Is buying a used honda insight a good buy?

Question

I have been researching the insight, 2000-20006 models, and all the used ones on the market seem WAY over their blue book and edmunds value. Most at least 4 thousand dollars over... is this because of the rising gas prices so they are in high demand (60-70 mpg..)? Or because thats what the cars are actually worth?

I feel like I would be over paying big time if I bought if off a private party for these kinds of prices..

Answer 1

The current prices for used hybrids are a consequence of two things:

- The price of gasoline

- The shortage of new hybrids--  Toyota and Honda can't keep up with demand.

It would not be a good decision to buy an Insight for that much over its book value.  Once Toyota and Honda ramps up their hybrid production lines (Honda in 2009 and Toyota in 2010), the cost of new hybrids will go down, the cost of used hybrids will go down, and you are left holding the bag on an old car that you paid too much for.

Answer 2

Buying a honda if that is what you want is a really good idea they do hold their value.  I had a 93 honda when i graduated high school we paid 2500 for it.  When I sold it there was over 170000 miles on it and got 2200 out of it.  But toyota is also a good reliable car as well,  I am loving the honda's though they are very good cars and can go and go like the energizer bunny. :)  Good luck.

Answer 3

I would not recommend buying a Honda because they are not reliable cars. You should buy a Toyota Corolla instead.