I recently purchased a PiP Base. I did a fun calculation this evening to see how the price of the base PiP compared to the regular Prius. I live in North California (Bay Area) and have a long commute. The calculations are specific to me but I think might apply to a lot of other folks out here. Feel free point out omissions, errors etc or if I am modeling this incorrectly. This is mostly a fun exercise so I have not put a lot of time or thought into the calculations. Purchase price 31,500.00 Tax + fees 2,835.00 @ approx 9% of purchase price Toyota rebate (500.00) Price paid at dealership 33,835.00 Federal rebate (2,500.00) California rebate (1,500.00) Cost after rebates 29,835.00 Savings from 0% financing (1,350.00) The regular Prius does not have 0% financing. I assumed the cheapest loan one could have gotten on a 5 year term is 1.9%. I calculated NPV of the savings when reinvesting the saving at 3% interest and 25% tax rate. This is hairy stuff for a non-finance guy like me so I might be off here but hopefully not by a lot. Final cost 28,485.00 Economic value of Carpool lane stickers (3,000.00) I used to spend ~$100 a month in FastTrak when taking express lanes. I save that money now. Plus, there are 'non-express' carpool lanes in my commute that I couldn’t previously take, which save me time. I approximate the current value of FastTrak savings plus my time for the next 27 months. This is a pure guesstimate since it is hard to put an $ amount to the 30 mts I save everyday from using carpool. Value of the PiP to me 25,485.00 So the price paid for the PiP is working out to roughly what I would have paid for the regular Prius 2 over a 5 year period. Note that this is not really a total cost of ownership calculation since I leave out depreciation, insurance, gas costs, money spent on repairs etc. For simplicity, I assumed all of these to be similar between the two Prii. I took time/money savings from HoV access into account as it was a big one for me just like several other CA drivers here.
I nearly leased a NON PiP(three model) on the 28th of july, then august the lease special came out....so glad i waited as the PiP only cost me $240 dollars more then the NON PiP all things equal. Really was lucky that Toyota started their incentives on these. I think many more people will go the PiP route since the cost is so close and on many states cheaper! Congrats OP! Dan
Yes, good calculation and details, I agree, it makes sense to go for PiP. But you know I only thought about PiP after I almost bought regular Prius. Its that little research that helps to change your decision. We try to block thinking about higher end car models , just to not develop temptation while buying, but sometime you hit a gold pot like this for free at the cost of base Prius!.
Looks pretty inclusive and accurate for me. However the "Federal rebate (2,500.00)" is not a rebate, it is a Federal Tax Credit, and is a big variable depending on your AMT, whether the car is for personal or business use etc... It is not a direct $2500 Rebate Check mailed to you as California does with the $1500. Federal Tax Credits for Plug-in Hybrids Purchased in or after 2010 You could also factor in the savings of using in EV mode vs. HV only which a regular Prius would restrict you to. I also have a long daily commute to the San Diego Area, 99.6 RT of which I am able to use about 25 - 28 miles in EV mode as I have some downhills to Regen and am able to fully recharge at work. On the weekends if it's just around town stuff it is almost 70% EV usage and an extra 110V plug in on Saturday and/or Sunday afternoon at the on peak electric rate if I think I can use it again in EV that day. Off peak usage of 110V from SCE (Southern California Edison) is about 12 cents/KWH maybe similar in the Bay area so figure roughly 50 cents for an EV fill up if you do it (off peak) and a little higher for (on peak). Doesn't sound like much, but over 5 years it would be substantial. Vs. Regular Prius the PIP's get another year of Toyota Care Roadside service if that's worth anything... LOL BTW Most people overlook the fairly descent Alloy wheels we get on the PIP's. The similar one for the regular Prius is about an $1800 upgrade over the hub cap from the factory.
Good to know Alloy wheels are freebie which run 1800$ in PiP. But if we replace them with simple basic version, Is there some mileage improvement ?
Federal rebate (2,500.00) Does anyone know if the fed rebate is still available? I seem to be getting a mixed message. My accountant does not know for sure. The fed site - Federal Tax Credits for Plug-in Hybrids Purchased in or after 2010 - under Phase Out and Termination makes it look like it has ended in 2011.
That older program has expired, but there is a newer one still in effect. See Qualified Vehicles Acquired after 12-31-2009
Good numbers. Most states cannot take the $3000 value for HOV, but they have cheaper electric than CA so non-CA users would have a fuel $$ savings I am thinking in the range of $500/yr. A few states have better rebates than CA, some not as good. I am pragmatic so I like tax credits too, but on the skeptics side, you are talking $7000 in gov't incentives plus $2000 in Toyota credits to make the deal look good. But if I were you, I'd do it too.
