jessicav

I'm planning on buying a 2003 GX. One that I'm looking at only has 21,000 miles. He's asking $31,9 but I think I can get him down on the price. It doesn't have nav or dvd so I think that number is a little high. Any suggestions? Also, any idea when they are going to do a major revamp of the body style? Thanks for any help you can provide!

GatorGX

Welcome to CL. What's your price range? Depending upon the answer, have you tried emailing all the dealers within a reasonable distance to see if they have any leftover but brand new 2006's with No NAV or DVD on the lot? This might be a little too late for a 2006 to still be available but 40k +taxes might be achievable on such a vehicle (3k under invoice)... at least it was during December to Remember.

Rumors are that the GX will be updated for model year 2009, appearing in late '08 or early '09.

Josh's GX

Welcome Jessica. As you probably know, the GX holds it's value extremely well. 2003 was the first model year for the GX and I believe it didn't do that well with consumer reports. Like the previous post, you should look at the other dealers nearby and see what you can get for a new or newer used model. In 2005, they increased the horsepower! I agree with you, $31,900 for a slightly used 2003 does seem a bit high. I bought my new 2006 in September with all options, except DVD and KDSS and I paid $45,600 for it. Either way you go, the GX is an amazing SUV and I highly recommend it. Good luck on your search.

llcc1975

Yes, welcome. That's very low miles for a 2003. Low miles are good, but super low miles may mean a sedentary vehicle, which is not always good.

Wholesale for 2003 GXs in the Midwest adjusted for the low mileage is in the high $27k range. I believe this wholesale average includes nav + mark levinson. These two options alone are worth about $4k+ retail when the car was new. Probably still worth about $2k or so in the car's value.

At the end of the day, the car is worth what you are willing to pay for it. If this model is in ultra clean condition and has no paint work, body work, or been involved in any wrecks, I'd shoot for the $28k range.

Pricing will also depend on whether you are seeing this vehicle at a dealer or if it's a private party.

I also agree with the other responses above. Depending on what your price range is. If you can spend in the high $30k range, you should be able to pick up a nice used 2005 that gives you almost 40+ more horsepower, bluetooth + rearview camera (with the Nav package--and newer generation nav) and possibility of the KDSS suspension.

jessicav

Thanks for all the help you guys have provided. I'm kind of perplexed though because I can't seem to find the low prices you guys are referring to. Are the dealers known for dealing quite a bit on the price? Also, several you had mentioned my price-point. I'm trying to stay in the low 30s. I found a 04 with nav and dvd certified for $32,5 but it has 44,000 miles. Should I be concerned about more upkeep with the high mileage even though it is certified? Thanks so much for any help you can give!

SilverLady

Welcome, Jess!

I haven't checked out the used GXs, but if you do a search on the forum I remember there were some recent postings on the value of the Lexus Certified pre-owned. There are also a couple of CL dealers that pop in here and I hope they can add some information for you.

As everything, it is a matter of supply and demand. How many dealers are in a reasonable distance from you? You should be able to get some quotes online.

Have you tried the Lexus website at www.lexus.com ? They have information on Certified pre-owned, and you can search for a specific vehicle in your area. I only noted 5 GXs in Ohio and 6 in NJ, so I don't know how complete or accurate the list is. The prices are generally in the 30's.

llcc1975

I'll agree with SilverLady in her statement that the supply and demand play a huge factor in pricing. The wholesale numbers that I gave you were taken from an average of the dealer auto auctions for 2003 Lexus GX470s sold in the midwest states (which includes Ohio) within the last 10 days. Remember, these are dealer auction numbers so you have to figure that in addition to the sales price, there is going to be transportation costs to the dealer's lot, possible reconditioning costs, and repair costs if needed. The prices that you will always see advertised at a dealer (especially a Lexus dealer) are going to be retail numbers. Prices are always negotiable but many factors will affect how much they are negotiable; like the market you are in, the supply and demand for that vehicle in that market, the season (SUVs tend to sell better in the winter and prices for cars are a little higher during tax refund season--right now--because people are in the market to buy) and vehicle features (i.e. with higher gas prices, V8 truck-based SUVs don't tend to sell as well as more fuel efficient ones). These are all factors that can work for or against you.

When I bought my used 05 back in May last year, although I think I paid little more than I should have for it, I did it because there were only 3 GX470s that were 2005s within a 300 mile radius of where I lived. I would have liked to pay less but I ended up paying more because of the short supply and the fact that I didn't want to go out of town to pick mine up.

I also live in a market where highline vehicles like Lexuses can command more value than the same vehicle in say Ohio. I actually moved from Ohio to Phoenix about two years ago and there is definitely a premium for most cars (especially luxury) here in the Metro PHX area. The Midwest, on the other hand is generally a little cheaper for highline cars and there is better ability to negotiate (maybe people are more conservative there with their spending -- who knows). Also, my personal experience has been that if you can find a used GX at a non-Lexus dealer, they are willing to negotiate more than a Lexus dealer (but you won't be able to get a CPO at a non-Lexus dealer).

The target purchase price of $28k on that 03 without Nav or ML is what I believe to be a fair number based on the wholesale sale averages. If you figure the $27.7k average includes vehicles with Nav or ML and subtract about $2k from that price because of the lack of this equipment, you are at about $25.7k. If you target $28k as a final price, I think that gives the dealer enough margin to cover the transportation, the reconditioning costs, and gives them a little profit (but not too much). Obviously, I don't know how much the dealer with that 2003 you are looking at paid for their GX, so if they're into it a lot more than the average wholesale numbers, their willingness to negotiate will be skewed accordingly. On the other hand, if they picked it up for that amount as a trade and didn't sink that much money into it, they could possibly come down very quickly. I'd start lower than $28k because you'll have to give some room for dickering unless you just want to give them your bottom line and not budge from it.

Good luck.