LexusFan2

Hi,

I'm considering purchasing a used 2007 ES350 w/ 29k miles from a private party. Options are DVD navigation, premium sound and wood interior paneling. Car is in excellent cosmetic condition and has been regularly serviced at the dealership.

The seller indicates the dealer trade-in value is $29,800 so his selling price will not be lower than this. However, Kelly Blue book lists this car in excellent condition as low as $27,000.

Can anyone provide a reasonable estimate on the price I should offer the seller? I called several dealers to verify the trade-in value the seller has quoted but none will provide a number unless the car is brought in for the dealer to inspect.

Thank you.

MD350

Kelly Blue Book trade in value is ho-ho-wholesale!! It almost always under values a car. Your best bet is to look at what the current market is by looking in your local newspaper to see what similar units are selling for.

Here in Maryland, that unit privately would probably sell for about $30K. The miles are a bit high, but still ok. It think $29K is a good price. If you could meet half way and get it for $28K, that is even better.

But, if he is getting $29,800 from the dealer, why is he going through the trouble of selling it himself?

I work for an auto finance company and we use NADA to book out collateral, we don't use Kelly.

LexusFan2

The car in question is actually in the Maryland area.

Aside from a CARFAX report, is there another method of determining the car's history? I do have it's VIN. I tried to obtain the service records from the dealership the seller used but was unsuccessful.

ES350Bob

MD posed a good question: if he is getting what he claims why would he sell it himself.

I think it might mean he is less than upfront.

The values here are similar as you mentioned with trade value much less even.

You can PM onepointon and ask him to run the VIN and if it has ever set foot in a dealership for transmission PASS on it. Otherwise if you drive down to dealer and ask svc to review it with you they may do it where over the phone they may be reluctant.

Here are KBB values here for one with NAV and ML sound system

Trade in value

Condition*
Value

*

Excellent
$23,400



Good
$21,920



Fair
$19,275




KBB in my area for private party sale with NAV and ML sound system

Condition*
Value
*

Excellent
$27,165



Good
$25,470



Fair
$23,135

samathews

I would check ebay and carmax to get an idea. With all the information available today, it should be an efficient market.

pestleman0

Use autotrader.com and compare what other's are selling for in that 100+ mile radius.

MD350

I agree with Bob. You must see those Lexus service records to see if this car has/had tranny issues. If the seller is upfront, have him get the records and show them to you. Maybe go in to the dealer together so nothing is hidden.

There are so many buybacks and ES350s with bad trannys out there, you really need to be careful.

toneman

I'm guessing that vehicle location might be a factor but...if that guy's ES (is it a UL?) w/ 29K miles has a trade-in value of $29,800--unless that value is based on a UL rated as being in excellent condition...something's not right w/ that figure--my CA-based 2007 ES350 UL (pretty much everything except radar cruise control and the BBS-like wheel option) w/ only 13K miles has a trade-in value of $31350/$29670 for excellent/good condition. If I change the mileage figure for my vehicle from 13K to 29K, trade-in value drops to $27,875/$26,195 excellent/good--meaning the trade-in value of his car is roughly $2000 higher than mine (and possibly even more, if he's rating his car as being in "good" condition).

Unless used ES350s are rare out there in PA, IMHO the seller's claim sounds a bit fishy to me.

LexusFan2

Thanks for all the replies.

Regarding the trade-in price, I found out the car comes with the 'Premium Plus Package with Additional Options' listed as $7,440 at:

http://www.lexus.com/lexusConfigApp/...&zipCode=20871

Not sure how much effect this will have on the trade-in number.

Good suggestion on getting the service records from the dealership. I'll definitely look into this.

BillP

You can also look at NADA. That will give you another data point to help formulate an offer. NADA usually has higher numbers than KBB. His asking price is below NADA clean trade in value.


http://www.nadaguides.com/

onepointon

Just got off the phone with him.

Goodluck with the purchase.

MD350

I just fell out of my chair. A UL is only worth that much after 1 year?

350Dave

It does not sound like a UL to me, he said 'premium sound' which is NOT ML, and made no mention of panoramic roof, etc...

onepointon

Yea, I thought that was pretty steep as well when I saw those numbers.

I am reading a budgeting book at the moment. They state that the average $28,000 vehicle will depreciate in value by $17,500 in the first 4 years.

Dropping over $10,000 in the first year is crazy. I doubt those numbers are what they are actually going for, although, I wouldnt doubt that people are getting those numbers at trade-in.

ES350Bob

I figured you'd help him out