I have located a 2007 LS 460 for sale. 12,500 original miles. 1 owner. All options with a clean CarFax. As represented, no accidents and no issues. I would have a professional pre inspection. Properly serviced. Understanding that these vehicles at this mileage are rare and and at a premium, what is a fair price? The dealer is asking 29K. Better to go newer or is this a vehicle to to pursue with negotiation?

 

That seems high. You should plug all the specifics into KBB, Edmunds and NADA and see what values you get.

i would think there is plenty of room for negotiation.

 

Extremely low mileage for a LS that's almost 10 yrs old but at $29K I would fine one that's newer.

 

I'd pay not a penny over 23K (OTD) for that considering it's a 10yr old car. Low miles or not it's still gonna have needs.

 

there is a 2011 LS460 with ~60k miles on ebay with "buy it now" price of 27k, also accepting bidding now.

 

I think $29,000 for an 07, even with those low miles is high, very high.

In my opinion as long as these cars have been maintained, and the recalls performed, mileage isn't a big issue. I'm not saying go out and buy one with 200,000 miles on it. I'm saying if you can find one with 50,000-70,000 miles...for $18,000-$19,000, I'd probably go that route (as long as the control arms have been done, because that will cost you anywhere from a grand to three grand).

Where I am the older 460's aren't gathering much interest on the market...the prices are low and the cars just sit on those lots. I have no idea why...maybe because they're RWD in New England? I don't know, but they aren't selling.

 

Just looked up my local autotrader. A dealer is asking $20,000 Canadian , or under $15,500 US$ for a 2007 with 74000 miles on it.

A BMW dealer is asking the equivalent of $29,500 US $ for a 2011 with 33,000 miles on it

 

I would guess $20k walks with that car. Good luck, I'd do it in a second.

 

In the DC area, a 2007 with 100k miles for $16k is a great deal. Trust me, I know. It took forever to find one in good condition at that low of a price. If I saw one with 12k miles for $20k I would have bought it twice.

So really, I think it depends on your location. List it for $29k and see what happens. Around here a 2007 with 70k miles is landing you in the $22k range.

 

2007 under 100k is 19 to 22k in Denver.

 

For that money, I'd buy a higher mileage 2010-2012. It has newer features and the later 2010's and the 2011-2012 addressed the control arm issue. I'd have no problem buying a 60K mile car so long as the reports come back clean.

 

12500 miles for only 29k dollars? That would be an absolute STEAL here in Canada. Id be all over it.

 

for an 07 though? they're stealing you...

 

Thank you all for responding to my post and sharing your thoughts. As an update, per discussions with the dealer l believe his best price is 26K. It would be inspected by a Lexus dealer at sellers cost. Represented as always garaged with new michelins. Dark gray exterior with black leather interior-rosewood accents. Has all options as far as I can tell including park assist, ML stereo, navigation and backup camera, A/C seats. Im looking for newer LS 460 in my area to compare as suggested in the responses to my original post.

 

Based on personal experience, I would not place too much faith in the PPI report from a Lexus dealer. I went this route in Feb 2016 while buying my used 2014 LS from a used car dealership. It was taken to a Lexus dealer for the PPI ($150). They supposedly performed a full mechanical, electrical and body work inspection. They changed the battery under warranty, and the mechanicals (suspension, brakes etc.) all checked out. BUT, they either did not perform a body and paint inspection or did a terrible job because they missed some issues that would have been immediately obvious to a professional inspector. The front and rear bumpers on my car had been repaired and re-painted (nothing wrong with that, I am told; happens all the time). I did not spot these in my careful inspection before purchase, but I am not a professional. In retrospect, I know what to look for. I would have negotiated for a 1-2k price reduction had I known. Bottom line, use a professional car PPI company. I posted links in another thread.