[Advice] Buy used hybrid in 2021, or sweat it out to 2022 to maybe get a new EV?

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Jun 3rd, 2021 11:02 am

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Jun 3rd, 2021 8:57 am

eatongirl [OP]: Jr. Member; Nov 28, 2007; 100 posts; 8 upvotes; London

Jun 3rd, 2021 8:57 am

[Advice] Buy used hybrid in 2021, or sweat it out to 2022 to maybe get a new EV?

Does anyone here have industry knowledge about how much the hot used market has inflated the prices for used hybrids?

Dying to get a car and have been waiting patiently through the pandemic to avoid paying insurance when we can't really drive anywhere anyway. Would love to get a 2018 Prius that's available but...we don't need the car urgently. It would be a shame, but we could wait it out for months or even another year before having to buy.

Used prices are elevated right now so it's giving me mixed feelings (in r/askcarsales people are showing black book values $6k more than January 2020! That plus the elevated tax is no joke). Especially since we are looking at used hybrids. What if in 2022 Ontario votes for the Liberals again, and we could have bought a new electric car and stacked the federal and provincial rebates (Ford gov't cancelled them but Libs would likely bring it back) to get a 100% new car for the same price as used right now? This is a HUGE purchase for us and while we have the money saved up, it is giving me a lot of anxiety.

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Jun 3rd, 2021 9:21 am

kr0zet: Deal Fanatic; Jan 16, 2011; 6116 posts; 7421 upvotes; The NORTH

Jun 3rd, 2021 9:21 am

eatongirl wrote: ↑ Does anyone here have industry knowledge about how much the hot used market has inflated the prices for used hybrids?

Dying to get a car and have been waiting patiently through the pandemic to avoid paying insurance when we can't really drive anywhere anyway. Would love to get a 2018 Prius that's available but...we don't need the car urgently. It would be a shame, but we could wait it out for months or even another year before having to buy.

What if in 2022 Ontario votes for the Liberals again, and we could have bought a new electric car and stacked the federal and provincial rebates (Ford gov't cancelled them but Libs would likely bring it back) to get a 100% new car for the same price as used right now?

What if, what if, what if... No one is going to be able to tell you who is going to win the next election or what their policies will be/when they will implement them. If you have the money and need now then buy your car. If you don't have the need now then you can play wait and see.

As for an insider, again, no one is going to share knowledge of the future with you... No one knows.

+1

Jun 3rd, 2021 9:25 am

eatongirl [OP]: Jr. Member; Nov 28, 2007; 100 posts; 8 upvotes; London

Jun 3rd, 2021 9:25 am

kr0zet wrote: ↑
As for an insider, again, no one is going to share knowledge of the future with you... No one knows.

Oh for sure, but someone in the industry could let me know if the markup on a used Prius in Jan 2021 was say, $2000 less vs. $8,000 less than it is now. It's one thing to pay an extra $2k plus the bumped up HST for the convenience of having a car RIGHT NOW but if it's closer to the latter, it would be worth it to me to wait.

Last edited by eatongirl on Jun 3rd, 2021 10:40 am, edited 1 time in total.

Jun 3rd, 2021 9:27 am

engineered: Deal Expert; Feb 11, 2007; 18960 posts; 21767 upvotes; GTA

Jun 3rd, 2021 9:27 am

Since it's not urgent, wait a year.

If the women don't find you handsome, they should at least find you handy.

+1

Jun 3rd, 2021 9:40 am

koffey: Deal Expert; Oct 6, 2010; 15437 posts; 10027 upvotes; Toronto

Jun 3rd, 2021 9:40 am

eatongirl wrote: ↑ Oh for sure, but someone in the industry could let me know if the markup on a used Prius in Jan 2020 was say, $2000 less vs. $8,000 less than it is now. It's one thing to pay an extra $2k plus the bumped up HST for the convenience of having a car RIGHT NOW but if it's closer to the latter, it would be worth it to me to wait.

Even if it was $2000 less, you ain't got a time machine and pricing doesn't typically trend down so the real question you should ask is that do you really want to get a used hybrid today or a new ev tomorrow.

DYI difficulty scale:
0-joke
10-no joke

+1

Jun 3rd, 2021 9:48 am

Rob_EV: Deal Fanatic; Sep 10, 2008; 9345 posts; 7549 upvotes; Kitchener

Jun 3rd, 2021 9:48 am

Hybrids and full EVs drive COMPLETLEY differently from each other. Take both for test drives because they're VERY different driving experiences.

As an example, a regular Prius and Prius Prime drive QUITE different. Test drive something like a Kona EV and it's hard not to spin the tires. Test drive a Model 3 and the amount of available motor power blows away expectations.

HIGHLY recommend if you're dead set on a hybrid, get a PHEV (Prius Prime, Chevy Volt, Chrysler Pacifica Hybrid, Hyundai Ioniq Plug-In) so you can utilize cheap electricity to run your car for daily commutes and on shorter trips (hybrids still run 100% on gasoline no matter what Toyota says about "self-charging hybrid electric vehicles").

+3

Jun 3rd, 2021 10:29 am

EP32k2: Deal Expert; Jan 15, 2006; 18405 posts; 17691 upvotes; Richmond Hill

Jun 3rd, 2021 10:29 am

eatongirl wrote: ↑ Oh for sure, but someone in the industry could let me know if the markup on a used Prius in Jan 2020 was say, $2000 less vs. $8,000 less than it is now. It's one thing to pay an extra $2k plus the bumped up HST for the convenience of having a car RIGHT NOW but if it's closer to the latter, it would be worth it to me to wait.

I don't understand the logic behind this. The market price is what it is, so does it really matter what it sold for 1.5 years ago?

+1

Jun 3rd, 2021 10:39 am

eatongirl [OP]: Jr. Member; Nov 28, 2007; 100 posts; 8 upvotes; London

Jun 3rd, 2021 10:39 am

EP32k2 wrote: ↑ I don't understand the logic behind this. The market price is what it is, so does it really matter what it sold for 1.5 years ago?

Sorry, being home literally all the time has messed with my mind, I meant Jan 2021.

Jun 3rd, 2021 10:46 am

bear20: Deal Addict; Jan 28, 2017; 1067 posts; 1181 upvotes

Jun 3rd, 2021 10:46 am

eatongirl wrote: ↑ Dying to get a car and have been waiting patiently through the pandemic to avoid paying insurance when we can't really drive anywhere anyway. Would love to get a 2018 Prius that's available but...we don't need the car urgently. It would be a shame, but we could wait it out for months or even another year before having to buy.

I think you answered your question. It is a need vs. want issue.

If you don't need a car now, then wait it out. If you do, buy now.

If you "want" a car and can afford to keep it parked on the driveway for most of the time, then get one now.

+2

Jun 3rd, 2021 10:56 am

EP32k2: Deal Expert; Jan 15, 2006; 18405 posts; 17691 upvotes; Richmond Hill

Jun 3rd, 2021 10:56 am

eatongirl wrote: ↑ Sorry, being home literally all the time has messed with my mind, I meant Jan 2021.

Still won't make a difference. Pricing is where it is. As others have said, buy the car if you need it now or wait till the used market settles once new car inventory improves hopefully by later this year.

+1

Jun 3rd, 2021 11:02 am

Guest032984237: Deal Fanatic; Mar 7, 2007; 5347 posts; 3002 upvotes

Jun 3rd, 2021 11:02 am

engineered wrote: ↑ Since it's not urgent, wait a year.

+1

Rule #1 of Red Flag Deals: save money.

Guiding principle for saving money with cars (and many other things): don't buy stuff that you don't actually need.

______________________________

+2

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