frogers930

I have put my LX up for sale and wanted to get feedback on its market value. I have had some comments that my price is too high but according to my research I think I am in the right neighborhood.

Basic Info
Location: Maryland. Zipcode - 20878
Year: 2006
Make: Lexus
Model: LX470
Color: Galactic Gray Mica
Mileage: 89000
Title: Clear and in hand
Owners: I am the 2nd Owner
Accident History: No Accidents
Maintenance: Full history since new
Price: $27500

TIA

nwroller

I don't think it is a bad price. An 06-07 one would think would be in more demand than a 03-05 due to the engine and cosmetic changes. But you are probably unlikely to get as much in Maryland as you would where I live (Seattle) since our used cars seem to be the highest in the country (no salt roads, no high supply like CA and the South). We have an 06 listed at a dealership for over $31k here, so I would think it would be no issue to get 27k for your car here, but in Maryland it could be tougher. Comparing year 2000/01 LX470s (since there is a decent supply both there and here) they are listed about 4k more here then than are there. Given that my guess is that yours is worth 25-28k in Maryland, being private party probably closer to 25k.

Be patient and you will likely be rewarded. I have waited months before and gotten my price. It is easy to drop your price, but difficult to increase it, so start at what you really want for it and sit on it until you NEED to sell it, then drop the price. If you are not in a hurry I think you will get your price, it just make take some time for the right buyer to come along.

frogers930

Thanks - I appreciate the feedback.

My research in the Mid Atlantic region shows dealers asking about the same, low 30's for comparable trucks. How is availability out there? In MD area these are scarce, especially the 06-07 (Took me over 6 months to find this one). While there is some surface rust from the crap they put on the roads here (which I am actually having fixed next week) no other issues and full records since new.

toddmorr

i'm a md guy and actually just bought an '05 for 22k, 105k miles, very clean. I really studied the market and was patient....i'd say your price is OK but not likely to get much attention. If I had seen it I would have moved on, UNLESS you have some other hook in the ad to differentiate the truck. Think about what that might be, and highlight it. Buyers have lots of alternatives..you have to stand out in some way

frogers930

Thanks

I believe the highlight of my vehicle besides it being an 06 is the full maintenance since new with records to show it along with the low mileage.

I have a very detailed ad up on some other boards but don't have the post count to post it here. Thought it would be bad etiquette to post my actual ad and/or link to it in this thread

It's already a hard decision to part with it if I don't end up getting an offer near my asking price I will probably end up keeping it and selling my 4runner instead.

asut320

I am in a search of similar truck and I am local to Maryland. Please contact me on my email so we can discuss further.

toddmorr

curious if you sold it yet, and how much did you get.
what kind of response are you getting to your ad

frogers930

Lot of interest but it is still for sale.

The response has been positive from people on the other forums, many stating that my asking price is fair. Don't think there is a huge market for these vehicles so I am content on waiting for the right buyer.

cnfowler

I wouldn't think there's no market for it, it's just that $27k is a lot of money for a 9 year old vehicle. There are a lot of financial institutions that won't finance that old of a vehicle and most people don't have $27k lying around waiting to be used to purchase a 9 year old truck. Even if someone can get financing, the terms probably won't be very long, something like 36-48 months. 48 months would put the payment around $600/month. That's a lot for an older vehicle. I think your price is in the ballpark, but it's still a lot of money.

Do you have a CarMax in your area? They'll buy your vehicle even if you don't buy one of theirs. May be a solution for you, or at least an option.


Colin

frogers930

Thanks @cnfowler I appreciate the feedback.

I have lowered my price since my 1st post so I am now well below KBB and NADA values. Also based on my research over the last month I am priced very competitively against similar vehicles with most others having more miles/more owners/no maintenance history.

At this point I may end up keeping it and selling my built 4runner just doesn't make sense to take such a huge loss on a great vehicle.

BTW did take it carmax and while their offer was okay still below what I would like to get. Also have it listed on ebay now.

cnfowler

I guess that's a "problem" with having a vehicle that holds its value so well - you end up with an older vehicle most places won't finance and a value most people can't afford. It IS a shame because yours sounds like a really great LX.

CarMax's offers are usually pretty bad, but I have heard some people get a fair price for their vehicle.

Good luck with the sale!


Colin

toddmorr

not sure why people put any stock in KBB or NADA; they mean next to nothing....well thats harsh. Better to say they're accurate plus or minus 25% I suppose. This is especially the case with cars that are older.

What matters is what cars are actually trading for in the marketplace. To find that out I'd start calling around cars listings similar to yours, you'll soon come across cars that just sold and you can ask them how much it went for. Do that enough and you'll soon see reality.

Bumphot

I'm new to the forum. Don't know if you still have it.
But, My banks (Black Book Prices ) this is what they have :
That is with the mileage you have posted here.


Sorry, had to put it up as a picture to keep the look right.

2006 Lexus LX 470 4D Utility 4WD

Maryland with 89000 Miles
looks like they would only finance $22,650. Which is not bad.










Book™ has verified these values as of 3/21/2015.
Black Book™ Used Car Guidelines
Use the following guidelines to verify the condition of vehicles. It is important not to over classify a vehicle when determining the price. If in doubt, use the lower category.

• Extra Clean: Appears like new for the model year with very low miles and no visible signs of physical wear. There should be a solid vehicle history report with no reported issues or questionable notations. All parts are original and in place. The interior should smell fresh and there should be no tears or stains. It should be mechanically correct with all fluids clean and changed according to the prescribed maintenance schedule. Tires should be like new and completely matching, including the spare.
• Clean: Very little interior or exterior wear. The vehicle is 100% mechanically sound. Any paint repair is almost unnoticeable. The vehicle should be accompanied by a clean history report. All tires should fully match and have good to excellent tread. There should be fewer than average miles for the model year.
• Average: The vehicle is solid with substantial serviceable life remaining, but normal interior and exterior wear is allowable. Any previous paint repair must only be apparent to the trained eye. There could be minor mechanical or maintenance work required. Tires should be in average condition or better and there should be typical miles for the model year.
• Rough: The interior and exterior will show more than normal and expected wear and tear. The vehicle could have excessive miles for the model year and may be approaching the end of its serviceable life. The vehicle could have had previous body damage with possible sub-par repairs. There could be cracked glass. The interior could be torn, stained and have adverse odors. There could be physical or mechanical repairs needed. Tires could be worn and/or mismatched. Negative history, frame damage or mileage discrepancy (True Miles Unknown or TMU) would push condition to below Rough condition.
• Finance Advance™: The typical wholesale value on a front-line ready vehicle (i.e., on a vehicle in good enough condition to be placed on the lot and sold without any reconditioning).