Considering Model 3 or Prius prime limited

[jindala]

Hi,
I currently have 2017 prime limited and was thinking of swapping with 2020 limited, overall after tax rebate, I need to spend 5k out of pocket. Then I thought that I should also consider Model 3, as I already have solar and will have more production than usage, so probably with model 3 I will have least expense. Since model 3 base model itself is coming to 39k+tax, so it will be about 43k-3k (Fed and CT rebate), so about 40k, where as 2020 prime limited is about 30k-4.5k=25.5k. So it is about 15k difference.

I completely understand that I am comparing apples and oranges, but I want to see that if I could find that after 5 years what would be my resale value of Prime vs Model 3, that would help my case forward at home ..

Hope someone has gone thought this before me and looking for some advice.

Thanks

 

[skydreamerjae]

Hi,
I currently have 2017 prime limited and was thinking of swapping with 2020 limited, overall after tax rebate, I need to spend 5k out of pocket. Then I thought that I should also consider Model 3, as I already have solar and will have more production than usage, so probably with model 3 I will have least expense. Since model 3 base model itself is coming to 39k+tax, so it will be about 43k-3k (Fed and CT rebate), so about 40k, where as 2020 prime limited is about 30k-4.5k=25.5k. So it is about 15k difference.

I completely understand that I am comparing apples and oranges, but I want to see that if I could find that after 5 years what would be my resale value of Prime vs Model 3, that would help my case forward at home ..

Hope someone has gone thought this before me and looking for some advice.

Thanks

I feel like you already know the answer to your question. I'm sure the resale value for Model 3 would be better than a Prime. Soooooo my two cents: get a Model 3. I think you subconsciously came here to be convinced to get a Model 3

 

[dandrewk]

1. Get the Model 3
2. Don't look back
3. But then, it will never occur to you to look back.

 

[TW14 9LF]

I'm guessing from your message that you may be trying to convince a significant other that this is the right financial decision to make. I had the same issue, made worse because my keeper of the checkbook is a CPA. How did I solve it? I took her to dinner at a place where I knew there was a Tesla dealer nearby. "Hey, honey, while we're here, let's stop and look at the Teslas". We sat in one. They let us drive it. And she said yes. And I'm so happy I'm driving a Tesla and not a Bolt or a Prius or a <insert name here>.

Keith

 

[TMThree]

The battery design in the Prius is a joke. Who wants a car with such massive degradation? After a few years, the only value remaining in them is the resale value of the battery pack.

 

[huangm777]

My previous car was a 2017 Prius Prime Advanced, fully loaded with all the options. I just sold it due to unforeseen circumstances, and it barely retained 60% of its original value. It had some curb rash on the hubcaps and some paint scratches near the wheel wells, but was otherwise in great shape. But for a $33k car from early 2017, it only sold for $19k, and they were being generous. I probably could have sold it privately, but I had to get rid of it quickly so I sold it to a third party dealer.

In other words, a Prime's resale value isn't great, even if it's in good shape. So my next car will be a Model 3 SR+. It really helps though that having a Prius Prime (and, before, a Prius Plug-in Hybrid) has acclimated me to a lot of electric car habits (for instance, I already have a charger at home, and I know about regenerative braking). But it seems that Teslas hold their resale value much more.

 

[pookgai]

I actually feel pretty well qualified to answer this questions as I have a 2018 Prius Prime and just picked up a 2020 LR AWD as a replacement to my Civic Type R. First of all, why waste your money to upgrade from 2017 to a 2020? They're literally the same car except you get Apple Carplay, a seat in the middle of the 2nd room and sliding front sun shades. If none of those things matter to you, save your 5k.

The Prius will always make more sense financially. My Advance trim model was 35k MSRP, negotiated $2.5k off, $5000 toyota cash incentive, $4500 federal tax incentive, $1100 NY state incentive. So about $22k before taxes and It was a steal IMO. Tesla offered me $24k for it. Even after driving it for a few more years, I think I will lose very little money. Dont listen to the people above me talking smack about the prime's battery, Prius' are famous for their reliability.

A model 3 on the other hand, you will probably lose around 10-15k in depreciation after 3 years. It is definitely a luxury product and never save you money vs a Prius Prime in the long run. Basically, if you want a Model 3 and can afford it then get it. The Model 3 destroys the Prime in every way. But if costs is more important, stick to your prime.

 

[George75]

I don't understand how a Prius could be an option vs a Tesla? There in two very different categories. I'm sure a Prius is great as a appliance that gets you from A to B. Tesla does the same only a whole lot faster and you get there grinning. Don't get me wrong Toyota make some of the best vehicles out there I just equate (not offense intended at all Prius owners) Prius with painfully slow cars and Tesla's with performance.

 

[skydreamerjae]

LOL @pookgai, that name.

 

[dandrewk]

I'm guessing from your message that you may be trying to convince a significant other that this is the right financial decision to make. I had the same issue, made worse because my keeper of the checkbook is a CPA. How did I solve it? I took her to dinner at a place where I knew there was a Tesla dealer nearby. "Hey, honey, while we're here, let's stop and look at the Teslas". We sat in one. They let us drive it. And she said yes. And I'm so happy I'm driving a Tesla and not a Bolt or a Prius or a <insert name here>.

Keith

You succeeded where many have tried and failed. You, sir, possess the wisdom of Solomon! Congrats and enjoy your prize!

 

[jindala]

Thanks everyone, my other half is also a CPA .
I am trying to upgrade to 2020 because a) I want apple carplay, we don't use the maps on Prius and use Waze. 2) I have 44k miles on my car, I am getting 21k in trade in to new prius prime limited (30k), the difference is 9k, but then I will get back 4.5k in tax credit and $500 from state, so in turn I will only spend 4k-5k (If I include tax and doc fee etc) to get the newer model.

Now if I get Model 3, then my out of pocket will be
43k for SR+ - 23k(selling to private party as tesla is only offering 18.5k)=20k+tax=21.2-3.2k(state and federal incentives)=18k so it is about 13k more than what I was planning. So if I assume that I will spend $600/year for gas for next 5 years and for electricity is free as I may have surplus solar (extreme scenario), then also I am paying 10k more.

Now if after 5 years with 75k miles I am able to sell Model 3 say for 20k, and Prius Prime for 15k, then buying Prius will be good, but if my Model 3 is going to hold the value upto 30k, then probably a better buy.

 

[jindala]

I don't understand how a Prius could be an option vs a Tesla? There in two very different categories. I'm sure a Prius is great as a appliance that gets you from A to B. Tesla does the same only a whole lot faster and you get there grinning. Don't get me wrong Toyota make some of the best vehicles out there I just equate (not offense intended at all Prius owners) Prius with painfully slow cars and Tesla's with performance.

I agree, that is why I said that I am comparing apples to oranges. Again this is not a compare of features, I am trying to understand that when people say the Model 3 will hold its value, and I am trying to understand how much? Also I am only comparing base model, there are three more add on items, which I am not considering as of now. If I go for Model 3, do I see at some point will I add FSD? (probably yes)

Also I was about to sign the paperwork for Toyota after all the calculations, but I had to pick my son from the class and I told the dealer that I will come in couple of days, and then I read about resale of Model 3.. It all started..

 

[Nevers46]

Ordering a Tesla is easy. I mentioned to my wife at some point I would like one some day. Then spend the next couple weeks looking more into them. Then one morning I order it with Apple Pay from my phone. Then one day a couple weeks later I told my wife I ordered on. Had a spread sheet to show that it made financial sense. Driving a Tesla is like nothing else. Get the Tesla and then ask for forgiveness later!

 

[mreynolds767]

On solely financial I believe the Prius is going to win out and if that is truly all you care about I am not sure a Tesla is right for you
On everything else the Telsa wins easily

 

[Evergreeen]

Prius jumped the shark on its exterior design

 

[Voltron_M3]

Like @pookgai I have a 2018 Prius Prime Advanced along with my 2019 SR+ (replaced a BMW i3).

We basically use the Prime for weekend outings and road trips from Las Vegas to Southern California. Here are my pros for the Prius. 1) The Prime gets anywhere from 32-35 miles on a full charge. That's enough for any amount of driving in a single day around town. 2) Since we have Disney Annual Passes we try to make a trip once a month. I can get right around 600 miles on a full tank which gets me from Vegas to Anaheim and almost halfway back depending on how I drive. Gassing up takes minutes which is great. Especially true since I have a restless 5 year old in the back.

Cons of the prime. 1) Resale value. I also wanted to upgrade to a 20 for the CarPlay for my wife and the rear bench seat. The price of the car was 32k. My trade in value was 21k less than a year later. 2) The charging speed. It takes 3 hours to fully charge on my level 2 chargepoint.

If you really don't need the range of the Model 3 I say stick with the Prius. If you can charge at home every night the 30ish miles you can get should be fine if your daily commute is within that range. At one point when we still had our 18 Forester along with the Prius I went 6 months on the same tank of gas.

The 13k in savings between the two cars is pretty significant. It is to me at least.

Financially I would go with the Prime. In the end I think you will be happy with either car. Just for two very different reasons.

And just because here's a photo of both.

 

[sreams]

Hi,
I currently have 2017 prime limited and was thinking of swapping with 2020 limited, overall after tax rebate, I need to spend 5k out of pocket. Then I thought that I should also consider Model 3, as I already have solar and will have more production than usage, so probably with model 3 I will have least expense. Since model 3 base model itself is coming to 39k+tax, so it will be about 43k-3k (Fed and CT rebate), so about 40k, where as 2020 prime limited is about 30k-4.5k=25.5k. So it is about 15k difference.

I completely understand that I am comparing apples and oranges, but I want to see that if I could find that after 5 years what would be my resale value of Prime vs Model 3, that would help my case forward at home ..

Hope someone has gone thought this before me and looking for some advice.

Thanks

I believe the (real) base model of the Model 3 (SR, not SR+) is actually around $35,450 before tax. You just need to ask for it in person.

 

[arghx7]

$13k for all the benefits of a Tesla but $5k just for Apple Carplay so you can look at Apple maps? My wife has Apple Carplay on her Mustang. It's nice to have, but do you really want to spend that much money for just for that?

Stick with the current Prius if money is the main concern. Go do a test drive with your wife on the Tesla. Don't get the new Prius unless you really really want Carplay.

 

[dandrewk]

FWIW, most owners seem happy with Tesla's navigation. It's not Waze, but it's on par with Apple/Google maps. Planning long trips, it's very useful to have current Superchargers factored into the navigation. It's also handy to have current availability and charge wattage at the Superchargers along the route.

I have CarPlay on our Bolt. I will miss it, as it fits perfectly within the Apple ecosystem. But it's not a game changer, at least for us.

 

[huangm777]

$13k for all the benefits of a Tesla but $5k just for Apple Carplay so you can look at Apple maps? My wife has Apple Carplay on her Mustang. It's nice to have, but do you really want to spend that much money for just for that?

Stick with the current Prius if money is the main concern. Go do a test drive with your wife on the Tesla. Don't get the new Prius unless you really really want Carplay.

I remember glancing at the 2019/2020 Prime some time ago, long before I was considering a Tesla. The only meaningful change is a tiny middle seat in the back and the CarPlay integration, which was hardly worth the money for a new car. The 2017 Prime was a giant leap from the original Prius Plugin (which is what I had before), but it hasn't fundamentally evolved since then.

It's actually a nice car for the price, with a lot of good tech in its Advanced trim. Its ~30 mile EV range was not quite enough to cover my 42 mile commute, though, and I'll be happy to exchange it for a SR+.