MMR is Manheim Market Report and the base MMR is the auction average wholesale price for that particular brand and model of car/truck. Adjusted MMR takes into account the mileage, region, condition report (Autograde), and color. The adjusted MMR is what you'd expect a dealer buying the car at auction to actually pay for it. It's the true wholesale value for that specific car.

The LS600h is a somewhat rare bird. While there are some 2008-2009 cars out there, the market really dries up the newer you get. There's been less than 20 2010+ 600's go through Manheim nationwide in the last 6 months. The people that buy these cars keep them.

 

2008 LS 600h L w/ 126k miles
Smoky Granite Mica/Black
Premium Luxury Package II

 

I didn't negotiate the price down but rather gave my broker a max bid of 15.2 k since I was a bit tired of looking after a few months of internal debate. The broker felt that the price was slightly higher due to potential overseas buyers that were keen on exporting the car. The MMR is semi difficult to gauge for the 600 since so few are sold so the data set is somewhat limited. The main factor in lower value was mileage and when reaching 160-200k, the value drops off quite sharply; I want to say its worth about 5k at that point regardless of condition, issues, or original MSRP. So if you purchase the 600, it has minimal value in the future if you are looking to sell the car. If you want a reliable, high mileage ultra luxury car that you will keep till for a long time, the Lexus LS 460/600 are perfect.

Considering what 15k gets you these days, I am very satisfied with the overall purchase decision.

I agree that 600h's are quite scarce to find but getting the right one is worthwhile if you are set on it. The scarcity can be a negotiating factor as they seem to be more difficult to move due to age and other issues.

Side note, I wasn't aware that the 460L averaged 17 mpg combined. I average 22 combined mpg and 23-24 highway mpg at 75 mph. Interestingly, my mpg from 0W-20, 5W-20 and 10W-30 has been near identical. The same when varying tire psi from 36/44/51. Per the manual, they recommend +7 psi to 44 psi when running high speed or other special driving conditions. I wanted the highway mileage numbers of the 460 but guess each model has their positives and negatives.