Boomin

Hi guys. I need advice. I'm considering selling my car myself. I've never done this before. I still have some financing on it through Lexus Financial, so how does that work out?

There's all kinds of sites - autotrader, car gurus, etc that I can post on, but mine is sooo rare. How do I break down the market value of all the options that's on the car in the used car market when there's nothing out there to compare my car to? When I search nationwide with my packages, nothing ever comes up that's anything like it. It's a 2017 with 28k miles, triple LEDs, HUD, luxury package, premium 19s - it's a fully loaded L/Certified unicorn.
I need some help here guys.

The rarity of this car is the very reason I'm still in it. But I think it's just too small for me.
When I went to go test drive an LS - even the salesman there told me to let him know if I ever sell it... he later let me know again quietly
"let me know first please" cause he knows my car. My wife is even asking me if I'm sure I want to do this.

So this is where I'm at. I'm putting it out there, let me know what you think I should do. I really appreciate it guys.

Rudiculous

iTrader: (15)

1. The amount owed to Lexus would have to be paid before they will release the title. Meaning a buyer would have to basically give you 2 payments in order to get the title.

2. Your situation is tough as far as rarity. It's a higher volume model with some unique packages but it's not like a #100 model out of 300 rare. If you're trying to sell it, aren't you just trying to collect some more cash than you would at a dealership? This inquiry seems like you're trying to squeeze extra dollars which in my opinion may cost you extra time and haggling with any interested buyer.

AJLex19

Outside of the financials - are you sure the GS is too small? I'd say ask the dealership if you could spend at least a day or two "test driving" the LS you are considering to ensure your are making the right choice. Personally, I sat in the redesigned 2018 LS, it felt really big compared to my GS for some reason...too big to feel comfortable ever finding parking here in NYC!

Even though the GS is rare and yours is even more rare with the options, the fact that you are considering selling it speaks volumes about maybe a need that maybe the GS fails to fulfill.

Keep in mind that used car value with the GS is tricky and i've seen Lux pkg cars sell for less than F-Sports because of the higher demand for the sportier F-Sport pkg. Anyone really considering your car will appreciate its options and will likely pay a premium price but as a private party sale, I think you could get around $37-38k for your car.

Here are a few for comparison:
https://www.hendricklexusnorthlake.c...2df6e03df8.htm
https://www.cars.com/vehicledetail/d...8221/overview/
https://www.cars.com/vehicledetail/d...8254/overview/
https://www.cars.com/vehicledetail/d...1842/overview/
https://www.hendricklexuscharleston....626efb0b66.htm

peasodos

iTrader: (1)

It can be tricky to private sell a car in this price range. Most people who spend $30k+ would rather buy it at a dealership and get dealer financing/incentives/experience. So I would price this competitively above trade in and thousands below similar dealer listing. Also remember the longer you wait the more the car depreciates, so don't get stuck on a number if a serious buyer comes around. There was a guy who was trying to sell his LS over the last year and had similar dealership pricing, he still hasn't sold the car even after dropping the price $10k over a year. Apparently several interested parties could not get financing approved and wasted a lot of his time, but I also think it was overpriced. Several members pointed it out to him but the guy didn't listen. Had he started listing it $5 k under any dealership the car may have sold within the first month of posting attracting good buyer(cash or good credit). Factor some future depreciation into the price to sell it now before it depreciates more 6 months later.

I guess a good place to start is creating a listing in the Clublexus market place and seeing what kind of appetite there is for your car in the community. Also find out what your local dealership would give you for trade in, those numbers usually shock people.

From what I've seen all the extra options make your car more appealing but don't necessarily add much to the resale value. Goodluck.

Also why do you need an LS? The GS can seat 4 normal size adults comfortably, unless they are obese? Easily fit 2 kids in the back also.

peasodos

iTrader: (1)

https://www.cars.com/vehicledetail/d...8221/overview/

$30,846 for a 2016 GS 350 with Lux package, triple beam led, and 42,772 miles is a good deal. Seems like it has all the options except for HUD.




https://www.hendricklexuscharleston....626efb0b66.htm

$33,891 for 2016 with Lux package 14,299 miles is also a good deal.




Based on these prices I think he will get low $30k's in a private sale otherwise it might not sell and sit/depreciate. It would not surprise me if dealership offered $25k for trade in value.

DAVEB1980

Its a huge pain in the ***. You can not get the title untilt the car is paid off. No one will buy a car from you with out a title. Go trade it in to a dealer.

peasodos

iTrader: (1)

Borrow from home equity line of credit, pay off car, get title, then put it up for sale.

or

You can execute the sale at the lending bank.The buyer can pay the lender directly by using a wire transfer or a cashier’s check to satisfy the lien and then pay the remaining balance to the seller. I guess if Lexus serviced your loan there is no local office to clear the loan and get the title the same day.

Your best bet is to pay off the loan then sell your car.

er34

If it's true, tell him to make an offer for it then.

99%, the salesman just wants to get your LS business and not go elsewhere.

JeffKeryk

Lots of good advice already. Remember, you are not selling an Accord or Camry; you are selling to a smaller market.
Some of those buyers can't really afford the car; it is a waste of your time and you will probably be low balled.
Everyone will want to test drive and push your car hard. Are you ready for that?

The Lexus Marketplace is a great place to start. Craigslist is great for local...
Figure out what you want for the car; what you are willing to let it go for.
You may think your car is worth some amount but the market will speak.

If you are willing to go through the rigors (headaches) of selling give it a shot. But be prepared to be insulted, maybe even cheated.
Otherwisr, play the dealers off against each other. Let them have the headache.
Good luck.

praetor

Depending what state you are in, it maybe better to do a trade-in. In IL for example, you don't pay taxes on the trade-in value of the car. Whether you decide to sell it privately or trade it in, take it to CarMax and they will give you a no BS value assessment. It's a good baseline on the value of your car.

azipod

The easiest way is to trade-in your vehicle or "sell" to a dealership. Either way you're going to take a hit on it. You can do private-sales but there's going to be a lot of issues that need to be ironed out. You don't have the title and that makes it hard for any private-party to get financing. Also the private-party is going to low-ball you like crazy so with the time spent, hassle, you might just end up around the same by trading it in. I also agree that people at this price-point will want to shop at a dealer than from a private-party. Unless you have that buyer that is looking specifically for your car --- which is unlikely, and considering the low desire for GS these days, it makes the possibility even more remote. You can also explore selling it on "coassignment-like" services like Shift.

peasodos

iTrader: (1)

When I was looking for my GS I knew exactly what I wanted and paid cash(cashier check) for it. That's why I recommend putting it for sale on the Club Lexus forums to test the waters to see if that particular buyer is on the forums. Doesn't cost him anything to do that. if it was a better price than anything I could find at a dealership I would have jumped through the hoops back when I bought my GS.

dougm213

Agreed with many of the other posts. Pain to sell it yourself with a lean against the car and this being a smaller market. Allowing strangers to test drive exposes you to liability if they have an accident (your insurance is still liable). Many jerks out there who will insult or play games knowing you are motivated because you have a loan. Go thru the dealer and lose the $2000 if you really want out of the car. Sounds like your wife wants you to keep it but just won't tell you.

ItzFilyO

Yeah, trading it in would be the best option and ur off the hook once u signed the paperwork. Just eat the loss and work with them, sometimes they can cut the price more from the new car that ur trading into, so it kinda balances it off a little. U lose 2K on the GS and they take 2K off the LS selling price, that kinda deal.

Talking to a salesman is useless (nothing against salesmen here) but when I talk numbers, I always talk to the manager and their GM. The only time I talk to the salesman is once my car is ready to go.

chinee

Carmax, Carvana, and a few other car buying services out there. Doesn't hurt to get a few quotes.