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Part Exchange Values


Chris Ray
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Hi All

I have a Gen 2 2007, which I purchased 16 months a go as an ex demo with leather for £18,000.

I am a high mileage driver and the car now has 52,000 miles.

Having test driven the Gen 3, I fell in love and my dealer (who sold me my car and an Aygo last week for my son) said he would look into finance for me

He has offered £8,750 for my car and wants the car plus £4,500 to pay off the outstanding Toyota Finance (they want a settlement figure of £12920) and £500 a month for 3 years for a new T Spirit...OUCH!

It seems a low P Ex value and I would appreciate any advice from others who may have bought the new Prius on P Ex, although I suspect the mileage is the killer!

Thanks

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This may give you a rough idea !! it had been took from the Vauxhall glasses guide (value my car site)

Toyota Prius T Spirit

1.5 P/Electric 5-door Hatchback

Variable CVT Front Wheel Drive

Year: 2007 07

Mileage: 52,000

Estimated value of your car

Part-exchange Price:

Excellent condition:

£9650

Average condition:

£8610

Below average condition:

£7670

All valuations given are based on a single transaction with a bona fide motor dealer involving the sale of the consumer's car in part exchange for the purchase of a different car from the same dealer.

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Very few Dealers would ever give a clean price for any vehicle, if you've been offered more than average you've been given a price ahead of book which is very good!!

The only car I have ever given a clean price for was an extremely clean vehicle which had been serviced that day, had new tyres all around, full service on the dot, not a scratch or blemish on the paint work, and was in a condition that could be placed straight on the forecourt (which in that case it was) where I knew that £0 spend from me would be required!

Just because the books have a clean price in them doesn't mean you'll ever get it :)

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I thought the state of the used car market that good quality second-hand cars were very much in demand by dealers ???

The price of a trade in is what anyone would pay for it ?? I suggest you get a few more trade in prices to compare and don't forget to point out that car brokers will offer 5% discount of a new Prius

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Very few Dealers would ever give a clean price for any vehicle, if you've been offered more than average you've been given a price ahead of book which is very good!!

Just because the books have a clean price in them doesn't mean you'll ever get it :)

True but in my experience you can work against this simply by playing dealers off each other, particularly if you're buying new. Years ago I was looking to buy a Focus ST170 and had a 2-year-old Ford Puma to go in part exchange, which was initially valued at £8300. This was around book price. I spent most of a Saturday visiting 10 Ford dealers in my county, playing them all off each other to find who wanted to deal the most. By the end of the day the offer increased to £8800, way more than the "clean" figure. It can be done.

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Sorry for raining on your parade but are you mad.You are in negative equity with your current vehicle which will cost you a fortune to get out of.

Then Toyota want £500 a month for a new one which you will lose a fortune on the second you drive it out of the dealership.

I thought the whole point of these hybrids was to save money(and the planet).

Two pieces of advice.

1. 50000 miles or so is not a lot of mileage for a Prius.

2.Please get a calculator out and work out just how much cash you are about to blow.

Sorry to be so blunt but.........

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I thought the whole point of these hybrids was to save money(and the planet).

I just do not know why people think that you buy a Prius to save the planet !! I considered one because

1- I wanted a automatic car

2-It is a reasonably roomy car

3- It has a lot of gadgets which I like :D

4- Its a nice car to drive and be driven in

while I do understand were you are coming from if you buy a new car you lose money whatever car it is !!

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Don

I could not agree with you more, but have to admit I got my Prius for the same reasons as Blue Verso, plus the fact that as a company car, for my own company, it saved 100% corporation tax the first year, and shedloads of money since on fuel etc!

One reason I was going to change, was the fact that my fuel bill would reduce by appx £1000 a year with the better consumption, and if I keep the current car 4 years, it will have 150,000 miles, so be worth .....not a lot, and then I will have to take out another 4 year loan anyway! This way, I was just bringing forward the extended loan period.

Speaking to my accountant, with the potential savings, and the corporation tax situation, it may still be financially sensible to change, but I am not paying Mr T anymore if it isn't!

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Don

I could not agree with you more, but have to admit I got my Prius for the same reasons as Blue Verso, plus the fact that as a company car, for my own company, it saved 100% corporation tax the first year, and shedloads of money since on fuel etc!

One reason I was going to change, was the fact that my fuel bill would reduce by appx £1000 a year with the better consumption, and if I keep the current car 4 years, it will have 150,000 miles, so be worth .....not a lot, and then I will have to take out another 4 year loan anyway! This way, I was just bringing forward the extended loan period.

Speaking to my accountant, with the potential savings, and the corporation tax situation, it may still be financially sensible to change, but I am not paying Mr T anymore if it isn't!

Chris,

Glad to see you have ran the numbers.

We are all guilty I think of justifying a car purchase but when I saw your figures I was staggered.Of course being self employed the tax situation makes all the difference.

By the way I do not buy into this whole green thing as I have said before.For me to buy a new Prius would be mad because of the depreciation and the mileage I do.Have to admit I like the look of it though.

Good luck whatever you decide.

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