New Car Purchase - 2008 Prius

[TangoJuliet]

I was going to wait until next year before I bought the car but have been giving it another thought now that gas prices have been soaring.

I currently have a 1999 Ford Mustang Convertible that gets me around 24-25 mpg of highway driving. My commute to work is around 120 miles roundtrip each day. Basically I have to refill every 2 days which is costing me around $50 each time.

I own the car outright as well. I just called my insurance company and they said by adding the new car it would cost around $30 each a month. I would like to trade my car in so the longer I wait the less I will get for the car. I could also sell it privately.

So I would be going from this:

1999 Mustang = $0/m car payment
Gas = $450-500/m
Insurance (2 cars on policy) = $200/m

Total = $650-700/m

To this:

2008 Prius = $279/m for 60 months (purchase)
Gas = $200-250/m
Insurance = $230/m

Total = $709-759/m

Aside from the rising gas prices buying the car would allow me to drive in the HOV lane by myself. For the most part I do not have to use the lane but there are times when I wish I could. My mustang is also getting long in the tooth as it has about 130,000 miles on it and I'm getting worried about breaking down some place.

Comments/Suggestions?

 

[Arkaign]

Look at some other economy cars as well as the Prius. AFAIK, it's hard to get a Prius out the door for much under $22k (correct me if I'm wrong), so a $12k car (with incentives/rebates), that gets good fuel economy like a Focus or Versa, might actually turn out cheaper in the end, with the $10k savings.

 

[iamwiz82]

Originally posted by: Arkaign
Look at some other economy cars as well as the Prius. AFAIK, it's hard to get a Prius out the door for much under $22k (correct me if I'm wrong), so a $12k car (with incentives/rebates), that gets good fuel economy like a Focus or Versa, might actually turn out cheaper in the end, with the $10k savings.

Last year I got my package 4 for $22,000, but I think that gas prices have taken their toll on low cost Prii <sp?>

 

[TangoJuliet]

I was debating on going with a Fit. The main thing about the Fit was that it was atleast $7000 less then the Prius. I drive 30,000 miles a year so I decided that with the increase in gas prices is probably going to continue and that $7000 difference will be made up quick. Plus the Prius retains its value over the Fit.

 

[Arkaign]

The Fit should actually maintain it's value really really well, it's a Honda after all, and demand for high-MPG vehicles is only going to keep rising.

30k miles a year is a heckuva lot, though. It's almost worth getting a lightly used/mint insight over the Prius, as your fuel economy will be 25-30% better than a Prius. Small, however.

 

[BrianH1]

I just bought a Prius this week, Package #2 for 24.5k out the door. I was quoted at SEVEN other dealerships above 26k for the exact same car.

I am #2 on my dealerships waiting list, and it is supposed to be here in June.

PM if you want to talk some details.

 

[MovingTarget]

Congrats on the purchase! I only wish Honda hadn't discontinued the Insight though. We need a lower cost hybrid in the market.

 

[iamwiz82]

Originally posted by: alkohoLiK
I was debating on going with a Fit. The main thing about the Fit was that it was atleast $7000 less then the Prius. I drive 30,000 miles a year so I decided that with the increase in gas prices is probably going to continue and that $7000 difference will be made up quick. Plus the Prius retains its value over the Fit.

I would prefer the Prius for 30k miles a year. There is a lot to be said for comfort with that much driving.

 

[f1r3s1d3]

Get a Focus Coupe. Obvo your current Ford has been good to you

 

[Uhtrinity]

Originally posted by: Arkaign
The Fit should actually maintain it's value really really well, it's a Honda after all, and demand for high-MPG vehicles is only going to keep rising.

30k miles a year is a heckuva lot, though. It's almost worth getting a lightly used/mint insight over the Prius, as your fuel economy will be 25-30% better than a Prius. Small, however.

Problem is the Insights resale price have skyrocketed in the last 6 months. I bought mine a year ago for $6,400 and could easily sell it now for $11k - $12k without the mpg mods. Mint late model Insights easily run $16k plus.

The Prius is a good car, and if driven right can net 60mpg. That is no comparison to a car that gets 35 mpg and $4/gallon gas.

 

[TangoJuliet]

Originally posted by: Uhtrinity

Originally posted by: Arkaign
The Fit should actually maintain it's value really really well, it's a Honda after all, and demand for high-MPG vehicles is only going to keep rising.

30k miles a year is a heckuva lot, though. It's almost worth getting a lightly used/mint insight over the Prius, as your fuel economy will be 25-30% better than a Prius. Small, however.

Problem is the Insights resale price have skyrocketed in the last 6 months. I bought mine a year ago for $6,400 and could easily sell it now for $11k - $12k without the mpg mods. Mint late model Insights easily run $16k plus.

The Prius is a good car, and if driven right can net 60mpg. That is no comparison to a car that gets 35 mpg and $4/gallon gas.

Another problem with the Insight is that they are impossible to find. I just did a local search on cars.com and there was one listed in Sacramento (2000+ miles away) with a price of $10k and 160k miles on it.

Then its back to one of the worries I have about my present car - age. Ok, I go ahead and sell my car for one that is more fuel efficient only to have it break down in a year or two, no thanks.

 

[thomsbrain]

Used Fits are basically selling for MSRP right now, so resale is quite good. But carpool stickers would be nice, and you won't get them on the Fit.

 

[Uhtrinity]

Originally posted by: alkohoLiK

Originally posted by: Uhtrinity

Originally posted by: Arkaign
The Fit should actually maintain it's value really really well, it's a Honda after all, and demand for high-MPG vehicles is only going to keep rising.

30k miles a year is a heckuva lot, though. It's almost worth getting a lightly used/mint insight over the Prius, as your fuel economy will be 25-30% better than a Prius. Small, however.

Problem is the Insights resale price have skyrocketed in the last 6 months. I bought mine a year ago for $6,400 and could easily sell it now for $11k - $12k without the mpg mods. Mint late model Insights easily run $16k plus.

The Prius is a good car, and if driven right can net 60mpg. That is no comparison to a car that gets 35 mpg and $4/gallon gas.

Another problem with the Insight is that they are impossible to find. I just did a local search on cars.com and there was one listed in Sacramento (2000+ miles away) with a price of $10k and 160k miles on it.

Then its back to one of the worries I have about my present car - age. Ok, I go ahead and sell my car for one that is more fuel efficient only to have it break down in a year or two, no thanks.

That comes from there only being about 14,000 in existence. I also agree, $10,000 is too much for a car with 160k miles. I feel fortunate to have stumbled on one in such good condition for a good price. If Honda would reintroduce the model, or something comparable they would have a hot seller. Unfortunately the two closest cars are the Prius followed by the Civic Hybrid. I would consider a used Prius if the prices were reasonable, they just beg to be modded

 

[TangoJuliet]

Originally posted by: Uhtrinity

Originally posted by: alkohoLiK

Originally posted by: Uhtrinity

Originally posted by: Arkaign
The Fit should actually maintain it's value really really well, it's a Honda after all, and demand for high-MPG vehicles is only going to keep rising.

30k miles a year is a heckuva lot, though. It's almost worth getting a lightly used/mint insight over the Prius, as your fuel economy will be 25-30% better than a Prius. Small, however.

Problem is the Insights resale price have skyrocketed in the last 6 months. I bought mine a year ago for $6,400 and could easily sell it now for $11k - $12k without the mpg mods. Mint late model Insights easily run $16k plus.

The Prius is a good car, and if driven right can net 60mpg. That is no comparison to a car that gets 35 mpg and $4/gallon gas.

Another problem with the Insight is that they are impossible to find. I just did a local search on cars.com and there was one listed in Sacramento (2000+ miles away) with a price of $10k and 160k miles on it.

Then its back to one of the worries I have about my present car - age. Ok, I go ahead and sell my car for one that is more fuel efficient only to have it break down in a year or two, no thanks.

That comes from there only being about 14,000 in existence. I also agree, $10,000 is too much for a car with 160k miles. I feel fortunate to have stumbled on one in such good condition for a good price. If Honda would reintroduce the model, or something comparable they would have a hot seller. Unfortunately the two closest cars are the Prius followed by the Civic Hybrid. I would consider a used Prius if the prices were reasonable, they just beg to be modded

I hear ya. It basically came down to the Fit vs. the Prius and I just feel with the way gas prices are going the Prius is going to come out on top in the end.

Right now I'm trying to see if I can get a Option #3 package in the 25k range along with $5k trade in and $7k down. Not sure if that is going to happen locally but I may travel some place that will give me the deal.

 

[Uhtrinity]

The Fit was rumored to inherit the Insight drive train this year, unfortunately it didn't happen.

 

[Jumpem]

I do 30k miles per year with my Fit. Roughly $3350 in gas at todays prices. At 45mpg the Prius would cost about $2550. Only an $800 per year difference.

You would never make up the $6-7k cost premium for the Prius unless you kept it clsoe to ten years. Which is why we didn't get one in the first palce.

Even if the Prius got 55mpg (which I think is unlikely), it would still take 5.5 years or 165k miles to make up the difference.

 

[TangoJuliet]

Originally posted by: Jumpem
I do 30k miles per year with my Fit. Roughly $3350 in gas at todays prices. At 45mpg the Prius would cost about $2550. Only an $800 per year difference.

You would never make up the $6-7k cost premium for the Prius unless you kept it clsoe to ten years. Which is why we didn't get one in the first palce.

Even if the Prius got 55mpg (which I think is unlikely), it would still take 5.5 years or 165k miles to make up the difference.

How does that break down for you?

I travel 120 miles/day so thats 600 miles a week. Figuring the Prius goes 45mpg x 12 that will be 1 tank of gas a week or about $50. The fit's tank is almost 11 gallons so that would run about 360 miles/tank.

This is what I am calculating at todays gas prices ($4/gal) and at highway miles.

Prius

@ 30,000 miles it would take around 667 gallons of gas which is almost $2700

Fit

@ 30,000 miles it would take around 909 gallons of gas which is almost $3650

Now at $5/gal which is what is being predicted very soon it would look like this

Prius = $3335
Fit = $4545

So at $4/gal the Prius would be a cost savings of $900/year but at $5/gal it would be $1200. Am I figuring this out correctly?

 

[Jumpem]

Originally posted by: alkohoLiK
How does that break down for you?

I travel 120 miles/day so thats 600 miles a week. Figuring the Prius goes 45mpg x 12 that will be 1 tank of gas a week or about $50. The fit's tank is almost 11 gallons so that would run about 360 miles/tank.

This is what I am calculating at todays gas prices ($4/gal) and at highway miles.

Prius

@ 30,000 miles it would take around 667 gallons of gas which is almost $2700

Fit

@ 30,000 miles it would take around 909 gallons of gas which is almost $3650

Now at $5/gal which is what is being predicted very soon it would look like this

Prius = $3335
Fit = $4545

So at $4/gal the Prius would be a cost savings of $900/year but at $5/gal it would be $1200. Am I figuring this out correctly?

Your estimate for the Fit is a tad high. I figure I use 850 gallons over that many miles.

In the spring/summer/fall I average 36-37mpg. In the winter with snow tires and winter blend gas I average 32-33. So I figure it's about 35 over the course of a year.

Looks like your way of figuring it is correct. It depends on whether you would keep the Prius long enough for the $900 or $1200 per year you came up with to make up for the $6-7k extra cost of the Prius.

 

[Don Vito Corleone]

Originally posted by: f1r3s1d3
Get a Focus Coupe. Obvo your current Ford has been good to you

I am not one to be finicky about the way a car looks, but the new Focus is just awful-looking IMO, to the point that I couldn't drive one (actually the car isn't THAT bad overall, but to me it's visually dominated by the dumb chrome fake air outlets above the front wheels, which look ridiculous). Even in an economy car, some things are just beyond the pale (another example would be the early Toyota Echos with the black cladding on the sides - yechh!!!).

 

[Budmantom]

Originally posted by: Don Vito Corleone

Originally posted by: f1r3s1d3
Get a Focus Coupe. Obvo your current Ford has been good to you

I am not one to be finicky about the way a car looks, but the new Focus is just awful-looking IMO, to the point that I couldn't drive one (actually the car isn't THAT bad overall, but to me it's visually dominated by the dumb chrome fake air outlets above the front wheels, which look ridiculous). Even in an economy car, some things are just beyond the pale (another example would be the early Toyota Echos with the black cladding on the sides - yechh!!!).

The prius, fit and focus all look like crap with wheels.

 

[dud]

Originally posted by: Budmantom

Originally posted by: Don Vito Corleone

Originally posted by: f1r3s1d3
Get a Focus Coupe. Obvo your current Ford has been good to you

I am not one to be finicky about the way a car looks, but the new Focus is just awful-looking IMO, to the point that I couldn't drive one (actually the car isn't THAT bad overall, but to me it's visually dominated by the dumb chrome fake air outlets above the front wheels, which look ridiculous). Even in an economy car, some things are just beyond the pale (another example would be the early Toyota Echos with the black cladding on the sides - yechh!!!).

The prius, fit and focus all look like crap with wheels.

People will drive the ugliest vehicles when gas prices reach a certain level.

... they have already been reached ...

 

[desy]

Now add the opportunity cost of 6-7 G that you could have saved in 10 yrs it would be 12-14 G if you left it in the bank
Take the interest difference as well on 6-7 G and add that to the equation.
Maintenance costs on a Prius ?

 

[BrianH1]

Originally posted by: desy
Now add the opportunity cost of 6-7 G that you could have saved in 10 yrs it would be 12-14 G if you left it in the bank
Take the interest difference as well on 6-7 G and add that to the equation.
Maintenance costs on a Prius ?

Maintenanace on a Prius is negotiable, just like it would be on a Fit. Toyota is offering lifetime engine, trans, and powertrain on the Prius.

 

[996GT2]

Originally posted by: BrianH1

Originally posted by: desy
Now add the opportunity cost of 6-7 G that you could have saved in 10 yrs it would be 12-14 G if you left it in the bank
Take the interest difference as well on 6-7 G and add that to the equation.
Maintenance costs on a Prius ?

Maintenanace on a Prius is negotiable, just like it would be on a Fit. Toyota is offering lifetime engine, trans, and powertrain on the Prius.

By negotiable did you mean negligible? I don't see how you can negotiate maintenance costs over the life of a car.

 

[TangoJuliet]

Originally posted by: desy
Now add the opportunity cost of 6-7 G that you could have saved in 10 yrs it would be 12-14 G if you left it in the bank
Take the interest difference as well on 6-7 G and add that to the equation.
Maintenance costs on a Prius ?

I highly doubt the interest on $7k will net in $10k in interest over 10 years. Unless you meant the $7k will turn into 10k with the interest added in. If the car is kept for 10 years the savings in gas will well outsave the cost differences between the vehicles.

I been doing some research and the batteries on the prius are warranties for 8 years/100k miles. At the pace of 30k miles a year I will hit that mark at around the 3rd year.

What I have been discussing with my wife is moving closer to my job cutting the commute from 120 miles to about 60 miles. I think the better choice is going to be the fit because of the cost difference and because more then likely we will move closer reducing the advantages of the prius.

Btw I am looking at the FIT sport which runs around $16k as opposed to the prius with option c at around $26k (hoping to find one for around $25k). Also with my planned down payments I can finance the car for 24 months at around $225/month.