Used Prius Hybrids Fetching Higher Prices than New Ones

Hold on a second. Can we be hearing this right? You can go down to your local Toyota retailer and buy a new Prius for less money than a used one? Well yes, if you can find a new one.

Oddly enough, Prius buyers find themselves in a similar predicament to Ferrari customers, but for diametrically opposed sentiments. Where prospective Ferrari owners have been known to pay more for pre-owned examples than for new when buying into the world’s ultimate performance-oriented brand, a marque that’s only just starting to consider the implications of its environmental footprint by testing hybrid technologies for adaptation to its supercars, used Prius models are going for more money than new ones, making this vehicle whose performance is measured in fuel economy savings and emissions reductions, arguably the poster child of the entire green movement, a true anomaly in the used car market.

It appears our high fuel prices have been pushing Prius sales through Toyota dealers’ rooftops, with an average time spent on the lot shortened from fifteen days last year to only five, currently. That’s barely enough time to get it off the truck, prep it and send it out the door. In the US, a new Prius sells for $26,672, destination charges included, but due to a shortage of supply a pre-owned version showing less than 10,000 miles on the odometer is fetching a whopping $27,945. Should Toyota consider increasing its pricing? As incredible, according to NextAuto, the publication that broke the story, “a 2007 model with 22,000 miles will only save you $276 compared to the price of a shiny new 2008.”

So when you’re negotiating the lease on your all-new 2008 Prius, make sure to factor in an appreciation rate instead of the usual depreciation rate. Even though Toyota has increased production to hopefully meet the market need, it’ll be a while before supply of the fast-moving fuel miser increases beyond demand.