[JSH]

Originally Posted by Drifter

Market value and utility value rarely correlate on unpopularly aged vehicles (i.e. before they become "classic"). Unless you've got major rust/body issues or can only pay dealership labor rates for service, maintaining a quality older economy car almost always results in the lowest operating costs/total cost of ownership.

take a completely worn out 2005 prius. Let's say it was used as a taxi and has 500,000 miles and all the wear items are worn. You can install a rebuilt engine, new battery pack, low mileage inverter, all new suspension bushings/shocks, all new brakes, new tires, and swap in a complete junkyard interior from a nice higher trim - all for around $10,000. Add new/rebuilt air conditioning & a modern carplay/adroid auto radio and you're probably at $12,000 (paying an independent mechanic to do the work).

There is no way you could resell your almost entirely rebuilt 500,000 mile prius for $12,000. But you also could not buy a car for $12,000 that will be as cheap to operate over the next 5-10 years - especially when you factor in the higher insurance, registration, and depreciation on a newer car. So that rebuilt 500,000 mile prius has more than $12,000 worth of utility.

True but you would still be driving a 17 year old Prius. Not to mention that that $12K of work would need to be paid out of pocket while a different car can be financed at low rates. Also if that 2005 was totaled in a wreck you wouldn't get anywhere near $12K from the insurance company to replace it.

Most people would spend that money on something newer. Maybe something like these: