hey

just came back from the dealer and closed a deal on a new car. I have an 02 rx300 with 38,000 miles, navigator package, original owner, and no accidents. Excellent to good condition minus a few car washes. bottom line the dealer offered me $8600 for it. I'm not sure but I think that's kind of low, considering I paid $44,000 for it, what is a fair price for the car.

 

The dealer plans to make money on the vehicle you turn in.

Instead of searching for a "fair price" look for the "going price". Check local papers etc to determine the asking price. Take out the margin for negotiation and you will get closer to real value.

At a certain amount, it makes more sense to keep the vehicle and pass it down in the family.

It used to be that Lexus would be around 60% value in 3year. These days the market is soft and your vehicle is twice older [the milage is in your favor].

You must have reasons to purchase a new vehicle, but your '02 should have lasted for a while.

Salim
ps: My '99 is near 150k miles and it has more value to me than the "fair market" or even the "going price".

 

FWD or AWD, what does "minus a few car washes" mean?

 

Even in todays' market, that's kinda low for an 02 with so few miles. Did you try taking it to carmax or did you already trade it in? Look at the KBB for the car. You won't get that, but it's a starting point for negitiations.

 

minus car washes means I missed more then a few cash washes here and there.

 

You could make someone a very good deal selling them your '02 and still get a lot more than the dealer would give you. It can be a pain to sell it on your own, though. I traded in the last time, although I know it cost me some bucks!

 

I sold my last car through the local free City Paper and it went very smoothly. These days, I would probably use Craig's List. I cleaned it up really well and asked half way between wholesale and retail (individual seller price) and it sold in a few days. Maybe I was just lucky. I don't sell cars often.

 

I need to check out Craigslist more often -- I grew up way before those things existed!!