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Paying more than MSRP for (new) Hybrids, Depreciation/Value of used Hybrids
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2.0L Passat w/ Navi, no leather ~$29900
HSD Prius w/ Navi, Bluetooth, SKS ~$27300
Thereafter every mile you drive the differential gets greater. no brainer
http://www.kbb.com/kb/ki.dll/ke.kb.sp?kbb&&&usedCars;slp
I bought my car for about $18,500 and now it's listed at $16,500, about $2,000 difference.
I did a comparison with its nearest sister, a similarly equipped Civic EX. That similarly equipped EX went for about $17,300 at the time.
Kelly lists the same car at $13,300.
Both cars @ 50K miles, excellent condition.
HCH depreciation is about $2,000
EX depreciation is twice at about $4,000.
(Private party sales)
The hybrid version of the Civic holds its value twice as well as its non-hybrid version.
The way to find true market value is to ask a dealer what they will give you in trade on a new one. I was told when I thought about trading my primo Suburban in that they never consider a car in Excellent condition. I doubt that Honda will give you KBB wholesale for an HCH. That in light of the fact that Honda is deeply discounting the 2005 HCH cars left on the lots.
I'm sure that if the figures were opposite the anti-hybrid hype would be gleefully all over it.
You know, the ones who compare a base model to a fully loaded one and are shocked the loaded one costs more.
My last post wasn't clear enough-
The point wasn't how much the car is worth, but that the HCH has done so much better than its non-hybrid version.
For sale is a 2004 Hybrid Civic with the CVT transmission which has 40,000 plus miles on it and they are asking 19,999.
I paid 20,000 out the door for my 2005 HCH.
If this trend continues I will drive mine for two years or 40k miles and trade it in on a new one. It sure looks like the car is holding its value even with the price of gas off more that a dollar from the post huricane price spikes this summer.
www.hondaofwatertown.com
The Prius is also considered a "midsize" car based on interior space. So comparing a midsize to a compact is problematic.
The most comparable Toyota to a Prius is the Camry. Prius is closer to an Accord in the Honda line, based on size and available creature comforts.
I think we all know the answer to that one...there are suckers born every day, and a fool and his money quickly part ways.
HA!HA!
Cheers,
MidCow