CalvinC

Hi all,
I need alittle help in deciding what to do.
Im in a position to take over a 2006 GS430/Non-Navi.
It has 7000 miles on it. Had a slight fender bender on right back door.
Was fixed at Lexus and you cannot tell it had ever been in an accident. They had replaced the whole door.

The payoff is $32,000. But we can just take over remaining 48 payments at $835. The total payments will be $40,080. Thats $8,080 in interest for the next 4 years. Im wondering if it is worth it. Its my in-laws car. They dont drive it much. It has 2 scratched rims from riding the curb. Besides that and the previous fender bender on the door which you cant tell at all. Even Lexus cant tell. Lexus was willing to give me $35,000 for the car as a trade-in. Maybe $36,500 at most if I pickup a 2007 lexus. I did disclose the accident to them too. They said they cant tell. hehe. They better not cuz it was them who had it fixed. They sent it out to someone to do it.
Anyway, im seriously considering it, but the no navi is bugging me out. I dont see how I can put a OEM navi in there. Ive looked and looked. Found a few info, but basically would cost me 10k or so to do it. And I havent even found another navi without using a portable one. I cant just rip out the multi.display since a/c climate...etc is tied into the multi.display.

I was thinking about taking it over, then hopefully sell it for a quick 40k.
Use the 8k for down payment on a new one. My wife wont allow us to buy used vehicles. )C= She had bad experence once. But a new one might be too expensive for us since we just had twins (C=.
Any ideas or suggestions? any insight/advice would be appreciated.


Thanks in advance,
Calvin

bobbyt01nc

Alright Calvin...you threw a lot out there..how about this unofficial .02
Work backwards...what are your inlaws going to sell the car to you for?? 32K? 35K?
the interest looks high to pay 8K for 4 years...how's your credit?
if she doesn't want a used car and you want a nav and the pricing is not working out then a lexus for $40K may not be in the cards....so then why take over the inlaws car? get a TL new for the same amt of $$35s with a great nav system. otherwise, take a great deal for low 30's on an awesome car and be happy....good luck

HotShotEng

I have a lot of experience buying car's. Let me give you some info that may help you in your decision making. First of all, according to the Kelly Blue Book, the trade-in value that you should get for a used 06 GS430 with no nav and only 7000 miles on it is $40,550 in excellent condition and $38,535 in good condition. So the dealer's offer of around $35,500 in my opinion is low. Having said that, a new '07 GS350 RWD with nav package (nav package MSRP cost $4,132) has a total MSRP cost of $49,047. I ran some calculations on what the dealer's actual cost (actual cost = invoice cost - factory hold back) is on the '07 GS350 RWD car and that came to $38,620 (which does not include the destination charge of $765). Using the dealer's actual cost of $38,620 as a bases and factoring in a 3% to 5% profit margin for the dealer (5% is the maximum profit margin I would go to) the negotiated price came to $39,778 @ 3% and $40,551 @ 5% (need to add DC of $765 to these totals). So now you have a basis for determining if you want to 1) take over the existing payments or 2) trade in the car and buy an '07 GS350 w/nav. If you can get around $38,000 trade-in for the GS430 and your FICO is around 720 - 750 (credit score) it would behoove you IMO to go with the '07 GS350 (more HP and w/ nav).

Good luck in which ever decision you make.

safricags

wow, nice response.

CalvinC

Thanks all for your response.
bobby, I have a choice of taking over their existing payment which is $835/month for 48month or just pay the payoff amount of $32,000. My credit is ok. Not great. They didnt get a good rate when they first got the car.
So in actually, if I had the cash, the car is costing me only $32,000. But since I would be taking over payments instead, it actually costing me $40,080 after 48 months.
I hope that was abit clearer.

HotShot, the 2007 gs350 has more horse then the 2006 gs430?
Calvin

lexus4dfw

Calvin,

Take the car for 32k, that is a super price. I would pass on that payment. I'll give you 33k and you can make a 1k

CalvinC

Hi,
lexus4dfw, yeah, $32,000 is a good deal for a 2006 GS430 w/7,000 miles.
Unfortunatly, I do not have the cash to pay off the whole loan so I would just be taking over the remaining payments totaling $40,080. I think its still ok. If I bought a used 2006 gs350 for 40k right now, id have to get financing and pay tax which may end up totaling 46k or more. The only thing bothering me is the no navi.
Anyone know if there is an aftermarket option for a navi besides one of those tomtoms? It would be great if I can pull out the existing info lcd screen and install a new lcd screen with video input for navi as well as being able to use the new screen with the lexus a/c, climate, audio functions...etc.
Is there such a device?
Calvin
Xoopa.com

cliffud

iTrader: (3)

calvin - there's no reason why you can't pay it off and get a better loan for the money elsewhere...

CalvinC

Hi Cliffud,
You mean get a used car loan on $32k elsewhere?
I believe used car loans interest for private party is about 8.85%.
I think thats what the current interest is on the existing loan. No point in doing that.

CalvinC

My mistake. I just realized that they were hit with a 13% loan.
I think Im going to take over the payment, get a used car loan at 6.75% right now and pay off the $32k and pay $620 for 60months. Im only saving $3,000 in interest, but it also extended payments for another 12 months so I dont have to be too strapped for cash. The non-navi still bugs me, but I think I can live without it. I hope Im making the right decision.
Calvin

Triton3k

I say pass on it.
You'll want navi. Trust me on that.

lexcal

Calvin,

I say get your self a Brand new 2007 GS350 with Nav. You can get one for $3500 down and $800/mo for 60 months.

CalvinC

Hehe,
I know I want the navi. But figured it was too good an offer to pass up.
Id be getting a 2006 GS430 for 32k. List price was 55k I believe.
Oh well, I better give it some time.
Thanks again,
Calvin

Yang1815

iTrader: (1)

Would you buy that car for 32k if it weren't your in-laws? Are you just being nice to do it? That and since your wife doesn't want to buy a used car, wouldn't that prevent you from getting a car with 7k miles?

Anyways, if you must do it because it's the in-laws car, I would probably find a personal loan to pay off for 32k and sell it then get a new 07 350 with navi.

cliffud

iTrader: (3)

whatever you end up doing with it, it's a good deal. 32k is a SMOKING DEAL.

if you REALLY want the nav...

buy it, sell it, get what you want.