Is it just me, or are the three main sources for "fair" resale prices for LS600hL autos using a dartboard to determine a fair CPO price?
I'm in the market for a CPO LS600hL, something in the $40-50K range, and I discovered a nice 2008 CPO at the Lexus dealer in Chicago. The car is a 1-owner, and it has complete Lexus service records for all major services since new (and all at the Chicago Lexus dealer). The asking price is $43K.
When I looked the car up on KBB.com, I got a CPO average price of $49,899. So $43K seemed like a pretty nice deal for the vehicle.
Not so fast! I looked the car up on NADA.com and it came back with a fair CPO price of $40,375! Huh?????
When I checked Edmunds.com, I got a CPO value average price of $43,434.
I understand the value of a car is whatever someone is willing to pay for it, but I've never seen such disparity between the 3 main price references. Is it because there are so few sales of LS600hLs? I generally only keep a car 2-3 years before trading, so buying at a very low price (in relation to "book price") is critical to minimize my depreciation over the 2-3 years.
Any thoughts on what a good price would be on a 2008 LS600hL CPO with 58K miles?
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Ricknchar I did little search online and realized that they are much cheaper in UK. Here is one I found. The price makes such a big difference that perhaps is worth considering to look in Europe (I am in USA) and have it shipped? http://www.pistonheads.com/classifie...ck-sat/2093813
The price is £20,450 and it's exactly what you listed, 2008 and 58K miles.
Pricing an LS600 is like throwing darts at a dartboard. I watched prices and supply of these cars over a 7 month period on a daily basis while I was looking to purchase. AutoTrader is your best bet looking nationally to work out the available supply. I also checked all the VINs through CarFax and AutoCheck.
Biggest factors I found:
- Once the cars available on AutoTrader drops below about 30 in total, prices go through the roof. Fair enough, supply and demand!
- Once the available inventory goes back up above 45, prices level back out.
- Mileage is a big deal. The lower the mileage, the higher the price and the faster it will sell.
- A car with any type of damage history is really tough for a dealer to move, so its priced accordingly.
- One owner history isn't so important. If the car has low miles but 2 or 3 owners and was resold through Lexus dealers, price stays high.
- Cars still under new car warranty fetch higher prices. This happens because sometimes there are leftovers and it might take a year to sell. A 2009 might have been produced in 2008 but might not have sold until 2010.
- 2008s are plentiful as Lexus sold plenty of cars that first model year. After that, supply dries up almost completely so prices are higher.
- White exterior cars or cars with the alabaster (white) interior are tough to sell.
- Cars missing options like radar cruise are tough to sell.
- If the car drives badly, it won't likely sell. If the car drives well, it sells fast.
Lexus dealers also don't get a ready supply of these cars so CPO is very rare. You'll only usually see between 2 and 6 cars CPO'd nationally at once from the Lexus.com website, searching by LS600 models with no zip code. On AutoTrader this morning there are 54 cars listed, but only 10 of those are from 2009-2013 models.
Good luck..it comes down to negotiations and what a dealer is willing to do. On my 600, I got them down about $6k and had thema deduct an additional $500 to cover my airfare for my wife and I to fly one way to pick it up and drive back. Then got an extended CPO wrap for 5yr/125k for about $1500. Bottom line, my 600 bought in 2012 is sitting great as far as resale value should I decide to sell. I got one hell of a head start. .negotiating for nearly 4 weeks via email was worth the time and energy.