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If I get a Toyota Prius, my car payment will be less than what I am currently spending on gas. But I’m having troubles wrapping my mind around spending $23,000 for a new car. It seems like so much! I haven’t been this agitated about a purchase, since I bought my house! I am trying to focus on the monthly payment. I can buy new and the dealer will give me 2.9% financing. If I buy used, the interest rate will be so much higher, that my monthly payment won’t be any cheaper, even though the car will cost less. So much to consider, thinking too hard, brain hurts. . .

6 Responses

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1. 

   humblevillager

   Spend more on gas.

   June 30, 2011 at 10:03 pm
2. 

   Andy J

   Don’t just focus on one car. Check out the Fit, Versa and Yaris. All get great gas mileage and cost about $10,000 less. Yes, they don’t get the awesome mileage of the Prius, but that $10k will buy you a lot of gas…..

   June 30, 2011 at 10:52 pm
3. 

   ti89deluxe

   Look at a VW diesel, they are cheaper and get great mileage. They also become worth the price premium (by saving on gas) much sooner than a Prius.

   June 30, 2011 at 11:41 pm
4. 

   kevin c

   Definitely buy or lease the new car, I just leased a brand new Corolla and I am so glad I did. It’s amazing on gas, and eventhough cars are not a good investment, at least you are putting some equity into it.

   July 1, 2011 at 12:04 am
5. 

   fisherwoman

   You don’t say what you currently drive, but I’m all about saving money, and spending a bit more on gas. It would take a few years of ownership, before you would reap the benefits in the Prius, I think. You are right, that is alot of money, focus on what can make you money, invest in your home instead, resale value keeps rising, if you pick the right rooms to update.

   July 1, 2011 at 1:01 am
6. 

   professorprius

   Hi, try this…

   make two columns on a sheet of paper, write in the first column what you need your car to do and write in the second column what you want your car to have.

   You didn’t reveal what your current vehicle is, but if you’re spending $300 or more a month on gas and upkeep (easy formula is about $20 monthly payment per $1000 financed, or about $460 for a $23,000 vehicle), then you are much better off getting a new vehicle, Prius or not.

   In other words, you are putting out more money than your current vehicle is worth to maintain. And it will only get harder to sell or trade a vehicle with exceptionally poor gas mileage as the price of gas goes up.

   Now, are you looking for bare bones transportation for one to four people that will take you 20-30 miles a day with the occasional long weekend trip? Then get a Yaris or Corolla. They run $14-16000ish with ABS (always buy vehicles with ABS). You will never justify spending the equivalent of a Camry or Prius (Prius is the equivalent of a Camry, not a Corolla).

   If you are looking for a more substantial vehicle that will be more comfortable for constant trips of 40-60 miles daily with consistent longer trips and more comfort features, then consider the Prius or Camry. The Prius is the flagship of Toyota for advanced technology. The Prius is a vehicle that will take some practice to get the most benefit from it, just like moving from a stick to an automatic, or vice-versa.

   You need to decide what you need and then want your vehicle to do for you, and then you look for a vehicle that fits those criteria, not the other way around. Only then do you start going through auto lots on Sundays to see what is out there (closed on Sundays).

   One other note, when gas prices go up, and the benefits of a hybrid become more obvious, Prius will become harder to find and any discounts on them will become smaller. You may have a harder time later in the summer when gas hits $4.00 per gallon to get the fuel efficient vehicle you want, be it a Prius, Corolla, Yaris or Camry.

   Contact me if you have any other questions. Good luck.

   July 1, 2011 at 1:31 am

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