Hello fellow Mustachians,
I am debating trading in my wife's car, a 2009 Suzuki SX4 AWD, for a 2012 Toyota Prius. I know this is entirely my decision and is more a pipe dream than anything at this moment, but I just thought I would put it out there since I thought it would be interesting to hear what others' opinions are on going down this path.
Details on the SX4:
- 75,000 miles
- rated at 21/28. We average ~ 27-28 most weeks when it's warm out and ~ 24-25 during the winter.
- Car is paid for.
- Worth ~$6,000-$7,000 on trade
From my research, I see the following numbers for the Prius
- 61,000 miles
- rated at 51/48
- Price: $14,800 (actual price with no negotiations - might be able to talk it down a little)
- Estimated Sales Taxes: $1,349
- Estimated Insurance Increase: $171.14/ yr while financed
Negative:
Right away, I'm down ~ 9,320.14 - 10,320.14 depending on what I can get for a trade.
Positives (at least from what I'm thinking):
- I can get a 2-year credit union loan for 2.99% for the whole amount ($14,800), pay the difference with it and invest the rest (~ 5,479.86 - 6,479.86 into VTSAX or similar). The CU would issue me a check for the amount (you're free to spend it as you like as long as you have the physical car as collateral).
- The gas savings will slowly make a difference (I calculate saving ~ $2,669.64 over 5 years driving 13,000 miles a year @ $2.55 a gallon - more if gas prices go up)
- Gas savings will cut down some of the costs of road-trips/travel. This is one of the few things that I really want to do a lot more of.
- I am also considering becoming a Lyft/Uber driver in my off time, this would be perfect for that
I DO have other priorities right now (such as preparing to sell our house and moving to a rental) but just saw this car for sale and it kind of got me thinking of getting into a Prius sooner rather than later. I am really considering going to a 1 car family in the near future, also. I know there is probably some emotional aspect to wanting to get this car - maybe it will subside on its own. Let me know what you all think and if there's anything obvious that I'm missing.