (which is horrendous for any car but I'll play your game), and I then invest the other 400 in an account getting 5%  at the end of 12 years  I have 78,000  so my next car I can pay cash for.  while you are still tied to the car loan that you MUST pay every month.

Not the OP, but I like to own my cars and not have a car payment.  I usually get rid of them around 80-100K miles.[/quote]

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