Used Prius Models Now Worth More Than Their Original Purchase Price
North Palm Beach, FL, June 28, 2011 --(PR.com)-- Earl Stewart of North Palm Beach, FL buys used Prius for $1,500 more than they sold it for last year.
Forget about investing in the stock market, real estate or precious metals. Selling your used Prius could be the best investment you can make right now.
Earl Stewart Toyota of North Palm Beach, Florida just purchased back a 2010 Prius for $1,500 more than they sold it to the customer for a year ago, resulting in a 7.3 percent annual return on the investment for the customer – much better than most investments are returning currently.
On April 4th 2010 Greg and Louise Candea of Jupiter, FL purchased a 2010 Prius III from Earl Stewart Toyota for $20,500. The vehicle had 8,700 miles on it at the time of sale. This weekend, he sold it back to Earl Stewart Toyota, with mileage of 35,000 miles, for $22,000 – making a $1,500 profit in one year.
Traditionally, new cars depreciate thousands of dollars in the first year of ownership. This surprising upswing in fuel-efficient used car prices, according to Earl Stewart, is tied to several converging events in the marketplace:
• Fuel-efficient vehicles are suddenly in high demand as Americans worry about escalating gas prices and don’t have enough cash to pay for a new car.
• As a result of the recession, people are holding on to their present car and not trading it in for a new or used one.
• Used cars over all are retaining a higher percentage of their original value than ever before. Compact cars that are one to five years old are worth, on average, about 30 percent more on the wholesale market now than just six months ago, the National Auto Auction Association reports.
• New Prius models are in such short supply (due to the Japanese plant closing for a few months due to the earthquake and tsunami) that many dealers are selling them for several thousand dollars more than the sticker price.
According to Kelley Blue Book, a 2008 Prius, with a Blue Book value of $13,600 a year ago, can sell for $18,250 today. A three-year-old Prius is worth 77 percent of its sticker price today, versus 48 percent a year ago, according to Kelley Blue Book.
These same price trends hold true for much of the used car market, Stewart said, for the following reasons:
• Due to tight credit and the poor economy, new-vehicle sales fell in 2008 and 2009, resulting in significantly fewer late-model cars entering the used-car market.
• The recession led to a sharp cutback in auto leasing, reducing the usually steady stream of leased vehicles into the used car market.
• The blue book value of the average vehicle from the 2008 to 2010 model years has increased more than $1,000 this year. (Exceptions include full-size sport utility vehicles and pickup trucks have each declined more than $900 this year.)
Note: To interview Earl Stewart or his customer, contact Margie Yansura of Wordsmith Communications at 561-313-5028 or mywordsmith@bellsouth.net.
Media contact: Margie Yansura, Wordsmith Communications
561-313-5028; mywordsmith@bellsouth.net
###
Forget about investing in the stock market, real estate or precious metals. Selling your used Prius could be the best investment you can make right now.
Earl Stewart Toyota of North Palm Beach, Florida just purchased back a 2010 Prius for $1,500 more than they sold it to the customer for a year ago, resulting in a 7.3 percent annual return on the investment for the customer – much better than most investments are returning currently.
On April 4th 2010 Greg and Louise Candea of Jupiter, FL purchased a 2010 Prius III from Earl Stewart Toyota for $20,500. The vehicle had 8,700 miles on it at the time of sale. This weekend, he sold it back to Earl Stewart Toyota, with mileage of 35,000 miles, for $22,000 – making a $1,500 profit in one year.
Traditionally, new cars depreciate thousands of dollars in the first year of ownership. This surprising upswing in fuel-efficient used car prices, according to Earl Stewart, is tied to several converging events in the marketplace:
• Fuel-efficient vehicles are suddenly in high demand as Americans worry about escalating gas prices and don’t have enough cash to pay for a new car.
• As a result of the recession, people are holding on to their present car and not trading it in for a new or used one.
• Used cars over all are retaining a higher percentage of their original value than ever before. Compact cars that are one to five years old are worth, on average, about 30 percent more on the wholesale market now than just six months ago, the National Auto Auction Association reports.
• New Prius models are in such short supply (due to the Japanese plant closing for a few months due to the earthquake and tsunami) that many dealers are selling them for several thousand dollars more than the sticker price.
According to Kelley Blue Book, a 2008 Prius, with a Blue Book value of $13,600 a year ago, can sell for $18,250 today. A three-year-old Prius is worth 77 percent of its sticker price today, versus 48 percent a year ago, according to Kelley Blue Book.
These same price trends hold true for much of the used car market, Stewart said, for the following reasons:
• Due to tight credit and the poor economy, new-vehicle sales fell in 2008 and 2009, resulting in significantly fewer late-model cars entering the used-car market.
• The recession led to a sharp cutback in auto leasing, reducing the usually steady stream of leased vehicles into the used car market.
• The blue book value of the average vehicle from the 2008 to 2010 model years has increased more than $1,000 this year. (Exceptions include full-size sport utility vehicles and pickup trucks have each declined more than $900 this year.)
Note: To interview Earl Stewart or his customer, contact Margie Yansura of Wordsmith Communications at 561-313-5028 or mywordsmith@bellsouth.net.
Media contact: Margie Yansura, Wordsmith Communications
561-313-5028; mywordsmith@bellsouth.net
###
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wordsmith communications
Margie Yansura
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561-313-5028
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