fel0ncod3 Posted May 13, 2005 Share Posted May 13, 2005 Hey guy, i'm saw a friend who wants to sell an 03 IS 300... all the bells and whistles. Its a lease vehicle so you know its been babied in order to avoid heavy excess charges..... mostly highway miles going on 35,000 They both want to sell the 03 IS but she's not sure yet. I want to get the car b/c i think its a good deal..... she's selling it at $25,000 but she won't budge. For an 03 IS300 sitting at 35,000mi for $25,000 do you think its a good deal? -Black, Tan Leather Interior -Sunroof -Abs -Sports Package -Pretty good tire tread What do you guys think? should i jump on it..... i mean it retails for 27,000 and trade in is like 24,000..... a lil bit of help, thankx Quote Link to comment Share on other sites More sharing options...
bartkat Posted May 13, 2005 Share Posted May 13, 2005 True market value would seem to be closer to $24000. Quote Link to comment Share on other sites More sharing options...
MagicMtnDan Posted May 14, 2005 Share Posted May 14, 2005 I haven't done any research on this but my gut feel is that's too much $$$. Did you check Kelly Bluebook or other online resources? Our 2002 IS300 is due back to the dealer in one year (lease vehicle) and the residual on it is $15,000 with about 42,000 miles on it. Hey guy, i'm saw a friend who wants to sell an 03 IS 300... all the bells and whistles. Its a lease vehicle so you know its been babied in order to avoid heavy excess charges..... mostly highway miles going on 35,000 They both want to sell the 03 IS but she's not sure yet. I want to get the car b/c i think its a good deal..... she's selling it at $25,000 but she won't budge. For an 03 IS300 sitting at 35,000mi for $25,000 do you think its a good deal? -Black, Tan Leather Interior -Sunroof -Abs -Sports Package -Pretty good tire tread What do you guys think? should i jump on it..... i mean it retails for 27,000 and trade in is like 24,000..... a lil bit of help, thankx ← Quote Link to comment Share on other sites More sharing options...
fel0ncod3 Posted May 16, 2005 Author Share Posted May 16, 2005 but the dealer rapes you on residual value... i'm an accounting major, and they base that rate on inflation, the economy, and other stupid factors like the president....... so really, unless you can negotiate a really nice residual value... which is hard b/c they won't lease it to you otherwise..... you can't go by that..... residual value is also wholesale price... the blue book is 21 private 24/5 retail, depending what site you go to... i think she might be able to let it go for 22... if she lets it go for 22, do you think i should pick it up? Quote Link to comment Share on other sites More sharing options...
Unlisted Posted May 17, 2005 Share Posted May 17, 2005 lease and babbied dont go in the same sentence. A 35k IS .. needs or needed brakes? tires? Has she done this? Your alsoa year away from no warranty. Pick up a Certified used Lexus and get a year older with same miles for that price but with the 3yr/100k warranty and 3.9% financing Quote Link to comment Share on other sites More sharing options...
Unlisted Posted May 17, 2005 Share Posted May 17, 2005 secondly residual value is about $1000 or more higher in cost cases to true market value, hence everybody turns in a lease instead of trading it in and getting the equity back. Quote Link to comment Share on other sites More sharing options...
bartkat Posted May 17, 2005 Share Posted May 17, 2005 but the dealer rapes you on residual value... i'm an accounting major, and they base that rate on inflation, the economy, and other stupid factors like the president....... so really, unless you can negotiate a really nice residual value... which is hard b/c they won't lease it to you otherwise..... you can't go by that.....residual value is also wholesale price... the blue book is 21 private 24/5 retail, depending what site you go to... i think she might be able to let it go for 22... if she lets it go for 22, do you think i should pick it up? ← If you get it checked out and it's ok, with service records, etc, I think that's a good price. You can go to www.autotrader.com and check asking prices in your area for similar cars if you wish. Quote Link to comment Share on other sites More sharing options...
bartkat Posted May 17, 2005 Share Posted May 17, 2005 secondly residual value is about $1000 or more higher in cost cases to true market value, hence everybody turns in a lease instead of trading it in and getting the equity back. ← I'm not sure what this means, but a 2002 IS300 at $15,000 is at least $2000 below wholesale/trade-in value. Quote Link to comment Share on other sites More sharing options...
Unlisted Posted May 17, 2005 Share Posted May 17, 2005 secondly residual value is about $1000 or more higher in cost cases to true market value, hence everybody turns in a lease instead of trading it in and getting the equity back. ← I'm not sure what this means, but a 2002 IS300 at $15,000 is at least $2000 below wholesale/trade-in value. ← yes and he has one year to go so take away about $3k in depreciation. and we at where I said you normally are. The bank offers it to the dealer for residual value or few hundred dollars less if theres damage or the residual is off. The dealer pays the extra money because its buying a car they have hopefully serviced. They pay Lexus the $1000 to for the certified warranty plus another $800. on average to bring the car to certified standards, add another $200 pack on the car to cover incidental fees that wouldnt be covered under warranty {lost key etc} the dealer now owns the car for $17,000 if the its one of the rare cars that doesnt need a bumper or both repainted. They list the car for $19,990 because it sounds nice. End up selling it a few weeks down the road for $19,000. They pay the saleman about 20% so there down to $1800. Then subtract cost of advertising the car and the floor plan and lot charges that occured over the few weeks it sat from trade-in to being cleaned up and sold. Plus pay the detailer . They have have about a $1000. left they still have to pay the mgr, who oversees the dept. etc. Not alot of profit in it for them. And last the lower you negotiate a residual the higher your payment would be. Defeats the purpose of leasing. If you wanted to do that just get a hi mileage lease, The more miles you plan on using the lower the residual will be. So if your company is paying for your car payment{lease} tell them you need 20k miles a year . Keep the mileage under 15k a year and the buyout at the end should be a steal. Great write-off for the co. great perk for the employee. No charge for the lesson Quote Link to comment Share on other sites More sharing options...
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