I am considering purchasing a 1994 LS400 which is reported as having 146,000 miles, is on its third owner, and (judging from pictures) appears to be in clean condition. The advertisement claims newish battery and tires and a history of oil changes every 3,000 miles.

http://wichita.craigslist.org/cto/5167186465.html

I have exchanged texts with the seller, and plan to view it in person in the next few days. The seller reports that the car is currently in the shop having an idle drop corrected. The car idles normally in Drive but revs drop in Park, to the point it nearly stalls. Replacing the "timing sensor" (crank angle sensor?) apparently helped this problem somewhat, but did not clear it completely, so it is being held for "reprogramming." I suspect this may be a first sign of failing capacitors in the ECU.

I have checked prices nationwide (using the combined search available through AutoTempest.com) and it appears LS400s of comparable vintage and visual appearance go for about $3000. Cars offered for less have glaring cosmetic defects that are visible in photos. KBB is quite a bit lower ($1500-$2000 range for private party sale, $1500-$2700 from a dealer), but NADA is quite a bit higher ($5700 low retail; $9250 average retail; $12450 high retail), so I am having difficulty determining the fair market price with any confidence.

My questions:

* Assuming I find no cosmetic blemishes that are not visible in the pictures (e.g. dropping headliner, torn leather), timing belt replacement has been performed at or around 90,000 miles, and maintenance has otherwise been up to scratch, what is a fair price for this car? How low can I reasonably go?

* Through searches on this forum, I have studied the things that can typically go wrong with these cars--ECU capacitors, leaky power steering, starter, alternator, water temperature sensor, etc. What should I also be concerned about in terms of high-dollar wear parts? I am thinking of the exhaust and brake pads and rotors.

If I actually proceed with purchase of this car, it will be my first LS400 and my first Lexus. I have handled maintenance on a 1986 Nissan Maxima and a 1994 Saturn SL2, so I have some familiarity with DIY repair, but zero comfort with brake and exhaust work. I would be buying this LS400 as a hobby car, so it would see relatively light duty as a roadtrip vehicle. I gravitate to this particular model because of the high level of equipment, the V8, rear wheel drive, double wishbone suspension front and rear, etc.

 

He's asking $3400 for a car that's over 20 years old... so you can bet it will have some problems that the previous owner has neglected. And you're right...most LS owners don't have a clue about the capacitor issue on the 400s. Shocks are another costly item that is often neglected as well as front end bushings and rubber parts that just wear out over time. These can run into the hundred's of dollars, but would be cheaper if you do it yourself. What are the condition of the tires? Will they need to be replaced soon?
What you're willing to pay depends on what you're also willing to put into it to make it the safe/reliable/smooth ride that you're desiring. Pads and rotors aren't really that expensive for the do it yourselfer...
NADA prices are way out of whack for a car this old... look at what others are selling for and base your price range on that.
If it was me... I'd wait for a 98-2000 model to come available for about that price or a bit more and jump on it. I like the improvements and reliability that comes with a slightly younger car. At the right price it would be a good car to learn on and with those low miles should last you quite a long time with proper care. I've owned a 93,99 and 98 and the later models suit me better. But, each to his own. Good luck. Just know...once you got to a Lexus, it's hard to be satisfied with anything else.
Probably $3k is a fair price to ask for...I'd say $2500 would be a great price...all of course, depending on what you find.

 

The idle drop thing seems to be a common bug with these cars and from what I read it can be anything from ecu caps to transmission fluid. It's a old car with tons of electronics and sensors and such. My '92 had the hesitation issue but I fixed a vacuum leak but still has low idle in gear. Just have to keep troubleshooting. Hopefully their shop will fix it and you can get a great deal.

 

Engine running stuff isn't the big deal stuff. Everyone is always fixated on the engine running. Having good body and paint is number one. Number two and a big problem with these cars is the suspension and steering.
Electronics is number three, and power train is last. I guess I number these items according to their difficultly for me. So for a fairly high priced LS you would want good body and original paint no fender benders etc. and one with a fairly new or nice and tight suspension. And hopefully the timing belt recently done. That car looks nice in the pics.

 

Thank you all for your advice--it was helpful.

The seller told me the idle drop had been fixed, so I arranged to view and test-drive the car earlier this evening. At my request, he had the service records available for viewing. He has been the owner of the car only since August 2014 (bought with 126,000 miles on the clock), so a Carfax report covers the prior owners. The relevant entries say "Routine maintenance," "emissions inspection," "window tint inspection," etc. without describing specific services performed.

The idle drop resulted from a bad throttle position sensor. "Reprogramming" probably consisted of calibrating the new sensor and doing a relearn. Besides this repair, the seller has also had to have the power steering pump replaced. The car was sold to him for $4500 ($1000 more than his current asking price); the PS pump and TPS add $400 and $200 respectively.

On my inspection and test drive, I noticed (or had pointed out to me) the following issues:

* Hood doesn't stay up since hold-open mechanisms are broken

* Body has no collision damage, but hood has one dimple, and right rear quarter panel has a dent that may be a "kiss" from an adjacent vehicle being turned while being backed out; a few shoulder-level gouges in the paint may be claw marks from a large dog

* Paint is starting to flake off one of the plastic lug nut covers

* Interior leather is well-aged and starting to crack; leather wrap on steering wheel is smooth but losing its color in places; leather wrap around gear selector has a nickel-sized patch with missing finish

* Side window tint is too deep to be OEM; I suspect either aftermarket or a dealer option

* Instrument panel has some telltales that don't light up at all, such as a high beam indicator and the blinker for the left turn signal

* Parking brake is out of adjustment and allows the car to creep in gear even when the lever is all the way to the floor

* Backlit LCDs in center console are clouded and almost unreadable

* Tachometer works intermittently (I got to 40 MPH at indicated revs of 0 RPM during the first leg of my test drive; tachometer started working normally when I power-cycled the ignition)

* Radio antenna does not work (broken motor), and segments were locked in the extended position using electrical tape

* CD changer does not work

* I had difficulty seeing the striping all the way through a curved flyover ramp taken at its 45 MPH advisory speed, so I suspect headlight aim is off

* The power driver's seat seems low to me at maximum height; also, the bottom seems noticeably less padded under one buttock than the other

* The windshield A-pillar trim garnish on the driver's side has lost some of its flat black paint

Most of these issues are minor, but I thanked the seller and left without making an offer since I was not prepared to pay his asking price, or even $1000 less, to take on these projects. I suspect the gauge cluster has bleeding capacitors.

On the other hand, I was quite impressed with how the car drove. Acceleration was good, the ride was smooth, NVH suppression was excellent, and directional stability was superlative. I want to get myself one of these when a better specimen turns up.

 

I recently bought a 1996 Lexus Ls400, its a great sedan but of course the higher the mileage & older the car, you've got to do maintenance. My LS400 regulator fuel pressure hose is leaking fuel on the connection between No. 1 (Pipe) hose & the delivery fuel hose.

Lexus (Toyota) discontinued the part, its no longer available for the late models 1990-2000, I checked with a few dealerships and they couldn't find the fuel hose, no longer available.


I suggest you go with the LS430 models, 2001 year model & up.

 

Don't buy it, consider buying the next model, LS430 2001 and up. My LS400, 1996, can't find a replacement for the leaking fuel hose. Fuel's leaking between the No.1 fuel Pipe (hose) and the pressure regulator delivery fuel hose.

The part is discontinued according to Lexus dealership.

I have to figure out how to get a hose with the specs of 40Psi!

 

Hose , any auto parts store has FI hose.

 

I would walk away too for the price. I bought one I should have walked away from a year ago. The perfect interior got me.

 

sounds like the car had a lot of niggling details. Just a reminder, it it 21 years old so don't expect perfection.
Most of those issues are relatively easy to fix.
That car seems decent for 2-2.5k.
I loved my first gen's but the 95 is much better. the 00 is even better.

Just do yourself a favor and get a 95+. The seats are MUCH better. That alone is worth the increase in price.

IF you can swing it, get a 98+. That car is still modern and relevant in terms of safety, features, and performance.

 

You can see in one of the pictures that the lcd screen is shot. I went to get one the other day but it had the split screen like that. Too bad, it was nice.

With all those little issue it would be hard to buy especially not knowing what else could be wrong. Did the owner give any indication on what they'd take for the car? I agree, it is older so for that price you will not get perfection. I only bought this '92 cause my son liked it and it seems like a alright car. If I was going to get one, and the more I read up about them I'd go out and get a LS430 myself.

 

I think the seller, not being a car guy, overpaid (buying from a dealer) and is trying to get out from under that. The local market seems not to see it as a value proposition at his asking price since the ad has been live for 23 days. Someone else (in the same subdivision, as it happens) advertised a 2000 LS400 for $5400, and I guess it sold almost immediately since the ad disappeared after a few days.

I considered making an offer for the 1994 that reflected my willingness to pay--probably in the $1500-$2000 range--but given that I had been shown the seller's buying price, I felt it would have been insulting to ask him to take a loss much larger than he had planned. It is his call to readvertise at a lower price if he finds no takers and still wants to unload the car.

Since I already have a reliable daily driver, I can afford to be picky, even in a local market where probably fewer than 20 LS400s change hands each year. I do see the appeal of the later second generation: more forward gears, variable valve timing, and electronic throttle control. However, I don't automatically exclude the first-generation cars from consideration. They are cheaper, so the opportunity cost is less, and they have non-interference valvetrains, which adds a margin of error when doing DIY timing belt replacements.