Have car prices changed at all?

[disneysteve]

We bought a 2-year-old Toyota Sienna last week for a little over $22,000.

In cleaning out my files from the old Sienna, I found that we bought that in September 2002 also 2 years old for just under $21,000.

I was really struck by the fact that 11 years later, we were able to get a similar model (Sienna LE) for less than $2,000 more. In fact, it's actually a much nicer vehicle because even though they are both LEs, the one we just got has far more features like a DVD player, Bluetooth, ABS, traction control, fold down rear seats, side curtain airbags, and more. When you factor that in, the 2011 model isn't any more expensive than the 2000 model was. Had all of those options been available back then, the price tag surely would have been higher.

Is our experience an anomaly or have car prices really not changed all that much in the past 10-15 years?

[bjl584]

I think your experience is a combination of factors culminating in a anomaly. I'm sure factors such as supply and demand, geographical area, time of the month the cars were bought, and negotiating skills all played into this.

You're looking at used cars. I know for a fact that new car prices have gone WAY up the past 10 to 15 years. Maybe used cars haven't gone up as much. But, I'm thinking that your experience is sort of unique.

[JoeP]

Could also be that the number and variety of used minivans available today is greater than it was 11 years ago. I recall them being pretty hot items at least 6 years ago. With crossovers gaining popularity, it might be that minivan demand is simply less now, so for recent used minivans, they might not hold their value as well today.

What is the new car price for both?

[greenskeeper]

can't compare used cars purchased the same day let alone a decade apart. Too many variables.

The average price of a new car has been steadily marching upwards year after year.

[disneysteve]

All good points. It just seems odd that a 2-year-old Sienna LE with 35,000 miles in 2013 was nearly the same price as a 2-year-old Sienna LE with 35,000 miles in 2002. And this particular vehicle wasn't underpriced. We were shopping around for a month or two and this price was consistent with what we were finding everywhere we looked. That is the going rate for these vehicles.

JoeP I have no idea how much the new ones are. We don't buy new.

[bjl584]

All good points. It just seems odd that a 2-year-old Sienna LE with 35,000 miles in 2013 was nearly the same price as a 2-year-old Sienna LE with 35,000 miles in 2002. And this particular vehicle wasn't underpriced. We were shopping around for a month or two and this price was consistent with what we were finding everywhere we looked. That is the going rate for these vehicles.

JoeP I have no idea how much the new ones are. We don't buy new.

I believe that the popularity of mini vans have been waning in recent years as more people are buying SUVs and Crossovers. I'm sure that plays a huge role in the pricing that you experienced.

FYI: A brand new 2013 Toyota Sienna starts at $26,000 and is $41,000 fully loaded.

[JoeP]

One data point:
2000 Toyota Sienna LE: $25k (source)
2011 Toyota Sienna LE: $26k-$35k depending on options (source)

I guess I could have looked it up

I don't follow Toyota, but it looks like they broadened the "LE" designation quite a bit. It is hard to judge where your 2000 maps against the 2011s since things change so much even year to year.

[disneysteve]

One data point:
2000 Toyota Sienna LE: $25k (source)
2011 Toyota Sienna LE: $26k-$35k depending on options (source)

I guess I could have looked it up

I don't follow Toyota, but it looks like they broadened the "LE" designation quite a bit. It is hard to judge where your 2000 maps against the 2011s since things change so much even year to year.

Interesting. Our 2011 has a V6 so it was at least 29K based on that site.

[HappySaver]

It's funny that you created this thread because I was recently wondering the same thing!

We just replaced our 2004 Toyota Prius with a 2013 Toyota Prius. Both purchased new. After state taxes, etc., the final total was around $24k in 2004 and $28k in 2013. BUT, the 2004 model was base, and this time we upgraded the 2013 model to a package worth between $3k - $4k over the base model (leather, power seats, back up camera, navigation, etc.).

It's a much more luxurious car with a great deal of improvements and technological advancements, and I don't feel the price has really gone up much, if at all. I agree that car prices (at least Toyotas?) don't seem to have risen much in the last decade.

[HappySaver]

One interesting caveat:
When we purchased the 2004 we paid MSRP. At the time, you couldn't buy a Prius for less.
For 2013, there was a significant ($2k-ish) discount off MSRP.
So I guess I should amend to say that dealer prices on paper have indeed gone up, but real-world prices have not.
A reflection of the current economy? Toyota also offered 0% financing in 2013, something they did not do in 2004.

[disneysteve]

It's funny that you created this thread because I was recently wondering the same thing!

We just replaced our 2004 Toyota Prius with a 2013 Toyota Prius. Both purchased new. After state taxes, etc., the final total was around $24k in 2004 and $28k in 2013. BUT, the 2004 model was base, and this time we upgraded the 2013 model to a package worth between $3k - $4k over the base model (leather, power seats, back up camera, navigation, etc.).

It's a much more luxurious car with a great deal of improvements and technological advancements, and I don't feel the price has really gone up much, if at all. I agree that car prices (at least Toyotas?) don't seem to have risen much in the last decade.

dealer prices on paper have indeed gone up, but real-world prices have not.

Thanks for sharing this. It pretty much confirms our experience. Between better incentives, better financing, and upgraded vehicles, when you really compare the prices are virtually the same. Our new van easily has 2-3 thousand in options that our old van didn't have. When you factor that in, it is actually probably cheaper than the 2000 model.

[debtfreeme]

Car Prices

I recently purchased a Toyota Prius.

But my previous car was a 2002 Hyundai Elantra GT purchased in fall 2001. I paid just under 13k for it brand new. I went to test drive and talked rough numbers with a sales guy for the same car because I it ran well and I never had any problems with it and was surprised to find out the same car as a 2013 was 19k now. I say the prices have gone up considerably!