saforo

I have a friend with a dealers license and want to get into the used car business. I have around $8000 and want to buy older ls 400s then resell them. Does anyone know a good auction house to go to thats relatively close to louisville KY? What should I look for specifically in 90-96 ls400's that could point to trouble. Finally I plan on just doing one car at a time spending between $3k-$6k and then $1k-$3k on repairs and selling for $1000 -$2000 profit. Does my plan sound remotely feasible and does anyone have any advice?

ps- I noticed the earlier thread regarding auction but my question has a bit of a different focus

POS

I'm sure Manheim has an auction house in Kentucky somewhere - they are the best. Go to www.manheim.com to see their locations. You'll need to get registered with them as an "agent" for the company, then get registered on their website so you can see the auction lists.

As for trouble areas, do a search on this site looking for "what to look for when buying" threads - all the normal stuff to watch out for is there.

Problem with auction cars is that most of the older ones are there because something is about to go wrong and the original owner wants out. You'll have to find that out with each car - you need to be careful and systematic with your approach to a vehicle. Make a list of all things to check and go through it on the car prior to the auction. Get a VIN from their website and run it through CarFax prior to bidding. Get the price the car is worth in your head prior to bidding.

Your dollars scheme is reasonable, however you'll find that the cars on E-Bay mostly sell for $1000-1500 over the auction price, meaning that you have little room for repairs. If you can sell the car retail (locally, autotrader, etc.) you can really make a good spread on a vehicle. That takes time.

Many dealers go one way or the other - for good cash, sell locally; for quick cash, sell e-bay. Expect to lose a few bucks on the first few cars - just like any other business, there is a learning curve to learn how to get the most bang for the buck from what type of car.

GRAND_LS 4

iTrader: (2)

Just checked their website, there is a nice gold 98 LS with 77K going on sale tommarow. Wish me good luck.

LexieLS

"As for trouble areas, do a search on this site looking for "what to look for when buying" threads - all the normal stuff to watch out for is there."

Where can I find these threads POS?

GRAND_LS 4

iTrader: (2)

Checked out that golden 98, very clean condition in and out. No H.I.D. though, shouldnt they be standard?

Oh well.. i think it sold for $16,500, but it was in super great condition.

afaleti

Could you please send me the list of past Lexus LS400 Sales at Manheim , PA for the month of June /,July & August 2004.

Thanks

GRAND_LS 4

iTrader: (2)

2 days ago, a 1994 with 63K sold for 7200 I think.

I'll dig up that list for you when I get home.

afaleti

===================================================

I was looking for information on the 98 - 2000 LS400

GRAND_LS 4

iTrader: (2)

[QUOTE]Originally posted by afaleti
===================================================

I was looking for information on the 98 - 2000 LS400 [/QUOTE

Oh man, im really sorry, i lost the login and password. I will try to get it as soon as possible.]

afaleti

[QUOTE]Originally posted by GRAND_LS 4

Quote:

Originally posted by afaleti
===================================================

I was looking for information on the 98 - 2000 LS400 [/QUOTE

Oh man, im really sorry, i lost the login and password. I will try to get it as soon as possible.]

I will be looking forward to it

Thanks

GRAND_LS 4

iTrader: (2)

sorry about the delay, i just checked, and i was wondering how prices are SO CHEAP over in PA ?

Well, i just found out i couldnt go back past Sept. for some reason. You still interested in the info?

afaleti

yep,

If possible, I still need the Info

1998-2000 LS400 - July 2004 - Manheim - PA

Thanks

GRAND_LS 4

iTrader: (2)

Sorry if i didnt make it clear, but i meant that I cant go back any further then sept sales. Are you still interested in Sept/oct sales figures?

afaleti

OK, I will like to have Septembers Numbers.

How many Grands do you feel the LS value will fall per month ? i might be selling mine soon

How much do you think the car listed below would have gone for in July (and would go for in November)

Year: 1999

Model: LS400

Color: Black

Milage: 50,000 Miles

Overall Condition: Above Average

Navigation - None

Extras:
Xenon Lights

GRAND_LS 4

iTrader: (2)

Here are the Sept numbers, but they don’t seem right, either they are owned by a dealer who sells damaged cars, or it just happens to be more then one dealer with damaged cars there selling LS's. You will notice a 1998 sold for a lot more then that last 99, which indicates something is fishy.

LEXUS LS400 1998 WHITE 4 8 Gas A SR 45417 $19000
LEXUS LS400 1998 BLACK 4 8 Gas A Y X MR 53629 $18400
LEXUS LS400 1998 GOLD 4 8 Gas A Y X SR 114270 $14000
LEXUS LS400 1999 PRLWHITE 4 8 Gas A Y X SR 53427 $21200
LEXUS LS400 1999 GREEN 4 8 Gas A Y Tape SR L 74390 $15000
LEXUS LS400 1999 BLUE 4 8 Gas O Y Tape MR L 55595 $12800


the week before....

LEXUS LS400 1998 WHITE PE 4 8 Gas A CD MR L 113849 $15300
LEXUS LS400 1998 GREEN 4 8 Gas A Y X SR 73906 $16000
LEXUS LS400 1998 BLACK 4 8 Gas A Y X 79634 $16100
LEXUS LS400 1998 BEIGE 4 8 Gas A Y Tape SR L 83369 $15700
LEXUS LS400 1998 BLUE 4 8 Gas A Y X SR 80746 $15200
LEXUS LS400 1999 PEARL 4 8 Gas A Y X SR 43838 $20800
LEXUS LS400 1999 SILVER 4 8 Gas A Y X SR L 79386 $16200
LEXUS LS400 2000 SILVER 4 8 Gas A Y Tape SR L 56479 $24200

week prior.....

LEXUS LS400 1999 PEARL 4 8 Gas A Y X SR 63393 $18700
LEXUS LS400 1999 SILVER 4 8 Gas A Y X 59030 $18700


NOW.... notice we cannot tell which cars sold with a "green" or "red" lights. we don’t know what type of condition they are in, nor the frame damage. Let us not forget there are auction fees on top of those prices. Example, if you see a car sell for $16,000 depending on auction and location, fees can add up to $600-700 dollars after paying commission to the dealer that snuck you into the auction.

After the extensive searching that I have done in the past few months that I have done prior to purchasing my LS in august. I would say your car is worth about $18,500 AT LEAST…. $19,500-20,000 here in Florida (THEY ARE RARE DOWN HERE).

Good luck.