Glad to know there's still some OG here.

It's been too long man. Hope you are well. Where do you reside now?



Saying what I want to pay for a car doesn't give anyone the right to question my finances or ability to afford something. I assure you I have and will be taking all cost associated with the car I want into the equation. I have access to cheap parts and labor for the car and I will most likely buy an extended warranty on the car.

The reason I "can't afford" a revised model year is because it's not feasible to me when the 2008 model is exactly the same in all areas that MATTER to me.

 

I would agree that when the OP started talking about what he was willing to pay, and what he could afford it brought finances in to the equation... but I agree, there's no reason to pull the "more than you can afford pal. ISF." card here.

I do think $25K is ambitious, unless you're willing to buy a car with a branded title, but won't hurt to try. I know that my '09 (a few ticks less than 30K miles) would still go for over $40K, so it is hard for me to imagine someone getting any ISF for $15K less this soon. If you open your budget up to around $35K, you'll have a LOT more options obviously.

 

$25k is highly ambitious, and mostly theory. Would be awesome if I were to get a great car at that price. However I'm prepared to spend $30k on the car if that's what it takes. I'm not buying junk, salvage, branded titles or super high mile cars that are rough.

I'm hoping to either find a dealership that has to move a unit because it's been sitting or find a private party seller that is motivated and wants to move his F quickly. Also, I'm willing to fly up to 400-500 miles away and drive the car back if needed.

I'm prepared to do what it takes to find a great deal. I will of course let you guys know how I did.

Here's a great car for a good price at a Toyota dealership. However, it looks like the Carfax is reporting a fender bender type collision.

2008 Lexus IS-F on AutoTrader

 

^^See, that's a 2008, decent miles, minor collision damage, and it is still $32K. Yes, the value on these cars has been dropping with each passing year, but a good, clean used ISF is going to hold its value pretty well now that the major depreciation hits (the first 3 years) have already passed. I'm hopeful to hang on to my 2009 for another 3 years, and STILL get around $25K on the trade/sale if I'm at the ~65K mile mark that I'm on pace for by Jan 2017.

 

You guys in school need to remember that you should be saving for your future not pissing money away on cars. Graduate from school, save cash, keep fixing your clunker, get two years under your belt at work and then buy something.

 

Agree with MisterSkiz. If I could do it over, I would delay getting the ISF and would have purchased a home when interest rates were lower and housing prices were also low. Easy for me to say because I've enjoyed my ISF for 2 years, but I could have gone with a house and kept driving my 98 Integra. Now I have to delay my home purchase. With that said, I have no regrets

To the youngn's, I'd suggest max contribution to your 401K & Roth IRA. Then with your take home pay see what you can afford. I have been maxing out on both since 22. Pay yourself first then follow your dreams.

 

It's also at a Toyota dealership. I was using it for example to show that prices aren't unreasonable for the 08's with miles on them. I will most likely be sourcing my car directly from an auction or through a dealer trying to locate the car. I would be willing to bet that if you showed up at Swope Toyota with a check for $30k and cited the CarFax accident, they would seriously consider. I bet they've had the car for a while. Before long there's going to be more 08's available and that's going to make the prices become a little more competitive. That's pretty much the whole idea of this thread.

I can't wait to get mine, thinking about it is killing me.


EDIT: CarFax reports can tell you things dealers don't want you to see. The dealer had to take take ownership of this vehicle, which means they've probably had it over 90 days. So basically what that tells me is that the dealer didn't have faith in recouping the investment by dumping it at an auction. They are holding out for a decent offer from a customer. They have had the car since June, basically 4 months now.

07/05/2013
Kentucky Motor Vehicle Dept.
Elizabethtown, KY
Title #131860470110
Dealer took title of this vehicle
while it was in inventory
Title or registration issued
Vehicle color noted as Black

 

I too, have been given the green light (from the wife ) to purchase one of these cars if I can find one under $40k. I know I can but I just can't see spending $30k for a car that has 75k miles or more on the clock. I know they are Lexus and will run a long time but I'd like to stay around the 30k miles.

 

I think the ISF values are going to level out around $30k and hold that value. The reliability of the brand helps offset higher mileage which is usually what hurts values the most. There will still be cars in the mid-$20k range but they won't be mint and the ones I see now are all salvage titles which I would definitely avoid.

But if you budget for $35k there are plenty of great options if you keep your eyes out.

 

I got mine with 72k on the clock for $27.5k and extended warranty until April 2015. Starfire pearl, every option, black interior. It's an 08. Clean title and Carfax. There are deals to be had, you just have to look. The guy was upside down in the car and just needed to move it. Had a PPI done by a close friend who is a master tech mechanic at Toyota. Car checked out.

 

Sounds like my kind of deal. I love white on black too.

The deals are out there. Problem is 90% of this forum lives and dies by CPO.

I'm not willing to give the dealer $6-9k more than the car is worth wholesale for 2 years of warranty and their "personal" inspection.

 

$40K is a nice cushion. You'll find a good many cars out there with that being your ceiling, especially if you're willing to look private party. You might even be able to sneak in a 2011 for that price point.

I agree with the ISF holding its value, though I don't think it'll be as high as $30K. I hope you're right, but I think it'll be more like the mid-$20K range. Either way, that's the thing about rare-ish Japanese performance cars. Because they're reliable (well, except the RX-7), after awhile the year doesn't matter as much as the mileage and condition. So if you can keep the mileage reasonable and keep the car looking good, you can get a good price on the used market. Supras and NSXs are still going for a mint 15+ years old, and even 8 year old S2000s are still fetching good money. I bought a low mileage 4 year old S2000 and then sold it 3 years after I bought it for MORE than I paid for it. The car didn't depreciate one bit in the 3 years I owned it.

 

I think 2008's rolling 100k miles will be worth $24-26k this time next year and I think that's about as cheap as they will get for AWHILE..... then it will revert to the "MKIV Supra" scale you are describing where miles and condition come first. In the coming years, rough cars with 125k+ will be worth closer to $20k, but the same car with 75k miles that's in excellent cosmetic condition will be worth closer to $30k.

I think the IS-F will maintain great value and not diminish too far below $20k even when it's 10 years old.

 

Which is a huge reason why I like it over the German competitors. I plan to keep this car for about 3 more years, get all my fun out of it, and then sell it for at least $25K... then take that $25K and put it into the next Lexus performance car offering, the RCF I guess. (used of course, I'll let someone else take that initial depreciation hit). I'll drive that for 5 years, then rinse and repeat.

That's the theory anyway.

 

I definitely like your style.

I should buy as planned and just enjoy the excellent resale value. Pay it off as quick as I can, then use the car's proceeds towards the next Lexus performance car, hopefully named GS-F!