Thinking of selling my 08 GS460 - need feedback
12-12-11, 12:32 PM
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Thinking of selling my 08 GS460 - need feedback
Hi guys - I'm tossing around the idea of selling my 08 GS460 - Black Sapphire/Navy in color with Beige interior. Mark Levinson sound plus Navigation system. 35k miles on it. Still under Lexus warranty (though I realize this won't transfer to new buyer). Florida car, so she has never seen snow or salt water areas.
Kelly Blue Book puts it at $34,163 for "very good" condition and $34,963 for "excellent" condition - private party value.
Question: Is this fair to ask for a GS, or because of it being a harder to find vehicle would it make it worth more $$? There are only 5 other comparable GS's for sale on Autotrader within a 300 mile radius and they are all through a dealership.
Thoughts?
Kelly Blue Book puts it at $34,163 for "very good" condition and $34,963 for "excellent" condition - private party value.
Question: Is this fair to ask for a GS, or because of it being a harder to find vehicle would it make it worth more $$? There are only 5 other comparable GS's for sale on Autotrader within a 300 mile radius and they are all through a dealership.
Thoughts?
12-12-11, 12:49 PM
#2
Not to discourage you but KBB is way out of wack. I will give you accurate info that you can use at your discretion.
A dealer will give you between 24,500 - 27,500 and this will depend on any paint work, condition of tires, brakes, ect...
Private party I think your looking around 29k for your car. A dealer may ask closer to what your showing as private party but the dealer has to back that car up and invest into it and most likely certify the car and any work required to make sure its certifiable. I could go purchase your car for say 26k at the auction and turn it around with no work for 29k and make a quick 3k.
Most recent purchase was an off lease car in Palm Beach and the dealer that purchased received an internal tax credit and walked away with the car at 25.5k just to put things into perspective.
We also have the new GS coming and that won't help the value as a new model is on its way.
A dealer will give you between 24,500 - 27,500 and this will depend on any paint work, condition of tires, brakes, ect...
Private party I think your looking around 29k for your car. A dealer may ask closer to what your showing as private party but the dealer has to back that car up and invest into it and most likely certify the car and any work required to make sure its certifiable. I could go purchase your car for say 26k at the auction and turn it around with no work for 29k and make a quick 3k.
Most recent purchase was an off lease car in Palm Beach and the dealer that purchased received an internal tax credit and walked away with the car at 25.5k just to put things into perspective.
We also have the new GS coming and that won't help the value as a new model is on its way.
12-12-11, 12:51 PM
#3
Lexus Test Driver
Tough call. Some people don't like dealing with stealerships. So that may be in your favor. You'll need to pony up all service records etc. It is tough when you are buyer to know you aren't getting someone elses junk that may look great on the surface and be just trash internally. Plus a buyer can't really bring it back to you once the deal is done to fix any issues which may crop up.
You may be able to get something close to what the dealerships are asking. But you know everyone is looking for a deal. As a private seller you shouldn't have all of those mark-ups the dealer claims they have to recoup built into your pricing. All of that prep, advertising, insurance, loss from bad trade-in, etc. With that said if, you do list, you should start somewhere close to what you have seen in your area and go from there. You may have to adjust down if you don't get any bites. You should also check out a car buying locations. A Carmax for instance. Just to see what they are offering. You should see a decent margin between wholesale (what the offer from Carmax, etc. would be based on) and retail (what the dealer has their car priced at).
I am sure other members may have differing opinions. But that was my cents worth. Good Luck!!
You may be able to get something close to what the dealerships are asking. But you know everyone is looking for a deal. As a private seller you shouldn't have all of those mark-ups the dealer claims they have to recoup built into your pricing. All of that prep, advertising, insurance, loss from bad trade-in, etc. With that said if, you do list, you should start somewhere close to what you have seen in your area and go from there. You may have to adjust down if you don't get any bites. You should also check out a car buying locations. A Carmax for instance. Just to see what they are offering. You should see a decent margin between wholesale (what the offer from Carmax, etc. would be based on) and retail (what the dealer has their car priced at).
I am sure other members may have differing opinions. But that was my cents worth. Good Luck!!
12-12-11, 01:16 PM
#4
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Moose66 and passnu2 - great feedback, and I appreciate all the detail. I haven't decided to pull the trigger yet - just sort of doing my research to see if I'm ready to make the move. L.O.V.E. the car - would definitely miss it if I sold it. But - in the same breath - there are lots of other cars out there to play with!
12-12-11, 01:37 PM
#5
Lexus Test Driver
Passnu2 had some good points. The main one is that a new model is on the doorstep. Folks may be a little hesitant to pull the trigger on a late model GS unless the just don't like the direction the new generation of GS is heading. So the demand may be a little weak. But again, you can always just test the waters, and if you get the right bite, take it.
12-12-11, 01:43 PM
#6
Just my $0.02, I recently picked up a 07 GS450H and was on the lookout for the longest time (at least a year). During my search, I was shocked to see what people were asking for on the 3GS. It appeared to me that the prices are at an all time high right now (may go down in the winter months?) so I think if you do sell, now is the time.
Edwin
Edwin
12-12-11, 02:02 PM
#7
I agree now is the time if your considering. List it and see if you get any bites. I would pay more if the seller had records of service done to the car. Something can still go wrong but piece of mind is worth a lot.
As to prices being high, yes most used cars were well above book for the last 6 mos or so because of the national disaster and how it effected the whole used car market since new cars were so scarce. Dealers were paying well about book to just have cars on there lots. I believe KBB had posted an article over the summer to not buy a used car from a dealer and to wait until fall/winter for the market to sell correct itself. About the best and accurate advice they have given to the consumer!
As to prices being high, yes most used cars were well above book for the last 6 mos or so because of the national disaster and how it effected the whole used car market since new cars were so scarce. Dealers were paying well about book to just have cars on there lots. I believe KBB had posted an article over the summer to not buy a used car from a dealer and to wait until fall/winter for the market to sell correct itself. About the best and accurate advice they have given to the consumer!
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12-12-11, 02:06 PM
#8
I agree now is the time if your considering. List it and see if you get any bites. I would pay more if the seller had records of service done to the car. Something can still go wrong but piece of mind is worth a lot.
As to prices being high, yes most used cars were well above book for the last 6 mos or so because of the national disaster and how it effected the whole used car market since new cars were so scarce. Dealers were paying well about book to just have cars on there lots. I believe KBB had posted an article over the summer to not buy a used car from a dealer and to wait until fall/winter for the market to sell correct itself. About the best and accurate advice they have given to the consumer!
As to prices being high, yes most used cars were well above book for the last 6 mos or so because of the national disaster and how it effected the whole used car market since new cars were so scarce. Dealers were paying well about book to just have cars on there lots. I believe KBB had posted an article over the summer to not buy a used car from a dealer and to wait until fall/winter for the market to sell correct itself. About the best and accurate advice they have given to the consumer!
12-12-11, 02:09 PM
#9
I agree now is the time if your considering. List it and see if you get any bites. I would pay more if the seller had records of service done to the car. Something can still go wrong but piece of mind is worth a lot.
As to prices being high, yes most used cars were well above book for the last 6 mos or so because of the national disaster and how it effected the whole used car market since new cars were so scarce. Dealers were paying well about book to just have cars on there lots. I believe KBB had posted an article over the summer to not buy a used car from a dealer and to wait until fall/winter for the market to sell correct itself. About the best and accurate advice they have given to the consumer!
As to prices being high, yes most used cars were well above book for the last 6 mos or so because of the national disaster and how it effected the whole used car market since new cars were so scarce. Dealers were paying well about book to just have cars on there lots. I believe KBB had posted an article over the summer to not buy a used car from a dealer and to wait until fall/winter for the market to sell correct itself. About the best and accurate advice they have given to the consumer!
Edwin
12-13-11, 11:10 AM
#13
Lexus Test Driver
I suspect those who have to have a V8, and want a GS will probably have to pay a premium once the production line stops for that engine. That could mean those who are scooping up the latest, and last V8 models may be sitting pretty in a few months. Economics 101 . . . . . . supply and demand.
12-13-11, 12:48 PM
#14
On a related note, I buy a few classic cars annually - mostly from private parties. The asking price of the cars (ranging from $8,000 - $25,000) are typically 10-20% higher then comps of similar cars recently sold.
What I'm getting at is its a buyers market. KBB and NADA provide very loose numbers of a cars value. Best barometer is to look around your area and see what similar cars are asking (for). Take off 5-15% on a 4 year or newer car and then you're in the realistic ballpark of what your car will fetch.
BTW...now is an EXCELLENT time to lease (and not buy) a car.
What I'm getting at is its a buyers market. KBB and NADA provide very loose numbers of a cars value. Best barometer is to look around your area and see what similar cars are asking (for). Take off 5-15% on a 4 year or newer car and then you're in the realistic ballpark of what your car will fetch.
BTW...now is an EXCELLENT time to lease (and not buy) a car.
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