Buying LS430 at Auction
05-28-04, 01:01 PM
#16
Pole Position
$31K for even the latest model possible LS400 sounds high.
Daryll40
Daryll40
05-28-04, 07:50 PM
#18
Pole Position
Great!,once you buy your car....
Originally posted by PearlGS400
Daryll40,
Wouldn't you like to know...
I have a contact that is a dealer and charges a small finders fee for bidding on cars on the clients behalf. Sounds like a win-win situation. The broker gets paid without having to borrow money from the bank and keep cars on his lot. The buyer give some specific details about the "dream car" and has a guarantee from the auction that if the car was misreprented, the car can be returned and auctioned again.
The broker can bid on-line or can go in person to these auctions. There is also history reports that can help the broker consult with the potential buy as to what the particular car has been selling for around the US. The auctions are Lexus/Toyota facotry direct lease vechicles. Several other manufacturers also bring their cars in.
Got you interested yet?
Once I get my car, I'll let everyone on ClubLexus know how satisfied I was with the process and car.
Daryll40,
Wouldn't you like to know...
I have a contact that is a dealer and charges a small finders fee for bidding on cars on the clients behalf. Sounds like a win-win situation. The broker gets paid without having to borrow money from the bank and keep cars on his lot. The buyer give some specific details about the "dream car" and has a guarantee from the auction that if the car was misreprented, the car can be returned and auctioned again.
The broker can bid on-line or can go in person to these auctions. There is also history reports that can help the broker consult with the potential buy as to what the particular car has been selling for around the US. The auctions are Lexus/Toyota facotry direct lease vechicles. Several other manufacturers also bring their cars in.
Got you interested yet?
Once I get my car, I'll let everyone on ClubLexus know how satisfied I was with the process and car.
05-29-04, 01:31 PM
#19
Driver
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Every car i have ever owned came directly from Manheim and NADA auctions, including my current 99 LS400 (89K miles) which i purchased in March 2003 at Manheim for $17,000. Manheim is the absolute best and if you have access to purchase cars from there you should never hesitate.
PearlGS400,
Find a dealer and go to Manheim on the second auction of the month (the last few days of the month) the selection is always larger and better than compared to the first which is during the middle of the month (typically between 15th-20th). Don't rush into buying a first car you fall in love with at the auction, cause there will be a lot more and far better of them towards lunch time. Make sure the dealer you go with has a listing of all cars for the day, select the cars you would want him to bid on and wait. Just to give you an idea of what some of the LS430 and LS400 go for, check out the table below. Sales are from 5/20/04, last thursday sales haven't been posted on Manheim.com yet.
2002 LS430 8G 4DSN A PS PB AC SR 10,881 BLUON 40,700
2002 LS430 8G 4DSN A PS PB AC SR 21,796 BKCHERRY 39,300
2002 LS430 8G 4DSN A PS PB AC SR 39,088 SILVER 39,100
2002 LS430 8G 4DSN A PS PB AC SR 25,180 BLUE 39,000
2001 LS430 8G 4DSN A PS PB AC SR 4X2 30,162 WHITE 39,500
2001 LS430 8G 4DSN A PS PB AC HT 4X2 34,254 SILVER 36,500
2001 LS430 8G 4DSN A PS PB AC HT 4X2 44,996 SILVER 34,100
2001 LS430 8G 4DSN A PS PB AC SR 40,152 SLVER 33,800
2001 LS430 8G 4DSN A PS PB AC SR 45,929 SILVER 33,200
2001 LS430 8G 4DSN A PS PB AC SR 8,978 GOLD 33,000
2001 LS430 8G 4DSN A PS PB AC SR 4X2 31,215 BLACK 33,000
2001 LS430 8G 4DSN A PS PB AC SR 40,810 CRYWH 33,000
2001 LS430 8G 4DSN A PS PB AC SR 19,444 * BLUON 33,000
2001 LS430 8G 4DSN A PS PB AC SR 35,470 BLK/202 33,000
2001 LS430 8G 4DSN A PS PB AC SR 40,141 BLACK 32,500
2001 LS430 8G 4DSN A PS PB AC SR 35,222 SLVER 32,200
2001 LS430 8G 4DSN A PS PB AC SR 48,926 WHITE 31,700
2001 LS430 8G 4DSN O PS PB AC SR 52,942 BLACK 31,600
2001 LS430 8G 4DSN A PS PB AC SR 53,296 SLVER 31,100
2001 LS430 8G 4DSN A PS PB AC SR 53,827 BLACK 30,800
2001 LS430 8G 4DSN A PS PB AC SR 57,230 SLVER 30,500
2001 LS430 8G 4DSN PS PB AC SR 63,628 PEARL 30,000
2001 LS430 8G 4DSN A PS PB AC SR 40,139 * BLACK 30,000
2001 LS430 8G 4DSN O PS PB AC SR 49,676 * WHITE 30,000
2001 LS430 8G 4DSN O PS PB SR 77,561 MYGLD 29,400
2001 LS430 8G 4DSN A PS PB AC SR 60,896 SLVER 29,100
2001 LS430 8G 4DSN A PS PB AC SR 63,065 SLVER 29,000
2001 LS430 8G 4DSN A PS PB AC SR 70,320 BLACK 28,600
2001 LS430 8G 4DSN A PS PB AC SR 4X2 48,898 BLACK 28,500
2001 LS430 8G 4DSN A PS PB AC SR 76,551 SLVER 27,500
2000 LS400 8G 4DSN A PS PB AC SR 35,921 BLACK 23,300
2000 LS400 8G 4DSN A PS PB AC SR 58,834 BLUE 21,800
1999 LS400 8G 4DSN A PS PB AC SR 47,604 PEARL 23,100
1999 LS400 8G 4DSN A PS PB AC SR 61,137 BLACK 21,000
1998 LS400 8G 4DSN O PS PB AC SR 78,655 STLNG 16,600
1998 LS400 8G 4DSN O PS PB AC SR 53,940 BLACK 16,200
1998 LS400 8G 4DSN A PS PB AC SR 4X2 167,888 * GREEN 14,900
PearlGS400,
Find a dealer and go to Manheim on the second auction of the month (the last few days of the month) the selection is always larger and better than compared to the first which is during the middle of the month (typically between 15th-20th). Don't rush into buying a first car you fall in love with at the auction, cause there will be a lot more and far better of them towards lunch time. Make sure the dealer you go with has a listing of all cars for the day, select the cars you would want him to bid on and wait. Just to give you an idea of what some of the LS430 and LS400 go for, check out the table below. Sales are from 5/20/04, last thursday sales haven't been posted on Manheim.com yet.
2002 LS430 8G 4DSN A PS PB AC SR 10,881 BLUON 40,700
2002 LS430 8G 4DSN A PS PB AC SR 21,796 BKCHERRY 39,300
2002 LS430 8G 4DSN A PS PB AC SR 39,088 SILVER 39,100
2002 LS430 8G 4DSN A PS PB AC SR 25,180 BLUE 39,000
2001 LS430 8G 4DSN A PS PB AC SR 4X2 30,162 WHITE 39,500
2001 LS430 8G 4DSN A PS PB AC HT 4X2 34,254 SILVER 36,500
2001 LS430 8G 4DSN A PS PB AC HT 4X2 44,996 SILVER 34,100
2001 LS430 8G 4DSN A PS PB AC SR 40,152 SLVER 33,800
2001 LS430 8G 4DSN A PS PB AC SR 45,929 SILVER 33,200
2001 LS430 8G 4DSN A PS PB AC SR 8,978 GOLD 33,000
2001 LS430 8G 4DSN A PS PB AC SR 4X2 31,215 BLACK 33,000
2001 LS430 8G 4DSN A PS PB AC SR 40,810 CRYWH 33,000
2001 LS430 8G 4DSN A PS PB AC SR 19,444 * BLUON 33,000
2001 LS430 8G 4DSN A PS PB AC SR 35,470 BLK/202 33,000
2001 LS430 8G 4DSN A PS PB AC SR 40,141 BLACK 32,500
2001 LS430 8G 4DSN A PS PB AC SR 35,222 SLVER 32,200
2001 LS430 8G 4DSN A PS PB AC SR 48,926 WHITE 31,700
2001 LS430 8G 4DSN O PS PB AC SR 52,942 BLACK 31,600
2001 LS430 8G 4DSN A PS PB AC SR 53,296 SLVER 31,100
2001 LS430 8G 4DSN A PS PB AC SR 53,827 BLACK 30,800
2001 LS430 8G 4DSN A PS PB AC SR 57,230 SLVER 30,500
2001 LS430 8G 4DSN PS PB AC SR 63,628 PEARL 30,000
2001 LS430 8G 4DSN A PS PB AC SR 40,139 * BLACK 30,000
2001 LS430 8G 4DSN O PS PB AC SR 49,676 * WHITE 30,000
2001 LS430 8G 4DSN O PS PB SR 77,561 MYGLD 29,400
2001 LS430 8G 4DSN A PS PB AC SR 60,896 SLVER 29,100
2001 LS430 8G 4DSN A PS PB AC SR 63,065 SLVER 29,000
2001 LS430 8G 4DSN A PS PB AC SR 70,320 BLACK 28,600
2001 LS430 8G 4DSN A PS PB AC SR 4X2 48,898 BLACK 28,500
2001 LS430 8G 4DSN A PS PB AC SR 76,551 SLVER 27,500
2000 LS400 8G 4DSN A PS PB AC SR 35,921 BLACK 23,300
2000 LS400 8G 4DSN A PS PB AC SR 58,834 BLUE 21,800
1999 LS400 8G 4DSN A PS PB AC SR 47,604 PEARL 23,100
1999 LS400 8G 4DSN A PS PB AC SR 61,137 BLACK 21,000
1998 LS400 8G 4DSN O PS PB AC SR 78,655 STLNG 16,600
1998 LS400 8G 4DSN O PS PB AC SR 53,940 BLACK 16,200
1998 LS400 8G 4DSN A PS PB AC SR 4X2 167,888 * GREEN 14,900
Last edited by vedro; 05-29-04 at 01:44 PM.
05-29-04, 01:39 PM
#20
Pole Position
Proves my point that $31K for a 2000 LS400 was way too high.
05-30-04, 10:31 AM
#21
Racer
Thread Starter
Advice
vedro, great advice.
Most people are very impulsive when it come to cars. I'm fighting the urge to go out and bid on the 1st LS430 that has the options I am looking for. I'll talk with my broker and see when Manheim is coming to Atlanta. Since I am only three hours from that auction, this would be a good one to attend and see the cars before bidding on one.
Have you ever bought one without "touching" it? Know anything about the "policy" which would guarentee that the car's "CR" has everything noted so that you can expect no supprises? I'm just a bit concerned that if I do an online bid, the car will not meet my expectations. Any personal experiences would be appreciated.
Thanks.
Most people are very impulsive when it come to cars. I'm fighting the urge to go out and bid on the 1st LS430 that has the options I am looking for. I'll talk with my broker and see when Manheim is coming to Atlanta. Since I am only three hours from that auction, this would be a good one to attend and see the cars before bidding on one.
Have you ever bought one without "touching" it? Know anything about the "policy" which would guarentee that the car's "CR" has everything noted so that you can expect no supprises? I'm just a bit concerned that if I do an online bid, the car will not meet my expectations. Any personal experiences would be appreciated.
Thanks.
05-30-04, 02:54 PM
#22
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PearlGS400,
Manheim auction in Atlanta may not be as large as the one in Lancaster, Pennsylvania; still I don't think you will have any problems finding the car you want.
With regards to car inspections, you can come to the auction early in the morning and inspect the cars you are planning to bid on. The keys will be inside the vehicles so you can start them up, check the engine. The parking lots at the auctions are huge and typically contain some 6,000 vehicles, so expect to do some running around. If you come across a nice Porsche or Ferrari don't be shy and do some doughnuts. I had a blast with a 2002 Viper I came across last March in Pennsylvania.
Factory dealers are obligated to disclose to the auction house if there has been any damage done to the vehicles. On the windshields you will see all the details about the car such as, the basics (miles, year), which state it came from, damages, warranties and option packages. I think there is a policy about returning a vehicle back if you discovered something that was not disclosed at the time of the sale, however I suggest you double check with your broker. I wouldn't worry too much about the car; LS430 is the world's best car to begin with.
I only buy cars that I’ve seen with my eyes and sat in. Some people are comfortable buying cars online, personally I’m not.
Manheim auction in Atlanta may not be as large as the one in Lancaster, Pennsylvania; still I don't think you will have any problems finding the car you want.
With regards to car inspections, you can come to the auction early in the morning and inspect the cars you are planning to bid on. The keys will be inside the vehicles so you can start them up, check the engine. The parking lots at the auctions are huge and typically contain some 6,000 vehicles, so expect to do some running around. If you come across a nice Porsche or Ferrari don't be shy and do some doughnuts. I had a blast with a 2002 Viper I came across last March in Pennsylvania.
Factory dealers are obligated to disclose to the auction house if there has been any damage done to the vehicles. On the windshields you will see all the details about the car such as, the basics (miles, year), which state it came from, damages, warranties and option packages. I think there is a policy about returning a vehicle back if you discovered something that was not disclosed at the time of the sale, however I suggest you double check with your broker. I wouldn't worry too much about the car; LS430 is the world's best car to begin with.
I only buy cars that I’ve seen with my eyes and sat in. Some people are comfortable buying cars online, personally I’m not.
05-30-04, 09:46 PM
#23
Lead Lap
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My advise:
I've been a wholesale auto dealer for 3 years and as a lexus owner, I offer my advice....
1. Buying from a auction has a major drawback: no waranty whatsoever. No CPO, you buy it and it falls apart, you gotta fix it.
2. That being said you can still save thousands if you know about cars. Check the car for the VIN stickers. (i've never heard anyone say that, maybe i'm talking too much...) each panel will have one in plain view. If it's missing or has overspray, you know it's had work done. If it all checks out, chances are if the oil is clean, it's a nice car and you could have a winner. YES the trunk has one too! it's under the lining on the pass side on the lid. And yeah it's probably one of the most important since rear end accidents are the most common.
3. Breaks are not a part of a auction guarantee. make sure they work. auctions that don't have a test track will let you leave there lot for a minute or two to make sure the tranny shifts as it's supposed to. (any dodge or chrysler has a no return policy due to bad rear ends once you buy you own.!! (what does that say about there quality . haha!) If your buyer doesn't check everythintg on your lex, he's too busy trying to buy other cars. MAKE SURE he checks them.
4. other wholesalers, how am I doing? I think I covered it all.
5. Manheim auctions for those that don't know, is the major auction for car dealers nation wide. DEALER only you must have a liscense to get in.
As a wholesaler, I still contemplate buying from a lex dealer to get a cpo waranty, sometimes they can be a better deal. just make sure you are informed.
Good Luck!!
I've been a wholesale auto dealer for 3 years and as a lexus owner, I offer my advice....
1. Buying from a auction has a major drawback: no waranty whatsoever. No CPO, you buy it and it falls apart, you gotta fix it.
2. That being said you can still save thousands if you know about cars. Check the car for the VIN stickers. (i've never heard anyone say that, maybe i'm talking too much...) each panel will have one in plain view. If it's missing or has overspray, you know it's had work done. If it all checks out, chances are if the oil is clean, it's a nice car and you could have a winner. YES the trunk has one too! it's under the lining on the pass side on the lid. And yeah it's probably one of the most important since rear end accidents are the most common.
3. Breaks are not a part of a auction guarantee. make sure they work. auctions that don't have a test track will let you leave there lot for a minute or two to make sure the tranny shifts as it's supposed to. (any dodge or chrysler has a no return policy due to bad rear ends once you buy you own.!! (what does that say about there quality . haha!) If your buyer doesn't check everythintg on your lex, he's too busy trying to buy other cars. MAKE SURE he checks them.
4. other wholesalers, how am I doing? I think I covered it all.
5. Manheim auctions for those that don't know, is the major auction for car dealers nation wide. DEALER only you must have a liscense to get in.
As a wholesaler, I still contemplate buying from a lex dealer to get a cpo waranty, sometimes they can be a better deal. just make sure you are informed.
Good Luck!!
05-31-04, 01:36 AM
#24
Originally posted by flossn
1. Buying from a auction has a major drawback: no waranty whatsoever. No CPO, you buy it and it falls apart, you gotta fix it.
[/B]
1. Buying from a auction has a major drawback: no waranty whatsoever. No CPO, you buy it and it falls apart, you gotta fix it.
[/B]
. Good luck.
05-31-04, 09:06 AM
#25
Lexus Test Driver
tihs is true dealers only auction.
I have been to manheim also.If your not a dealer you better know someone who is or you can not attend. It is possible to get some great deals it depends on were you live. Its about supply and demand. I heard at the auctions in michigan were people love there american cars, that imports go for cheaper there. Do research before going to your auction of choice.I went to the manheim in Fredricksburg,Va 30-40 miles outside Washington D.C. I live in the Norfolk/Virginia Beach area. So its about a 2 hour drive to the auction for me. Very easy access. In closing take peoples advice but dont do what they say do. If you do they made the decision for you, not you its your choice not mines or anyone else. GODBLESS.
Life is tooshort.
Life is tooshort.
05-31-04, 05:53 PM
#26
Lead Lap
Clearly I'll have to have Daryll40 be my buyers agent next time! ;-)
Actually at the time I paid the nearly $31K for my 2000 LS400 last year, $31K was thousands less than KBB retail and up to $9,000 less less than what the local Lexus dealer was "asking" for less nice CPO 2000 LS's. I probably could have gotten a better price if I had spent more time looking around, considered private party, or was willing to travel to view and pick up the car or to have it delivered. However "time is money" and I was looking for a specific variation of the three Platinum Series models, color combination, manufacture month, condition and maximum mileage. I was extremely pleased that my friend delivered something even better than what I sent him out to find - interesting goodies thown in on some of the last few hundred made. Having bought one of the first LS400's over fourteen years ago, and not caring for the LS430, I wanted to have one of the nicest examples of the very last LS400's made. I didn't get the last one made but I came real close. And I was prepared to pay a whole lot more than $31K to get exactly what I wanted.
Actually at the time I paid the nearly $31K for my 2000 LS400 last year, $31K was thousands less than KBB retail and up to $9,000 less less than what the local Lexus dealer was "asking" for less nice CPO 2000 LS's. I probably could have gotten a better price if I had spent more time looking around, considered private party, or was willing to travel to view and pick up the car or to have it delivered. However "time is money" and I was looking for a specific variation of the three Platinum Series models, color combination, manufacture month, condition and maximum mileage. I was extremely pleased that my friend delivered something even better than what I sent him out to find - interesting goodies thown in on some of the last few hundred made. Having bought one of the first LS400's over fourteen years ago, and not caring for the LS430, I wanted to have one of the nicest examples of the very last LS400's made. I didn't get the last one made but I came real close. And I was prepared to pay a whole lot more than $31K to get exactly what I wanted.
06-01-04, 05:09 AM
#27
Pole Position
Clearly!
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