LS460, smart purchase?
Racer
Joined: Apr 2002
Posts: 1,667
Likes: 210
From: Someplace in CT
Still if I was going to finance it, I would try for 3 year type of thing for a car of this age. I am with you, rolling in negative equity into a 11 year old car is a bad idea unless after all said and done, the book value for the car your buying is the same with your negative equity.
Intermediate
Joined: Jun 2018
Posts: 439
Likes: 10
From: Ne
Very true
WhatI did is follow the advice of Mick Jagger. Buy what appreciates and rent what depreciates. Cars generally are not a good investment, unless you own my old GTO or my 56 Chieftain.
I am retired so I do not generate extra income. I took an IRA distribution, put it in the bank and linked it to my 100 percent loan on my 07 LS 460. No payments for a year.
I am retired so I do not generate extra income. I took an IRA distribution, put it in the bank and linked it to my 100 percent loan on my 07 LS 460. No payments for a year.
Driver
Joined: Jun 2014
Posts: 84
Likes: 16
From: NY
i wouldn't go that high, you could find better deals. to give you an example just picked up a 2012 with 87k on the clock for 21.5k a few weeks ago, one owner car dealer maintained with a nada value of close to 26k. private party is your friend, dealers will always charge more, good luck in your search!
Lexus Fanatic
Joined: May 2012
Posts: 67,916
Likes: 3,840
From: Maryland
Well, if your talking about equity buying a 2007 LS460 is for $10-15K, is a much better financially deal than buying a BRAND NEW LS500.. If the deal is right, even with a 5-7% interest rate (normally a little higher on a used car), after all said and done. The Brand new LS500 will lose more value(dollar for dollar) than the 2007 will in 5 years.
Still if I was going to finance it, I would try for 3 year type of thing for a car of this age. I am with you, rolling in negative equity into a 11 year old car is a bad idea unless after all said and done, the book value for the car your buying is the same with your negative equity.
Still if I was going to finance it, I would try for 3 year type of thing for a car of this age. I am with you, rolling in negative equity into a 11 year old car is a bad idea unless after all said and done, the book value for the car your buying is the same with your negative equity.
Lexus Fanatic
Joined: May 2012
Posts: 67,916
Likes: 3,840
From: Maryland
Advanced
Joined: Apr 2018
Posts: 570
Likes: 132
From: ID
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So no I wouldn't pay $14,389 for an 07, no way in hell. They won't get $14,389 for that thing...financing for an eleven year old car isn't realistic for most people, the rates suck and most people won't spend $400-$500 a month for an eleven year old car. That eliminates most of their buying market. They have no leverage. And once people start taking vacations - like they're doing right now - their dealership will be a ghost town, they'll be begging for someone to buy it for $12,000...probably $11,000. It's a terrible terrible time of year to sell cars. Buyers have the leverage right now.
So no I wouldn't pay $14,389 for an 07, no way in hell. They won't get $14,389 for that thing...financing for an eleven year old car isn't realistic for most people, the rates suck and most people won't spend $400-$500 a month for an eleven year old car. That eliminates most of their buying market. They have no leverage. And once people start taking vacations - like they're doing right now - their dealership will be a ghost town, they'll be begging for someone to buy it for $12,000...probably $11,000. It's a terrible terrible time of year to sell cars. Buyers have the leverage right now.