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Originally Posted by brick
I see only one economic benefit to waiting, which is that it is certainly cheaper for you to hang on to your Volvo until it turns to dust (up to a point). Since it's paid off and well depreciated your only real expenses are putting fuel in it, insuring it, and repairing it. My wager is that it would only be more expensive than a new Prius if it is in horrendous shape with parts falling off of it daily (which I doubt). That might mean more time to save up cash for a larger down payment.
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Another thing to think about, if you plan on waiting a year or so and not running your car into the ground, you'll probably want to sell it. At that point there will be many more hybrid's on the road so the inital hybrid cost will come down like with all technology, however at this point no one will want a regular gas vehicle and any value that might have been retained for the Volvo will become of low worth. For example, " why would I buy a used Volvo when I can buy a used hybrid that gets great fuel mileage and good for the environment".