Question About Selling My 2007 Is 350

[rockne]

I'm thinking about selling my IS350. If the car has only 2-3k miles, should I ask the same price for the car that I paid for it?

[lex250awd]

I'm thinking about selling my IS350. If the car has only 2-3k miles, should I ask the same price for the car that I paid for it?

Lexus of Porland told me that under 5k miles the value drops about 15% below MSRP; however, if they were selling it they would charge about the same. It's what ever the market will take.

[Rx330driver]

obviously, you will not be able to sell for the same price. its still a used car no matter how new the car is. i think you can salvage most of it, maybe 1-2K off the price.

question: what are you selling such a great car this fast?

[rockne]

obviously, you will not be able to sell for the same price. its still a used car no matter how new the car is. i think you can salvage most of it, maybe 1-2K off the price.

question: what are you selling such a great car this fast?

I'm not 100% sure I'm going to sell it. I've always owned BMW's and really like European/German styling. When the IS came out it was a great car and I figured for the money I couldn't get a BMW that would match up. I bought my IS about a month before the new 335 came out, that car looks awesome. I usually don't make crazy decisions like this (buy a brand new car and sell it 3 months later); I'm not going to let myself loose too much money. I did get the car $2500 of list.

I wonder how easy it would be to sell such a new car though???? I know that if a 'like new' was available back in Sept I would have jumped on it to save me the tax.

[teacherj]

I sold my BMW 330 (2006) to buy the IS 350. Cars are styled much the same but BMW=driving and Lexus=Luxury. They are not the same. I sold my BMW cause you couldn't get 2 sets of golf clubs in the trunk without taking clubs out of the bag. The BMW has it's flaws....many, in fact, the Germans are worried about the dirver's comforts but, the BMW would drive circles around an IS. I would rather have the BMW, the wife would rather have the IS.....we know who wins that fight.

obviously, you will not be able to sell for the same price. its still a used car no matter how new the car is. i think you can salvage most of it, maybe 1-2K off the price.

question: what are you selling such a great car this fast?

I'm not 100% sure I'm going to sell it. I've always owned BMW's and really like European/German styling. When the IS came out it was a great car and I figured for the money I couldn't get a BMW that would match up. I bought my IS about a month before the new 335 came out, that car looks awesome. I usually don't make crazy decisions like this (buy a brand new car and sell it 3 months later); I'm not going to let myself loose too much money. I did get the car $2500 of list.

I wonder how easy it would be to sell such a new car though???? I know that if a 'like new' was available back in Sept I would have jumped on it to save me the tax.

[rockne]

teacheri - How did you do when you sold the BMW? How much did you loose, or did you simply trade it in?

[teacherj]

I had the 06 BMW for a year, lost big $$. It certainly made no economic sense to do it. I sold the car for above Blue Book, wasn't hard to sell.

[anthonyiez]

don't forget to factor in the sales tax money you spent into your loss.

[rockne]

I hate sales tax, this is why this IS350 is the first car I've ever purchased from a dealer; $2800 down the drain.

I did get a 'family' discount of about $2899 off list. Most dealers in the Atlanta area aren't giving discounts off list so I figure I may list mine at about $1k off list and see what happens. No sales tax for the buyer so it would be a good deal???

[anthonyiez]

are you saying in GA that there isn't sales tax on used cars???

wow that's cool. in PA you pay sales tax on every vehicle purchase all the way down to the last part sold from the salvage yard.

[rockne]

No sales tax on private sales in GA. That's why I 'always' buy used cars. I would never have purchased the 2007 IS350 if I didn't get that discount; I told myself I wasn't pay sales tax because of the discount.

[seohenning]

I am having a bit of trouble believing the Georgia does not impose sales tax on used cars. That is great if this is the case but I am skeptical none the less. Did you buy these from used car dealers? I could see if you bought them private party and "didn't" have to pay tax. As in most states it is up to you to report this to the state and if you don't it is considered tax evasion... most states are now going to a "book value" for used cars as to stop people from selling them for $1 and thus paying almost no tax.

I found this information below but couldn't find anything about used cars being tax exempt. If I am wrong please correct me and I'll move to Georgia before I buy my next car.

"Georgia has a 4% state sales tax rate. Food is exempt from the state sales tax rate, but subject to tax by the local sales tax rate. Counties may impose local sales tax of 1% to 3%, consisting of up to three 1% local option sales taxes (out of a set of five) as permitted by Georgia law. Also, the city of Atlanta imposes an additional 1% Municipal Option Sales Tax. As of July 2006, sales tax rates in Georgia vary from 6% to 7%, except for the City of Atlanta at 8%."

"All Georgia licensed dealers are required to have an established place of business, public liability insurance and post a $20,000 Surety Bond. They are also required to have a sign and a working telephone listed in the trade name. Every licensed independent dealer charges, collects and remits state sales tax on every sale they make as well as any local option county tax(s)."

In my opinion sales tax should not be imposed on used cars, and I completely agree with Georgia's "law" if in fact it is the case. Sales tax is something that you should pay only on the original sale of the item, states are making a mint off of one car being sold multiple times, to me it seems ridiculous that they can charge $3k now, and if I sell my car tomorrow they get another $2.99K. Oh well.

[bartkat]

Most states require that you pay the sales tax when you get your registration and tags. This makes it almost impossible to avoid the tax.

GA, I dunno.

[rockne]

Thats correct, I said "No sales tax on private sales in GA." If you buy from a dealer they'll charge you tax.

They don't even charge you when you register for your tag. The business you purchased from is responsible for charging you tax.

[Rafiki]

If you all think Georgia is a good deal on auto Sales Tax, take a look at South Carolina.

The sales tax on any new car is $300 MAXIMUM. Yes, you read this correct.... $300 max! So I paid only $300 on my new 2007 IS250. Sweet!! :D

[isboy]

I am almost certain a buyer will have to pay tax.

Ask yourself - why would you buy a used car (even slightly used) when you can buy a brand spanking new one for the same price?

In all likelihood you have lost about 4-6k on the car.

[rockne]

I am almost certain a buyer will have to pay tax.

Ask yourself - why would you buy a used car (even slightly used) when you can buy a brand spanking new one for the same price?

In all likelihood you have lost about 4-6k on the car.

I don't think I'll loose nearly that much. I looked at autotrader.com in my area and the lowest 2007 IS350 was $37900 w/4k miles, many were $40000 used. The 2006's ranged from $34900-$37900, many of these had over 15k miles.