Skully89

Hey everyone, I am new to this forum. Hope everyone is well...I need some advice.....

I currently have a 2008 RX350 AWD with 64,200 miles on it...I own ruffly
$29K, my question is should I go ahead and try to get rid of it before I get say 75K miles and own $25K on it....it's just me and my fiancee` and our 2 dogs...she's in med school so there's no kids in the future for right now.

Joeb427

iTrader: (1)

The problem you have is an '08 RX AWD retails for $26K- $27K at Lexus dealers in my area with a lot less mileage.Tough getting $29K for your RX..
If you trade you're upside down at least $8K.

Skully89

to be honest I given quotes over the phone of $27500-$28000 for trade in-there's really not that many RXs floating around our area. Just trying to figure out if I should jump ship or keep it.

Joeb427

iTrader: (1)

If you can get that crazy amount of money...trade it in NOW!
Ridiculous amount for an '08.Phone $$$ and when you get there showroom $$$ may change drastically.
Here's an '08 RX AWD at a Lexus dealer near me with the same mileage as you have and it's $25900 and I can probably buy it for easily $23.5K.Dealer probably paid $20K or less trade in.


http://www.autotrader.com/fyc/vdp.js...standard=false

bitkahuna

iTrader: (20)

own = owe?

anyway, if your intent it to get another car, then you will not save money trading it in.

so are you wanting to trade so you can get something else? if you owe 29k and trade it for 28k you'll have to come up with 1k plus money down on the next vehicle. if you're considering just selling it to get out of debt, good move.

edit: couldn't help noticing your occupation says 'finance'

mmarshall

Not necessarily. Right now, dealerships are hunting for good, well-maintained used cars, and are often giving good trade-ins for them....even with discounted prices on new cars. Getting all the paperwork, taxes, and license-plate-requirements done properly is often a whole lot easier at a dealership, too, and you don't have to worry about carjackers on a test-drive.

mmarshall

As a brand-new poster, welcome to CL and CAR CHAT, Skully89.....we're glad to have you.

Joeb427

iTrader: (1)

I usually trade in vehicles unless someone I know wants it.
Not worth the hassle selling on my own.Also get a sales tax benefit with the trade in which can be a couple of thousand dollars.

spwolf

currently Lexus has problems with producing enough RX's due to the Japan's tsunami... which means used ones are in high demand.

And their SUVs are last to recover due to some rollover electronics whose makers factory was destroyed.

I suggest that you sell it if you want, as you wont be getting that good price in few months from now!

caddyowner

Not all states get that sales tax benefit. Here in Michigan we get to pay tax on the full selling price of the vehicle. Dealers may write up the paperwork reflecting a lower trade-in value and lower price for the new car, which saves a few 10s of dollars, but they can't make a large chunk of the sales tax just go away.

Skully89

Thanks everyone for their help...I am just at a cross-roads on what I want to do...I really do love a Lexus even if I got rid of it I would want to get an IS but with that being said the negative equity in the RX would then add up onto the IS unless I wanted to put the money down...btw the what do most people use to get their trade in value? KBB? NADA?

Joeb427

iTrader: (1)

True.
In SC,you only pay a cap of $300 in sales tax.
In Jersey, a $25K trade in is a $1750 sales tax savings.

lamar411

If you can get the offer they gave you on the phone for the RX and then buy a new car without being screwed, do it.

caddyowner

I've used KBB for years for a rough idea. Be willing to visit multiple dealerships as the amount offered for your trade in can vary by a few thousand. I saw an article in Automotive News that more dealers are keeping their trade-ins to sell rather than sending them to auction.