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Used Toyota Prius' averaging higher prices than new models

 
7 2,941 views Jul 31, 2008

Used Toyota Prius' averaging higher prices than new models

Used Toyota Prius' averaging higher prices than new models

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Demand for the Toyota Prius in the U.S. is so high that most new models sit on dealer lots for an average of just five days, and waiting lists of or more than three months are becoming more and more common. Toyota is struggling to keep up with demand, and has started construction of several new plants in Japan to supply more nickel-metal hydride batteries for its hybrid vehicles.

The lack of supply is leading to inflated prices for second-hand Prius models, with a number of used cars selling for more than brand new vehicles. J.D. Power has calculated that for the first three weeks of July the average new Prius has spent only five days on dealer lots, while used 2007 models are sitting not much longer at just 20 days.

In addition to the fast turnaround times, 2008 model year Prius vehicles are selling for an average of $26,672, while used 2008 models with less than 10,000 miles on the odometer are selling for nearly $1300 more - averaging at $27,945 across the U.S. Even 2007 cars, with an average of more than 22,000 miles on the clock, are commanding up to $26,396 on average - just $276 off the average transaction price for a new model.

To avoid such problems in the future Toyota is committed to boosting production of the next-generation Prius, due to go on sale next April, by 70% and has confirmed that the new model will be built in the U.S. for the first time.

Via: Next Autos



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Comments (7)

  1. By Ivan Posted: 7/31/2008 12:20pm PDT

    What's the deal with this car?
    I just did quick number crunching. If you drive 12K a year on avg, doing only city driving, it would take you at least 5 years to get even if you were to get civic EX for $22K vs. this car for $27K. And if you drive on highway, it would take 2-3 more years to get even, to a total of 7 years.

    I just don't see all the hype, even if gas prices continue to rise, hybrid won't save you any money.
     
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  2. By john woo Posted: 7/31/2008 1:37pm PDT

    ^^ What it does is killing the planet slower than other conventional cars, other than that it's just hyped.
     
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  3. By Gus Posted: 7/31/2008 3:01pm PDT

    What it is are people who want to be seen as planet savers.
    And here in Southern California, you can drive in the carpool lane by yourself with one.

    But yes, from a purely financial standpoint the vehicle doens't make a lot of sense, not to mention the added complexity of the drive system, which may add to repair costs later on in the vehicle's life.
     
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  4. By dc Posted: 7/31/2008 7:43pm PDT

    The hype machine is working over time for this thing. People just dont understand that the gas savings dont work out unless you keep it for like 20yrs.. the same people that trade in cars after 3yrs because they're bored with it...
     
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  5. By Sorin Posted: 8/1/2008 2:44am PDT

    Prius reached Toyota on first place in automobile manufacturers. With Prius sold in the U.S.. Probably is the most sold hybrid in the world.
     
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  6. By Ziglet Posted: 8/4/2008 12:51am PDT

    Hybrids really aren't worth it. An economy car is a lot smarter of an investment. Look at any website comparing the two and you'll be convinced.
     
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  7. By G__ Posted: 8/12/2008 10:06am PDT

    Ziglet,

    An economy car is a smarter choice than any other car (no car is an investment).
    But some people desire a higher level comfort, luxury, and size that the economy car doesn't offer. Choosing a Prius makes total since, it the most fuel efficient car in America, and it's a MID SIZE car with a level of comfort, convienence , economy and gadgetry that stand alone in the croud.
    And this paying a hybrid "premium" stuff is non-sense. Since when did anyone expect a Mustang GT to recoupe the "premium" paid for it's v-8 engine, or the "premiium" paid for that "euro driving machine". When did any of them pay their premium? They don't, But the Prius can and does pay back it's premium from day one.
    Why is it no one has every asked a car to pay back it's premium until now? Think about it.
    And when understood how much the Prius can run on no gas at all , it becomes a truely amazing
     
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