Yesterday I bought a 2010 Toyota Prius.
And yesterday I found out
the resale value of Honda Civic Hybrids is much less than expected.I picked up my new Honda Civic Hybrid at the dealer on January 2, 2009. My price was slightly over $22,000, delivered. I had been reading about how Hondas maintain their residual value better than other cars. That may be true of most Hondas, but definitely NOT true for the Hybrid models.
The first dealer I went to was the cousin of a friend in a Toyota dealership up in Nashua, NH. I got his name from my dear friends, Connie and Patrick - Pat's in my VFP chapter. I introduced myself to Mark to and told him a bit of what I knew about the Honda Hybrid problems, as well as what I knew about Hybrids in general. Mike called in one of his salesmen who is Hybrid expert, Ryan. (NOTE TO SELF - be sure to buy a good bottle of Holiday booze for both of these gentlemen.)
I talked with Ryan for a bit and told him what I was looking for: a 2010/2011 Prius, stage IV, no navigation system (I explained my feelings about GPS locators), heated leather seats and a sunroof. We took a 2010 Prius to a test drive for about 1/2 an hour. Naturally I was asking questions the whole time. Did you know that a few of the features in the navigation package include a CD changer, a kickass navigation system and a backup camera to see what's behind you when you're backing up?
When we got back to the office I said, alright I want a 2010/2011 Prius, navigation system, heated leather seats and a sunroof.
I told them my tradein was my 2008 Honda Civic Hybrid. Ryan and Mark huddled a bit and told me the cheapest option was to get a stage III Prius with a navigation system. His dealership has been doing business with an authorized regional service dealer in the Nashua area. He said he could have the interior upgraded to leather seats (heated in the front) and could install a Honda sunroof w/o the solar option. I said "Great!"
Bottom line: You remember that $22,000 less-than-two-years old Honda Civic Hybrid that I though would retain it's value? Mark offered me $13,000 for it in the trade in deal. My cost for the new Prius would be my Civic and $12,800.
I thanked both him and Ryan profusely and promised I would call him Saturday with my decision.
On my way back home I thought I would swing by the Bock Toyota dealership. Bock has both Honda and Toyota dealerships that sit side by side on the Auto Mile in Norwood, MA. So I went in and told them a) I'm a Bock customer and b) that I'm shopping for a new Prius and know exactly what I want.
I had hoped that I would receive some consideration for being a Bock customer but that was not to be the case. Bock Toyota, the one that sits right next to Bock Honda, offered me a $9,000 tradein on my less-than-two-years old $22,000 Civic Hybrid with 34,000 miles. Their price for the automobile minus a Honda sunroof was $14,800.
I spoke with a sales manger during these negotiations and expressed my anger and frustration about the low residual value of the Civic Hybrid. I pointed out that I was a member of the 'Bock family' and felt they should throw a bucks my way for being a Bock customer. They lowered my delivery price to $13,800. :wooptiefrickingdoo:
When I got home I called Mark to seal the deal. I'm picking this thing up next Wednesday.
So, if any of you are interested in a 2008 Honda Civic Hybrid in southern NH for a good price, PM me and I'll give you Mark's number.
I traded this thing because the gas mileage I had been getting (>45 MPH on the highway) was hovering in the high 30s for highway driving and low 30s around town after a May computer update. I have all the records of all the maintenance done at the Honda dealership. The car is somewhat smallish and should be an outstanding value for its next owner as I took a $9,000 depreciation hit for less than two years of ownership. I'm sure Mark would make it available at a good discount. The Civic has the obligatory VFP, IVAW and VVAW stickers on the side windows and the obligatory "War Is A Racket" bumper sticker underneath the license plate. Now that I've taken a major depreciation hit, you will be getting good value for your bucks.
Here's the
thread I had previously put up on EE.