New or Used: A Prius Seller's Market?
May 27th, 2011 1:52 PM Share
TTAC Commentator gman37 writes:
Steve and Sajeev: I was hoping to pick your brain for a second regarding the used Prius market right now. Help a Hammer Time follower out! I own a 2010 base Prius (Model II), and I have been seeing listings at local dealerships for base model Prius’s (????) selling for 3-4K above new MSRP prices. For instance there is one with 15K on the clock selling for 27K, when new the MSRP was around 24K.Is this actually occurring right now or are these people out of their minds? My wife and I were debating on selling it and buying a cheaper car with a smaller payment if we could actually make a decent profit on it. On the other hand, 50 MPG in the era of $5 a gallon gas is pretty great. Its a gas! Thanks for your time.And Sajeev, I always wanted a Mercury Marauder!
Once by buying the overpriced car with hysterically bad finance terms. Then they probably end up selling it after the ‘big’ 60k service because they’re bored, bad at math (surprise?), and/or totally ignorant about the future maintenance costs. Usually a combination of all three.Keep the car. The next time you should go to the dealer (if ever) is when electric cars are the norm and the Prius is no longer an economical proposition. This should be some time between 2025 and Armageddon. By the way, the Toyota dealer couldn’t give a flip about you once you walked out their door with one less check in your pocket. Sorry but it’s the truth.Need help with a car buying conundrum? Email your particulars to firstname.lastname@example.org , and let TTAC’s collective wisdom make the decision easier… or possibly much, much harder.
#Civic #Corolla #Financing #GasPrices #Marauder #NewOrUsed? #Panther #Prius #ToyotaFinancialServices
Published May 27th, 2011 1:51 PM
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- Ed That has to be a joke.
Steve, I thought you were the TTAC auto dealer expert. Your comments on the readers questions are basically incorrect. Quick dealer track bookout on that prius gives 22225. Tell me a lender that will advance over 120% to a person with poor credit. You couldn't even get that bought rolling sale stax with the check going back to the dealer. Typical secondary terms on this deal would probably require 9k down for this deal. As the bank will probably only lend 18 or so on this to a secondary customer. This is all assuming of course that the customer makes enough money to get an almost $500 payment call.
dealer track book out is NADA. So that is a correct figure. Thats is the figure 99% of lenders are looking at. There is no way to carry that kind of money on that car for a subprime customer.