Miller11

First time post,

Made a deal today to buy a 2005 GX470 trading in my 2003 GX470 with 22K miles, in mint condition with all available options available then. Just wondered what y'all thought a fair trade in value might be. I have no problem with the discount recorded for the 2005, but wonder if I'm being screwed on the trade (which usually happens). But, I've dealt with the same dealer here in Dallas for years and trust them to be fair.

Would appreciate some ideas.

SMC

PitBull

What are they offering. They will give you Kelly blue book for "good" condition $36,690. Since used car dept. is it's own profit center they all shoot pretty straight.

LeslieRC

I have purchased a total of 5 Lexus automobiles from my Lexus dealer; I like the staff at the dealership and they have always treated me well, but negotiating "price" with them has always been tough. This past October, I negotiated with them for an `04 GX470 with part of the deal entailing trading-in an `03 Cadillac DeVille that my mother had left me and that was in truly mint condition (garaged, "loaded", no dents or scratches, and with just barely 9,000 miles). I did my research and even went to CarMax to get a sense of the trade-in value for the DeVille. Based on my research, I knew that the DeVilloe would sell used for around $31K. I wanted $25K; CarMax was ready to purchase the car for $22K; and the Lexus dealership offered $18K for the trade-in. Fortunately for me, I had CarMax's offer sheet with me while I was at the Lexus dealership and, after threatening to walk on their deal, I got them to match the CarMax offer and did the deal with them. A week later I saw the DeVille on the dealer's used lot and noticed that they were selling it for $32,000! Because I was pleased with the deal I got (they took $3K off the $49,700 sticker price of the GX), it didn't bother me to see the sales price on the Caddy; but I remembered a maxim that I had heard about car dealerships in general. That is, that dealership make their money on their service department and on their used car sales.

Figure out what you want for your trade-in, be able to support your number, and fight to get that deal.

nyc11370

Auction Transaction Report With Exact Matches
Date: __________ National Edition: December 9, 2004
VEHICLE IDENTIFICATION
--------------------------------------------------------------------------------
VIN: ____________________
Make: LEXUS
Model: GX470 4WD
Style: 4D SPORT UTILITY
Year: 2003
Engine: ____________________

REPORTED WHOLESALE AUCTION SALES - With Exact Matches Type Miles Price Sale date Auction Engine T
R Cond Color Sample
4D SPORT UTILITY 16,056 $41,800 12/08/04 MILWAUKE 8G A Abv WHT/070 Y
4D SPORT UTILITY 19,337 $40,100 11/18/04 MANHEIM 8G A Avg GOLD Y
4D SPORT UTILITY 29,622 $40,100 11/09/04 FAAO 8G A Avg SILVER Y
4D SPORT UTILITY 26,321 $40,100 12/01/04 SEATTLE 8G A Avg WHITE Y
4D SPORT UTILITY 23,220 $39,750 11/10/04 MILWAUKE 8G A Avg WHITE Y
4D SPORT UTILITY 16,562 $39,750 12/08/04 MILWAUKE 8G A Avg PEARL Y
4D SPORT UTILITY 16,867 $39,600 11/09/04 FAAO 8G A Avg SILVER Y
4D SPORT UTILITY 17,137 $39,200 11/23/04 FAAO 8G A Avg SILVER Y
4D SPORT UTILITY 18,727 $39,000 12/08/04 MILWAUKE 8G A Avg BLACK Y
4D SPORT UTILITY 26,964 $39,000 11/17/04 ATLANTA 8G A Avg WHITE Y
4D SPORT UTILITY 24,415 $39,000 12/01/04 NASHVILL 8G A Avg SILVER Y
4D SPORT UTILITY 14,107 $38,800 11/30/04 FAAO 8G A Avg SILVER Y
4D SPORT UTILITY 22,862 $38,600 12/03/04 MANHEIM 8G A Avg SILVER Y
4D SPORT UTILITY 19,850 $38,500 12/02/04 MANHEIM 8G A Avg BLUE Y
4D SPORT UTILITY 33,050 $38,500 11/17/04 ATLANTA 8G A Avg WH Y
4D SPORT UTILITY 23,374 $38,500 11/19/04 NEVADA 8G A Avg BLUE Y
4D SPORT UTILITY 22,179 $38,400 11/16/04 STATESVL 8G A Avg GRAY Y
4D SPORT UTILITY 22,122 $38,400 11/23/04 FAAO 8G A Avg SILVER Y
4D SPORT UTILITY 22,126 $38,000 12/02/04 MANHEIM 8G A Avg SILVER Y
4D SPORT UTILITY 25,749 $38,000 12/07/04 FAAO 8G A Avg BLUE Y
4D SPORT UTILITY 18,192 $37,800 12/02/04 MANHEIM 8G A Avg BLACK Y
4D SPORT UTILITY 22,482 $37,800 11/09/04 FAAO 8G A Avg SILVER Y
4D SPORT UTILITY 20,762 $37,500 11/23/04 OHIO 8G A Avg GRAY Y
4D SPORT UTILITY 20,771 $37,500 11/30/04 FAAO 8G A Avg SILVER Y
4D SPORT UTILITY 22,584 $37,000 11/10/04 MINNEAP 8G A Avg WHITE Y
4D SPORT UTILITY 31,543 $37,000 11/11/04 CHICAGO 8G A Avg GRAY Y
4D SPORT UTILITY 45,916 $37,000 12/08/04 MILWAUKE 8G A Avg TAN N
4D SPORT UTILITY 40,531 $37,000 12/02/04 W PALM 8G A Avg SILVER N
4D SPORT UTILITY 33,863 $36,700 11/18/04 MANHEIM 8G A Avg BLACK Y
4D SPORT UTILITY 31,360 $36,500 11/24/04 MILWAUKE 8G A Blw CHARCOAL Y
4D SPORT UTILITY 11,669 $36,500 11/17/04 DALLAS 8G A Blw BLACK Y
4D SPORT UTILITY 25,642 $35,900 11/18/04 MANHEIM 8G A Blw BEIGE Y
4D SPORT UTILITY 32,813 $35,000 12/08/04 MILWAUKE 8G A Blw 4R2/TAN N

--------------------------------------------------------------------------------

R E C A P
Make: LEXUS
Model: GX470 4WD
Style: 4D SPORT UTILITY
Year: 2003
Prices High: $41,800
Low: $35,000
Average: $38,252

Average Miles: 24,205
# of Vehicles: 33

Miller11

Thanks for the info folks. I got screwed but not by much so guess I things will work out nicely.

Thanks again.

PitBull

What did they give you for your trade? It helps others to know the numbers. That way when they go in to buy a used GX470 they have a feel for what the dealer has in it.

dallastx

nyc11370....How did you get the auction info? I would love to have the same for my 2001 BMW 330 Cic with 37,000 miles. It would be very helpful as I negotiate my trade for my new GX coming in next week!

nyc11370

Make: B M W
Model: 3 SERIES
Style: 330CI 2D CONVERTIBLE
Year: 2001
Prices High: $29,750
Low: $16,200
Average: $25,897

Average Miles: 42,300
# of Vehicles: 31

Knicksfan

I too traded my 2003 for 2005....mine was also fully loaded + I had added LoJack and K40...

49,500 miles (whew)....and received $28,000 in trade...

Condition was good/fair....in that I had some scratches on each corner of the fender and some soiling on the ecru leather.

Considering I am in a high tax state (NY which adds 8.75% to the value of the trade-in) = $30.450 equivalent value...(not to mention the $9000 tax write off when I purchased)...plus $500 from Lexus Customer Service in lieu of the $1000 Visa for the mislabeling....I feel OK.

I suppose I could have gottena few more dollars had I tried to sell privately but KBB for good is about $32,000 so its not worth my time or trouble.

Discount on new model (3%) doesn't seem as great as others are getting though...

Tony

Thanks for posting those auction prices for the GX

Miller11

Thanks to you folks things "be" changing. I was offered $37K but after reading NYC's post I reopened the issue with my sales rep. He left a message on my machine late this afternoon while I was out and said "yeah we missed a few options". I will find out what the adjustment is tomorrow sometime. You guys have been a big help and thanks a bunch.

TOPLEXS

Knicksfan.
Be careful. A portion of that $9,000 you wrote off is now subject to recapture. If you sell your car, that you have taken excessive depreciation on, you must now recapture that excess. If you wrote off the entire car, then you must report as income that portion which was gained back by the sale.

Knicksfan

You sound just like my accountant....thanks! I'll let him do what has to be done and just enjoy my new wheels....

bunka

Knincksfan - What "Visa Mis-labeling" are you referring too? Why was it a $1K value and why did They absorb it and pay you $500?

Knicksfan

I had one of the early GX which was mislabelled at 6100lbs GVWR. Since I had taken the extra deductions and then learned that it was really 6000 lbs, Lexus initiaited a recall to relabel.. If I had acted by July 2004 - which I did not - I would have been entitled to a $1000 Visa - good for Lexus products and services. Since I am buying a new GX I thought maybe I could use that $1000 towards the purchase price if I got my act together. (Thats when I found out the program had expired). But the nice people at Lexus said if I do they will send me a check for $500 for my "trouble"...so I am either $500 ahead or $500 behind depending on your point of view!!!