truciet

iTrader: (5)

Got it all figured out...thanks everyone!!!!

calvin2376

iTrader: (2)

I think that price is actually probably spot on. My 2007 IS350 had exactly 56k miles when I bought it 2 months ago from a dealer, bought it for $24,500 but it was CPO, which adds about $1-2k to the price, so if I back out $1,500 for the CPO, I'm left with $23,000, then back out $1,000 or so because your car's a model year older, and we get to right about $22,000.

If you're selling it private party (which I'd advise you try, use trade-in/Carmax sale as a last resort), you could probably price it about $23,000. I think that'd be an attractive price, and justifiable given 1) the high level of options you have (and nav), 2) the small OEM mods you've done, and 3) the fact that it's only recently out of warranty and had all its work done at the dealer. You probably wouldn't end up selling it for $23k, as you'd have to negotiate with the buyer, but it's high enough that you'd get good money for it but low enough that it doesn't scare off buyers (if you priced at say $26k for example, people would skip right over it).

Best way to get trade value is to take it to a Carmax (or a dealer, but the values will be similar) and have them appraise it. It will be very low, probably like $16-17k, but that's to be expected. Carmax has to buy it for a lot less so they can profit when they sell it, for probably around the $22-23k discussed above.

My advice: try to sell it private party while simultaneously also solicit trade-in offers from dealers. Start out by putting a thread in the for sale section of CL (and any other Lexus forums you read), put an ad on Craigslist, and put up a listing on eBay classifieds. All of the above options are free, and in most cases will draw as many if not more hits than paid ads on places like Cars.com and Autotrader. Wait to pay for an ad on those two sites until you give it some time on the free sites.

viper522

I agree with calvin on all points. I was looking at a 2006 350 as well but it sold the night before I made it to the dealer, so my research is up to date as recent as last weekend.

truciet

iTrader: (5)

Thanks! I would even be happy with 20k. First dealer offered 19k which would be about the same since I would save on tax. The second dealer said roughly 18k so not too bad. I'll see what I can do.

calvin2376

iTrader: (2)

That's great news, sounds like you're doing pretty well with your trade-in offers, and it sounds like you're already keyed into another important thing I forgot to mention. It differs state by state, but if you're looking to trade this in and buy a different car, many states (including MD, where I live) require you to pay sales tax only on the difference between the purchase price and the trade-in price. So if you trade a car in for $20,000 and buy a car from that dealer for $25,000, you only pay tax on $5,000. If you sell your car private party, you might be able to get some more money for it, like $22,000, but you're now paying tax on the whole $25,000 purchase price of the new car.

Just be aware, and do the calculation ahead of time to figure out the cost/savings related to this tax issue. Sounds like you're already on top of it!

truciet

iTrader: (5)

calvin2376,

What do you recommend for payment for private buyers? Cashier Check? I hate to get bogus cashier check's and have to deal with the headache. I was thinking if it's a real cashier check, I would go to that bank directly and confirm? Could they even cash it on the spot? Other form of payments?

Thanks again for your replies!

calvin2376

iTrader: (2)

I'm definitely going to defer to others on this one because I've never sold a car private party, so I don't know the best procedures. Be sure to do your research online, there are specific forms and paperwork you'll want to print out and have all parties sign that are state-specific. You can usually find them on your state's DMV page. The 3 main ones are:

1) Bill of sale
2) Signed title over to new owner
3) Disclosure of condition - this you can draft up yourself and have both parties sign, but you should list everything you know that's wrong with the car. If you say that the water pump is faulty for example and the buyer signs it, then he can't later come back to you and say hey you didn't tell me yada yada yada. Always better to be completely 100% straightforward with your knowledge of the car's condition, otherwise you open yourself to possible liability in the future. Easiest way to do this is take it to a dealer right before you sell it and have them do a full inspection. That way you can use exactly what they say in your disclosure.

As for payment, only accept cash and cashier's check. Ideally what you'd do is upon agreement with the buyer, meet at a bank to actually consummate the transaction, so that you can be there when he gets the cashier's check and you can verify everything is in order, instead of just taking his word for it and trusting the cashier's check is real.

hung8852

iTrader: (6)

one other payment that insures you get paid is by getting a bank check..thats the most secure way of doing it imo.

MxChase

I just bought mine yesterday basically same car other than it is white on black which is kinda hard to find for $20,200.

Gville350

iTrader: (10)

A week ago I purchased my '06 IS350 for 20,900 with 31k on the clock. Premium and sports pkgs too. All recalls done, and overall good factory condition. No dings, only minor rock chips on the hood. Does need new tires though.

GL on your situation though...the IS350 will not be a hard sell. You'll sell it in no time if marketed correctly with good pics.

iRock

iTrader: (12)

i would say thats a decent price. what ever you do take that check to the bank before you hand over the keys.