I need fresh eyes to look at this - CARS.

[SDSorority]

Hi all- I need some fresh eyes to look at this. We're trying to decide on if this is something worth pursuing.

My inlaws are purchasing two new cars. In doing so, they're planning to trade in their current cars to offset the cost of the downpayment. Instead, they have offered to trade their current (old) cars with our cars, and then they would trade in our cars in instead of theirs. In doing so, we would get their old cars.

So here's what we're dealing with.

Our current cars are a 2006 Toyota Sienna with 80K miles on it, and a 2004 Honda Accord with 116K miles. Their cars are a 2007 Honda CRV with 61K miles on it and a 2009 Toyota Prius with 57K miles on it. We would give them $$ so that they wouldn't 'lose' money by using our cars as trade-ins (since ours are a lower value due to their age). This isn't something they're asking for, but we would want to do it just because it seems like the right thing to do.

OK so here's my question. According to Kelley Blue Book, there's about a $5000 difference between the trade in values of my in-laws' cars vs. the trade in value of our own. Is it worth $5000 to do this car switcharoo?

 

[mrsklamc]

IMO, yes- assuming those are cars you WANT to own. $2,500/car for one major reduction in mileage and one minor one. Plus the gas savings on the Prius.

 

[ssawka]

I would just be worried about the Prius. What is the estimated life of the battery and how much is it to replace the battery?

 

[Crazy Hakim]

I would just be worried about the Prius. What is the estimated life of the battery and how much is it to replace the battery?

Consumer Reports put this issue to bed already:

http://www.consumerreports.org/cro/...n-how-does-the-toyota-prius-hold-up/index.htm

 

[SDSorority]

Consumer Reports put this issue to bed already:

http://www.consumerreports.org/cro/...n-how-does-the-toyota-prius-hold-up/index.htm

Battery wasn't anything I had thought of!! Thanks for that link, glad it's not an issue.

 

[scrapquitler]

Keep in mind that depending on the laws of your state, you may need to pay sales tax on the value of the 'new' vehicles when you register them in your name.

 

[bjgonzo]

How many kids do you have? While I would say go for it, having 4 kids makes our car choices fun. I went from an Odyssey to a Pilot and while I like the Pilot, I miss the ease of the sliding doors and room in the Odyssey.

 

[SDSorority]

How many kids do you have? While I would say go for it, having 4 kids makes our car choices fun. I went from an Odyssey to a Pilot and while I like the Pilot, I miss the ease of the sliding doors and room in the Odyssey.

None, just my hubby and myself. We only cart around musical instruments, groceries, and an occasional lawn chair and cooler . Not to say kids won't be in the future, just none right now.

 

[bjgonzo]

None, just my hubby and myself. We only cart around musical instruments, groceries, and an occasional lawn chair and cooler . Not to say kids won't be in the future, just none right now.

Then go for it!!!

 

[wiigirl]

Then go for it!!!

 

[Disneybuckeye]

I agree it sounds like a good idea. My other comment is the dealership may givce your parents a better deal since they would be paying more in cash.

 

[ceecee]

Then go for it!!!

That was my thought I went from a van to a CRV. 8 passengers down to 5 (tightly) the room was an adjustment. But now I LOVE my CRV, I would trade it in for a new one and give my 2009 to DD but I really don't like the new style. DH has a Camry Hybrid and loves it, but wants a Prius. We need to get one before next yr when DD starts college so she can have one of our old cars.

 

[tvguy]

Consumer Reports put this issue to bed already:

http://www.consumerreports.org/cro/...n-how-does-the-toyota-prius-hold-up/index.htm

Well, maybe. Get on Ebay, go to the car section, search under Prius, and see how many are for sale that are 5-10 years old that indicate they have a new hybrid battery. I have no idea WHY they have new batteries, but in the real world those batteries do need replacing sooner than CR seems to indicate.

 

[SDSorority]

Thanks for the advice, everybody! I think we're going to do it!

 

[crisi]

Well, maybe. Get on Ebay, go to the car section, search under Prius, and see how many are for sale that are 5-10 years old that indicate they have a new hybrid battery. I have no idea WHY they have new batteries, but in the real world those batteries do need replacing sooner than CR seems to indicate.

They may have also purchased an extended warranty that would transfer with ownership.

Due to the potential battery issues and the computer that the Prius basically turns into a brick without, mine has a ten year extended warranty on it.

I've had to for four and have changed the oil and put new brake pads on it.

 

[SplashMo]

Watch the prius seat. Not very comfortable and could cause some pain. Do you like the new cars better than the old ones?

 

[Viva Las Disney]

Unless you are having mechanical issues or don't like your current cars I don't see the benefit. If you had clunkers I'd say go for it but since both of your cars should get another 50,000+ miles before they lose reliability that's 4-5 more years at no cost. If you do the trade you are essentially buying a couple years for $5k, I just think that's too much.

I'll take a paid off car over a newer car I owe money on any day. Even if you can pay cash I think it'd do better invested and used to buy a newer car in 5+ years.

My other concern would be if you do the trade and one of the cars breaks down in a year, will that cause tension with your family? Personally I try to avoid any "business" with family, it's just not worth the risk of resentment if anything goes wrong.