Cosmo2002

Hey there, I've been a long time lurker on the board but since I just bought my first Lexus I thought I'd post my buying experience. I'm not sure if it's bad form starting a new thread for this post, so please go easy on me.

Both me and my parents wanted a new Lexus, so we decided to see what kind of deals we'd get if we offered to buy both cars at the same time. I think we did pretty good, but really have nothing to compare it to. I wanted an ES 350 and my parents wanted a GS 350. The process went as follows:

1. Started with Costco Auto buying program to get the starting price. Had to go to the dealer to get the price, but with that in hand I started emailing all dealers within 250 miles. We live in CA, so I included 6 dealers.

2. When emailing the dealers, I found the exact (or near exact) car configuration I wanted in their inventory (via the new car inventory on the dealer's website) that matched the exact configuration I wanted to buy. For example, the exact ES 350 I wanted had an MSRP of $45,450, so I found a car on the dealers lot that was within $100 of the car I wanted. I simply emailed the internet sales manager at the dealer (found the email address by sending requests through edmunds/com) and included (i) a link to the ES 350 and GS 350 in their inventory that I wanted; (ii) the current price I was offered for the ES 350 and GS 350; and (iii) what they could do if I bought both cars at the same time.

3. Over the course of about a week I got to what I thought was the rock bottom price. I knew it was rock bottom because all but two of the dealers said there is no way they could match the price. I didn't want to be a total pain to the dealers, so I only asked for prices twice from each dealer. I didn't want to get into an annoying bidding war and waste too much of the salesman's time. I figured if I sent exact links and included current offered prices from other dealers, I'd be less annoying than the guy that always says "what's your best price?" Hopefully it would also reduce wasted time for the sales people. I found that dealers were more likely to give a better price if you identified the exact car on their lot and give a current price.

4. Lexus announced it's current incentives = $3,500 incentive for the ES 350 and $3,000 for the GS 350.

5. Both incentives above could not be combined with Lexus 0.9% financing, so I searched for a low finance rate and if I couldn't find it we were prepared to pay cash.

6. Found that Western Federal Credit Union is currently offering 0.74% financing for new car loans (.99% with a 0.25% discount with direct debit payments). Me and my parents applied for the loans and were approved the same day.

7. Took the best price to our favorite dealer (which had the nicest and most accommodating sales person), and walked out with a new GS 350 and ES 350.

8. Final prices were as follows, bought in CA:

GS 350 (with $3,000 incentive) - Nebula Gray Pearl exterior; Black leather with Gray Sapele interior
MSRP: $52,700
Sale Price (after discount and incentive): $43,625
Out the door price (including tax, license, fees, etc): $48,050

ES 350 (with $3,500 incentive) - Eminent White Pearl exterior; Black perforated leather with Linear Dark Mocha interior
MSRP: $45,450
Sale Price (after discount and incentive): $35,960
Out the door price (including tax, license, fees, etc): $39,750

We are super happy with the cars and think we got amazing deals. I wouldn't have believed it if you would tell me at the start of the process that these are prices we would end up with. We will certainly bring all our future business to the dealer.

imrankh24

Post pics of the cars

Island

Congrats on the new cars! If u look a few posts down, you will see that I also posted my buying experience on buying my Lexus living in California

I did my home work as well but apparently not as well as you did! I did not even think about shopping for a possible lower apr then what Lexus was offering

Your ES at 39k out the door was with ttl? That's amazing. You did not have to put a down payment as well I see? Good job on your purchase! I thought I did well but I see perhaps I could have even got a better deal

UKEE

Cosmo2002, excellent deals. I thought I had done OK on $3,500 and $3,750 off my deal (sticker $42,429) but you paid less for much more car than I did and on top of that, a much lower rate. I applaud you.

I found the Western Federal credit union information after I returned home but wasn't sure if I could refinance at the 0.74% rate. Also note that is for a three year term (I might be willing to give that a go for the savings).

Again, awesome deal...best I've seen on here yet (which is limited but impressive nonetheless).

Edit: Upon nosing around the Western Federal credit union, it would seem that I can indeed refinance a new car as long as it's one model year away from current and less than 5000 miles. Strongly considering going from 60 months @ 1.9% to the 36 months @ 0.74% (with payment from the Western checking account). Still need to qualify for the deal but the difference in interest is quite a bit.