RealMarty

I'd wait for the car you want. they'll be other cars in the future.

Why pay more than you planned for less car than you wanted...but realize that a similar certified car with NAV will cost more.

You may end up paying more than the $30k limit you set for yourself but you won't be kicking yourself for spending all that money and not getting what you want.

Whenever I do that I regret it. The conversation in my head goes something like "You dummy, Marty. You spent all that $$ for almost what you wanted and for a few $ more you could have had exactly what you wanted. Now, if you have to sell it to get what you wanted in the first place you'll end up spending much more than if you had stretched your budget and got it in the first place."

That's my .02

jberger

I'm not sure I'd wait around for a NAV car. There are so few of them it makes it hard to find a clean one in great shape.

Also, the CD-Rom based NAV just plain sucks. Sorry all you CDrom Nav owners, but it is SO SLOOOOOOO and clumsy, the DVD Rom units are a good deal faster, but an aftermarket unit would have several years of improvements and that's a ton in the technology game.

I've been shopping myself and the NAV cars are hard to find, especially a good one.

Find a nice, clean car and add your own nav, cheaper and better route.

As far as autions go, hey, you can save money, lots of money, but you will be at a greater risk than a CPO Purchase.

With the money you save, count on spending 2-3K getting the car back to perfect shape and buy an extended warranty to protect yourself from repairs.

You will probably still come out saving a few bucks, but this is an out of pocket expense which will affect your cashflow as opposed to financing all of this into your payments upfront. And that may be the deciding factor right there!

socalpat

Midnite,

I'm sorry to take so much room, but I gotta set the record straight. I work in the money business,(as does my father; and his father before him -- yeah we're working financial stiffs, pretty boring stuff). And my advice is worth what you paid, so no flames, please. So here goes:

Am I dumb, or has nobody caught this?

Midnite, I've seen several of your posts, and it appears that payment is an issue for you.

REMEMBER: With Certified Pre-Owned,(CPO):

1. CPO = 4.9% Lexus financing => up to 66 months.

2. 3 year warranty up to 100k on the odometer.

This rate is 18% better than the 6.0% Lexus NEW CAR financing, as of 01/09/02. It aint the 0% that "others" may be offering for new cars -- but trust me, you aren't going to get 0% for 66 months on ANY "decent" car -- much less, (dare I say), a USED car. The warranty up to 100K on the odometer for the next three years simply seals the deal.

BTW, if the car is not CPO, all bets are off. So ASK the dealer if it's CPO.

I bought my 1st Lexus, a '98 Silver GS400 w/ 13k miles, a year and a half ago, (STILL in love). Paid $37K. I financed through my credit union @ 7.9%, (best "used" car financing at the time -- I REALLY have a 790 FICO score). I financed a $25K loan.

Then last October, Citibank, (yeah my credit card), offered me a 3.9% balance transfer until the BALANCE IS PAID OFF. I transferred my remaining $17K @ 3.9%. I now owe $15.5K. If I feel like it, or if the economy isn't agreeable, I can pay the measly $350 minimum payment -- but I don't; (I HATE debt). This is a MUST for those with balance transfer options, and a credit line to match.

As for auctions:

We have a friend who is in the auto finance business who was willing to take us to the auction -- but we're talking $25k here. He reminded us "WYSIWYG" -- "What you see is what you get".

Perhaps test pilot and American great, Chuck Yeager, put it best -- "You don't wait for trouble"...

Now, as for my CPO experience:

Last weekend, my wife and I, (after I've caught her many times visiting Autotrader.com over the months -- it's been her car-jones...), bought a CPO IS300. It's pearl white, 14K miles, has all the goodies -- 17" alloys, leather, moonroof, 6 disc in-dash CD, SWEET RIDE -- every option 'cept heated seats, (SoCal). We traded in our 2000 Maxima SE,(I picked out this one) -- fully loaded, 24K miles, silver, leather, touring, 17", "meridian edition", Bose, every-freakin'-option car. I swallowed hard on the deal; as I was a 3 generation "Max" owner before my GS. But she was driving the 2000 Max. So we did the deal.

...and I still feel good about it.

We lost a measly 7 horsepower ,(222-Nissan vs 215 Lexus IS300); but gained an agile ride.

Our IS300 has 14K miles. So we have a 86K warranty for the next three years, (this is now the "Vegas-trip" car), luxury, performance, dependability -- and now, VALUE and SECURITY.

Put your CPO to work:

Ask a friend, (there's many on this board), to recommend a Lexus dealer in your area, and ask for the NAME of a Lexus TECHNICIAN.

Since I am a current Lexus owner, I've already established a relationship with a technician,(i.e. "mechanic"), at my dealership. I asked him to completely go through the car. He grabbed a CPO checklist from the service manager, and off he went. MY ADVICE -- ASK someone who uses the Lexus dealership in your area to recommend a TECHNICIAN -- NOT a SERVICE MANAGER,(unless that's all you have to go on). Service managers/reps are sales people, overall. A trustworthy service TECHNICIAN is worth their weight in gold. Get to know this guy and treat him with repect. Remember him during the holidays.

Finally, our technician COMPLETELY went through our CPO car -- new driver's door tensioner,(?), new headlight lens, NEW TIRES - recall -- score!, new floor mats,(negotiated), a complete detail, and a ES300 loaner for the day.

BTW, my dealer ALWAYS gives me a Lexus loaner when I have service on my car.

Oh, and we got a couple of coffee cups and two new Lexus ink pens... (okay -- so now you REALLY know what reeled us in).

Any questions?

Midnite, I wish I'd bought E Trade at $5 in September. It's now about $12. Get you CPO car before this deal goes away --

Class dismissed...

;-)

altaf

Midnite:

I posted a question earlier in the CL forum, asking if I should settle for a GS4 color other than the one I REALLY wanted: Unanimous response was NO!, and I completely agree.

If what you "really" want is a GS4 w/Navigation, then by all means hold off until you find one. I can tell you that I have come across a few GS4's w/navigation that were in excellent condition, but I want one w/o Nav, so I passed them up.

Like a few others have mentioned in their posts here, don't settle for what you don't want, cause a little while down the road, your going to still desire it. If you feel this GS is a true gem, then you can always get an aftermarket Nav. system installed.

As far as the price goes, I agree with JaxFL, offer $29k.

MidniteLexus

Hey..

socalpat, thanks for the intensive and detailed post. Isnt that financing so great? I hear its going to last 30 days. Hopefully, I'll find a car between now and then. AND YES! Becoming pals with a service writer (not manger!) will defintley work out towards your advantage. I know all of them (i worked with them!) but I already am good buds with one guy, hes really cool. Thats great advice to any new lexus owner!

Altaf, YES, i agree with you too. I want navigation, I'm going to wait for navigation. No other way to look at it.

They told me that their next auction is coming up in two weeks. SO, hopefully they'll find me a navigation car then.

Midnite

retrodrive

I got my car at an auction since I trust my judgement a 100%. Here is what I know. Leased cars usually look nice and new however they have probably been raped by a prev owner since he/she knew the car will go in 3 years anyway.

You need to make sure that auction is for normal cars only (no salvage alowed) and every car has a pink slip.

Your best bet is to go after bank cars (confiscated from an owner who could not pay). Those are generally cheaper and better condition.

Good luck.

socalpat

retrodrive,

I hate to dissent, but I must dissent...

Please forgive me.

It appears that you know more than most when it comes to cars -- consider yourself very lucky. But I'm not about to compare my skills to that of a Lexus certified technician.

What befuddles me, however, is the conundrum you've introduced whichs appears to be contrary to most common sense.

I must ask:

Q: What do you think people do to "normal" cars in order to have those cars sent to auction?

A. They don't make their payments.

Which also means they usually don't have the oil changed; they certainly don't have their scheduled maintenance; and I highly doubt that they give a crap about which grade of gas they use.

A leased car, when turned in, goes through an inspection from the dealership; as is generally required by the bank who guaranteed the lease.

As I stated in my earlier post, I work in the lending business. The collateral we are lending on, (the car in this case), is paramount to the deal. An inspection,(appraisal), when the collateral is bought or sold protects both parties in the transaction.

However, it's not a perfect world, and I suspect there are cars which slip through the cracks. Even those that have been, as you put it, "raped", by the owner.

It would seem that the 100,000 mile Certified Pre-Owned warranty is an inherent insurance policy against this type of risk.

But I'm sure this would not interest you, as you trust your "judgement" (sic)"100%". Unfortunately, in the auto business, it's not my judgment that I am most concerned with...

-- I'll get off my soapbox now.

;-)

zxlr8

I am selling my CPO 98 gs with nav....I, starting at 31,900. email me at jm1999@tritel.net.

MidniteLexus

zxlr8,

Why can't your Lexus with be WHITE or BLACK??? WHY??? Somebody tell me whyyy! lol

Oh well, i guess i just have to wait to the next auction my dealer goes to. (2 weeks) AGGHHHRGGHHRR!!!

Midnite

JohnnySC

Midnite.

Since you are from Michigan too, I thought I would let you know that Auto Europe in B"ham has a 98 GS400 for sale. It is white with 17's. I have a couple guys I know who work there. Let me know if you are interested and I can get some more info.

cyclemax

Hey Midnite

Are you selling the white 99? I may be interested.

BimmerLexus

I am in the car bizz...even at Lexus, Certified is up to the dealer. Certified used cars, sarted by Jaguar in the 80's is a hoax for dealers to make more money...sometimes Thousands! The cars are gone over and only what is needed to sell the car is done. They usually cut corners...cheap tires, they paint the calipers to look like they put new brakes on, etc...

If you have a conection to buy from an authorized auction, where Toyota motor credit sells there cars after leases...you can save thousands...

Joe

MidniteLexus

cyclemax, already have a friend that is willing to take over my payments. Thanks though! I'll definetly keep you in mind my friend.

JohnnySC, Are they open saturdays? I'm calling them tomorrow! (i hope it has nav!!!!!!!!!!!)

Midnite

retrodrive

That what forums are for

Nah, my skills are far less then a certified technitian's; however, when it comes to buying a car I would rather save quite a few grand (auction cars are really a lot cheaper if you know how to make the car look bad to other bidders) then just go out and buy the same car but more excpensive. I am a full time student and when I can get a deal I would go for it.

On the other hand when people who can hardly afford their car would baby one if they had it. If you ask any auction dealer they will tell you that the best cars you get are bank cars. That is just one of the statistics things.

I have never seen a Lexus broken after 3 years of use. (I've seen an M3 blown in 3 month ) Those cars start breaking when they are about 6 years old. Basically a car that had been driven really hard during the lease period would probably have more problems later in life (tranny, valves etc.)

You can get your car inspected by a dealer and buy a waranty. It still is going to be much cheaper then having dealer do all the job for you.

Cadd

How can I go to one of these Lexus auctions where they auction out end of lease vehicles? How about "bank" vehicles???? Where do you go for these auctions?