Some drivers fed up with high fuel prices are so anxious to dump their gas guzzler for a more fuel efficient vehicle that they’re willing to pay a premium for a used Toyota Prius rather than waiting for a new one. Because demand for new Prius hatchbacks is so strong, there are long delivery delays at most dealers. Unwilling to wait, many consumers are paying over MSRP for a second-hand Prius.
According to data released by the Power Information Network, the average used Prius with 8,000 miles on the odometer is selling for $1,300 over the suggested retail price of a new one. What’s more, even a Prius with 22,000 miles sells for just $276 less than a brand new one.
So how much time are consumers saving by going used? Well, the waiting list for a Prius doesn’t exactly compare to the 18 month wait for a new Audi R8 , but most shoppers can expect a two month delay, minimum.
What makes this situation particularly unique is the Prius isn’t an all-new model — it has been on the market for five years in its current form. Usually, shortages happen when demand balloons right after a new model debuts. But in this case, a rapid increase in gas prices is the motivating factor.
