Trade in Prius V ATP for Insight EX?

[exbauer]

So, I was recently laid off and was thinking I should get into a less expensive car. I have a 2010 Prius V ATP (advance technology package) and thinking of trading it in for a 2010 Insight EX. It is a big jump from a the top of the line Prius to the Insight. The Prius has everything...17" wheels, LED headlights, auto park, dynamic cruise control, pre-collision system, navigation, leather, heated seats and other stuff. I was thinking of getting the Insight EX. I didn't want to get the navigation since that tacks on $2000. But, it bothers me there are no stereo controls on the steering wheel unless you get the navigation model.

I have to say I do like the Prius better than the Insight. I would go for a base Prius, but it cost about $2,000 more than the price I am getting for the Insight. The Prius has a bigger engine, bigger back seat, and easier to achieve the rated MPG. I know all these have been said.

I am also thinking about a Fit Sport. It is considerably cheaper and I like the way it looks, performs, and has a usable back seat. But, I like the idea of driving a hybrid even though the Insight isn't that stellar in that department.

I owe nothing on the Prius and having cash in my pocket is a good feeling. I went shopping and they were willing to give me $28,000 for my Prius and sell the Insight EX for $20,500 ($300 under invoice). I would be able to pocket $7,500. I have had the Prius for 4 months and put 7,000 miles on it. I only paid $30,000 for the car. A part of me really wants to keep it. I don't need to trade it in. But, like I said having the extra money in my pocket is a good feeling.

What do you think I should do?

[The Beard]

The Insight EX is much more comparable to the Prius II. The Prius V that you have has many of the same features as the Lexus HS Hybrid. Going from your car to an Insight EX is going to be a big step down. $7500 would be nice to have in your pocket but unless you absolutely need the money due to being laid off I wouldn't trade in your paid for Prius.


One comment to add - you say that the Insight isn't a stellar hybrid. On paper that is true but in the real world the Prius and Insight have virtually identical mpg figures. Most drivers average about 46-48 mpg in both.

[JimJohnD]

It really depends of your prospect for finding new employment and current financial situation. If you think you can find comparable work within 6 months and have money in the bank I'd keep the car (if that's what you like). If however you don't have an emergency fund or don't think you'll be able to find a job with comparable pay I'd look at doing what you describe. I don't know what your cost of living is but $7500 would last me more than 6 months (not an insignificant sum). I don't have any debt and paid cash for my I2, and in this environment that is worth a lot to me. I started moving my investments into CDs and gold back in 2003. While the pundits say there is no inflation, the value of the dollar is nearing free fall having lost 12% in the last 6 months with no improvements in sight. Batten down the hatches and hold on tight. Oil is back up to $74 and rising. Look for it to be in the $80 to $100 range by the end of the year. Having a hybrid will be the in thing again very soon. Good luck at finding a job and protect your finances as best as you can.

[Cobb]

You will take a beating on trade, Id call the finance company and see if they can do anything. Defer payment, refinance, etc. Make sur eto mention you have a finanica hardship.

If no luck, they trade down to the fit or yaris, scion xd.

[stevenvillatoro]

Assuming work prospects are uncertain, I'd sell the Prius outright ASAP and find myself a several-year-old hybrid or 1st-generation Fit, Scion, etc., that's been maintained well. Make do with an economy car that will not take huge depreciation hits and you can easily resell once you land a job. Meanwhile, park as much cash as you can until you have a clear direction. Now isn't the time to be looking at ANY new car, or any piece of metal that will just continue to depreciate and whittle your assets away. Look at *interim* solutions, rather than *pride* of having-to-have-a-new-car.

[exbauer]

I am not too worried about finding a job. I wasn't in a high paying high priority job. I do have some money saved up and the Prius is paid off for. I will have to think long and hard with swapping. But, I feel loosing $2,600 isn't too bad on a 4 month car with 7,000 miles on it.

The Prius V is nice, but after buying it I figured a lot of the ATP was gadetry. It is nice to impress friends with it. But, after that it was useless to me. The auto park you can't really use since by the time it activates people behind you are already honking. The cruise is nice with the lane keep assist. But, I rarely use those features since I don't do many road trips. If I were to do it all over again I would get the V with navigation or the VI with solor roof.

[abr]

Originally Posted by exbauer

I went shopping and they were willing to give me $28,000 for my Prius and sell the Insight EX for $20,500 ($300 under invoice).

300 under invoice! That is the lowest I've heard.
Invoice is 20,098. Is the $20,500 the price with accessories?

[Sluday]

If you can do without the gadgets then I would do it. The Insight is really a bare bones car aside from the auto climate control so you'll feel like you in a 1985 Yugo compared to the Prius. You will barely see a difference in few economy between the two. The Fit is an excellent car as well and there is a hybrid planned for next year if you can wait that long.

[jpleong]

The best thing to do for yourself without employment is to have as much cash in reserve as possible. Therefore I recommend skipping the 2010 Insight altogether. Depending on your "versatility" needs (do you need a folding backseat?) you can probably find either a gen-1 HCH or Prius or even a gen-1 Insight used for under $10k. That would give you, like, $13k after you sold your Prius. That's, of course, assuming you "need" a hybrid.

If I were in your shoes (and I have been) I would find a used Fit, Civic, or Corolla. Sell that hot-commodity Prius while you can still fetch a high price for it!

Generally speaking, how's your credit score? If your score isn't that great, it would be a good time to get said used car on financing so you have some "installment credit" to begin bolstering your credit score.

Anywho, that's just my advice.

JP

[exbauer]

Originally Posted by abr

300 under invoice! That is the lowest I've heard.
Invoice is 20,098. Is the $20,500 the price with accessories?

$20,098 is without the destination. If you factor in destination the invoice is $20,800. So, $300 off invoice is $20,500.

I don't like buying used cars and I rather buy new. That is just me. I know a car depreciates quickly once driven off the lot. But, with a hybrid I feel that is less of a hit...when gas prices spike up. When you can drive a car for 4 months and put 7000 miles and take only a $2000 hit? That said I have bought and sold a Prius and made money before. That is a rare thing.

I am going to take a test drive the Fit and Insight again. I am going to see if they can lower the price more.

When I bought the Prius I didn't need all the gadgetry. But, at the time I felt I had to have the top of the line. I was able to purchase it at a great discount. So, I figured why not. But, after driving it I had buyer remorse for getting it fully loaded. I would have purchased a different model.

I know with the Insight is a huge change. The only problem with it is the rear seat. I don't use it much, but it is nice to have the bigger rear seat when I have people back there. The Prius was just so roomy back there. I am going to have to drive it again. I might end up with a fit instead.