lexguynj

Alright, the 2005 GX470 info is finally here and this great forum has provided me with some idea on the pricing. My dealership still can not quote pricing yet.

I would like to ask your opinions on the smartest way to get my GX?

1. Original plan was to trade in my RX330 (value now is around $33,000 - damn depreciation!) and pay off the balance against a GX. Best case scenerio would mean I would try to get around 2K off MSRP to get to $50K for the GX (this is without sports package) and try to get more off my trade in up to 35K, which would leave me with around a $15K difference before taxes. $15K+ is still a lot of money to part with and definitely can be utilized better elsewhere.

2. However plans have changed for me in NJ and a possible move to CA in the future is in the horizon (in maybe 2 years). So would you suggest leasing in this case, so in the end I don't end up with a car I have to try to sell before I move? I can get up to $37,000 with a private sale, but I don't know the best way to do this, without weirdos coming to my house to check it out. Then I can use this money to cover the lease for the GX470 for up to 3 years. I am leaning towards this leasing option, but not sure how to find a legit buyer out there, however I know it's done all the time successfully.

Your advice in this matter is as always most helpful. Thanks again!

bunka

LexusguyNJ - Sounds like maybe someone's in line for a promotion. Congrats if that's the case. NJ this time of year is getting chilly. CA is MUCH nicer! You can sell your car outright to a private buyer pretty easily (I've done it with all my old cars). There is little to none of the "weird guy coming to your house stuff" the dealers try to scare you with. How many "weird guys have $35K to spend on a used car? Now, if you were selling a Lime green pinto.... Advertise it in the "AutoTrader". They have an online site as well as local people who will come out and photgraph your car with a standard pic. If you want to do a good job your self, you can take your own pictures and submit them online to the AutoTraderDOTcom and let it run until it sells. One quick point though... Make certain you understand your vehicle TRUE market value rather than what you "think" it is worth. I ran your 2004 RX330 through the KBB site under "Trade in value" and placed a "good" condition on it (Just like a dealer would do) and only came to $31K. Most people drive at LEAST 15K miles in a year so that is the figure I used. The BEST way to get the TRUE market value for your car is to take it to CarMax. You can tell them that your "just thinking" about selling it and they won't even bat an eye. They'll pull it around back and look it over then return your car to you with a price they will pay you for it. I think the quote is good for 30 days and a restricted number of miles. What they ive you is the TRUE trade in value. To figure out what your RX is worth to a person buying your car directly form you, just run the KBB "private party" valuation. Even though your car may be spotless, you will have a hard time getting the "Excellen condition" price so just go ahead and use the "Good" valuation for yours. The tool came back to me right at $34K for your RX using that method. If you do sell personally, you need to ask the "excellent" condition price and hope to get the "Good" condition price. Also, don't turn over your title to them until you get a cashiers check AND you have your bank clear it before signing the title over to him. If your car's still financed, let the finance company deal with getting the new buyer the title.

lexguynj

Hey Bunka,

Thanks for the great info and taking the time to check into this for me. I used KBB for my numbers and of course used the highest number I could get for my fully loaded 2004 RX330 just about to hit 16,000 miles (it has everything except the Performance Package and that huge moonroof option).

I will investigate your suggestions and keep you updated, but this is a great start for me and I appreciate your help in this matter.

Thanks!

davidc1

Hi lexguynj,

I would recommend leasing. I'd also recommend trading in at the dealership where you might lease the GX. But that's just me. I am lazy. You should be able to get something greater than trade-in. A thousand or two more. When you tell them you are ready to sign the moment, they generally take your offer seriously. That's what I did with my trade offer for GX and it worked.

davidc1

lexguynj

Hey Davidc1, are you saying you sold your trade in to the dealer and they cut you a check for your trade in AND then you leased the next GX? If this is the case, did they give you anything close what you wanted based on your research on the value of your car (selling privately)? I would imagine they did not, since they need room to mark it up and sell it again?

Thanks again for your advice.

davidc1

lexguynj,

Yes, that's basically what I did. I didn't turn in my trade yet. I'll turn it in when the GX arrives. Nobody gets what they want but I was was happy with the compromise. You should expect to get at least a grand more than blue book trade-in value. You might do better since you are trading in a Lexus (one that's more common and hence easier to turnover) which they sell. I was trading in a Bimmer wagon which they'll probably handover to a BMW dealer. Doesn't hurt to find out. Check with your local dealer and see what happens. I was initially quoted about $2K less, made them a counter offer, saying that I am ready to sign the paper, and they took the offer. Good luck whichever way you decide to go.

davidc1

lexguynj

Hey Davidc1,

Thanks again for the clarification and I'll give it a try and see what happens!

lexguynj

Well the 2005s are on the way and will be in my local dealerships by middle to end of December, however they don't have the colors I want yet, so I will wait for the next allotment in January. However of course I have to pull the trigger soon to at least put down a deposit to hold onto one of these incoming vehicles, so I have to decide soon!

Thanks again for all your help and I'll keep you updated.

ttrybek

I just cut a deal for a new GX it will arrive the second week of December. The list price with everything (not the sport package) was 53,115. I have been purchasing vehicles for many years and decided to lease this time. I traded my 03 GX and the dealer will cut a equity check back to me for 30,000. The lease was no money down and for 36 months. I also saved about 2,800 in tax by trading.

lexguynj

I too have been purchasing vehicles for many years now and this time I am ready to trade in my RX330 and the dealer is also offerring me this option to just cut me a check on my vehicle and handle the lease as a seperate transaction. They also give me the option of paying off the lease with my vehicle's trade in value to save a maybe $1,000 to $2,000.

What made you lease this time around?

ttrybek

Ownership is great, but I never seem to get to the last payment before I make a change. Therefore I always have a great deal of money tied up in a depreciating asset. When I was closing the deal for the GX I was reaching for my check book to write another check fo 5,000 to add to the 30,000 trade I thought to myself what are you doing. The payments are higher 820 lease vs around 620 loan but I get to keep my money. The only downside I will have to wait 3 years for a new vehicle. You also should consider mileage they alow 45,000 total. You can purchase more miles if you need them.

Hope this helps.

caha14

Just out of curiosity, ttrybek, how much did you owe on your '03? Just wondering what the total trade-in allowance was beyond the 30k of equity. Thanks.

ttrybek

Trade in allowance was 38K ( No Nav).

lexguynj

I still believe this is the way to go (leasing my next vehicle), however just that feeling of no more ownership is in the back of mind. Trading in a car that is already paid for, for a lease seems not practical, but considering other factors like enjoying a new vehicle every 2-3 years and having to try to sell this vehicle before moving out of state, makes leasing my next vehicle more practical. Plus you will free up more cash as well as have some extra in the end to apply to your next lease.

I was given the option to pay off the entire lease at the time of order, to save an additional $1K to $2K, do you think this is smart?

davidc1

I don't know. How much will you save by making a one-payment lease? I would do it if it was around $3K. I am also not totally sure if I'll end up buying instead of leasing. It's nice to free up the money for other purchases though, e.g. home theater.