Looking To Buy Lx470 - Please Help!

[bd37703]

Hi,

I'm looking at buying a LX470 - here is what I'm looking at:

1) Buy a pre-owned 2004 or 2005 - low miles - I've been doing some research and I should be able to get a 2004 with 15k miles for about $50,000

or

2) Lease a 2006 - the dealer offered me the following: $970/month (no down payment) for 36 months - 15000 Miles/Year

What would you guys recommend?

Thanks a lot for your help!

Bobby

[erupert]

Hi,

I'm looking at buying a LX470  - here is what I'm looking at:

1) Buy a pre-owned 2004 or 2005 - low miles - I've been doing some research and I should be able to get a 2004 with 15k miles for about $50,000

or

2) Lease a 2006 - the dealer offered me the following:  $970/month (no down payment) for 36 months - 15000 Miles/Year

What would you guys recommend?

Thanks a lot for your help!

Bobby

←

lease is allways tricky. are you certain that you aren't going to go over the mileage? You will spend $36K to drive that car for the next 3 years then turn it in. If you spend $50K on an '04, do you think that it will only be worth $15K in 3 years? Will you want to sell it after 3 years?

I bought a '99 brand new for $61K. My plan is to keep it 10 years for an average of $6K/year ($500/mo) not including maintenance. I am just wrapping up year 7 with almost 120K on the clock and the only repair bill that I have ever had is a bad fuel injector around 98K. It's still in beautiful condition and is pretty hard to distinguish from an '06.

Hope it helps a bit in your decision.

[Leroy]

Depends on how long you intend to keep it. I love these cars and intend to keep mine forever as they do not seem to age. Ride, paint, interior, all stay new looking. I paid cash and hope I have it 200k miles later!

Depends if you are this type of person or if you like getting a new one on a regular basis. Financially I'm in line with erupert! Don't waste your short term (3-5yr) money on a lease unless your company is paying.

[cfbrenton]

no Brainer. Buy the 50k one. It is the exact car. In a year and a half you won't even remember that you did not have the car new....But your wallet sure will. Especially after you sunk $35k in a car that you are turning in. Your 04 will depreciate about $20k during that time, or less if you pay the market value of about $45k. $50k for an '04 with 15 k miles is high.

I could get you an '04 with 21k miles right now for $48, without even trying to bargain.

Edited January 8, 2006 by cfbrenton