Might Sell My Ls

[nc211]

It has become quite frustrating to have to drive 120 miles round trip to my inlaws house to pick up the farm truck, just so we can go to the Home Depot which is 2 miles from our house. We need something that can haul stuff, not a truck or a big ole' SUV, but a wagon of sorts. My wife simply won't have one, she hates them, and feels that at 27 years old, she's not ready for what she calls "a baby on board" mobile. I on the other hand, love wagons! In our pursuit of looking for a car for her, I noticed a 06' Subaru Outback turbo, fully loaded over the weekend. I've had an Outback before "99", an the only 2 reason's why I got rid of it was due to lack of power, and sparce interior. Those are the only 2 reasons. The new ones have tons of power "240hp / 0-60 5.9 seconds", and plush interiors with wood trim, wood wheels, sunroofs, etc...

So I was thinking in a few months, depending on bonus time and salary adjustment, I might take the plunge.

Any suggestions on what my car might be worth? Not going off of market data, simply because we're beyond the salvage value of the car, but more so market demand. As you guys know, the car has been freakishly maintained, and all issues have been corrected with genuine Lexus parts, and in many cases, genuine Lexus service. The car comes with a stack of receipts, the entire repair manuals "4 3'inch binders" that demonstrate how to do EVERYTHING on the car. And, it actually comes with the honest opinion of the dealership's top mechanic. Everytime it goes in to the dealership, it comes out with the "nicest 95' we've seen".

She's got 125k miles, needs nothing. Every issue known to man regarding the 95' LS400 has been fixed on my car, from suspension bushings, to new starter, to new ECM and even driveshaft binding. All OEM, all properly inspected by Lexus dealership.

Heck, I bet the mechanic himself might be interested in the car.

So you guys think $8,000 is a fair price? Too high, too low?

[dcfish]

It has become quite frustrating to have to drive 120 miles round trip to my inlaws house to pick up the farm truck, just so we can go to the Home Depot which is 2 miles from our house. We need something that can haul stuff, not a truck or a big ole' SUV, but a wagon of sorts. My wife simply won't have one, she hates them, and feels that at 27 years old, she's not ready for what she calls "a baby on board" mobile. I on the other hand, love wagons! In our pursuit of looking for a car for her, I noticed a 06' Subaru Outback turbo, fully loaded over the weekend. I've had an Outback before "99", an the only 2 reason's why I got rid of it was due to lack of power, and sparce interior. Those are the only 2 reasons. The new ones have tons of power "240hp / 0-60 5.9 seconds", and plush interiors with wood trim, wood wheels, sunroofs, etc...

So I was thinking in a few months, depending on bonus time and salary adjustment, I might take the plunge.

Any suggestions on what my car might be worth? Not going off of market data, simply because we're beyond the salvage value of the car, but more so market demand. As you guys know, the car has been freakishly maintained, and all issues have been corrected with genuine Lexus parts, and in many cases, genuine Lexus service. The car comes with a stack of receipts, the entire repair manuals "4 3'inch binders" that demonstrate how to do EVERYTHING on the car. And, it actually comes with the honest opinion of the dealership's top mechanic. Everytime it goes in to the dealership, it comes out with the "nicest 95' we've seen".

She's got 125k miles, needs nothing. Every issue known to man regarding the 95' LS400 has been fixed on my car, from suspension bushings, to new starter, to new ECM and even driveshaft binding. All OEM, all properly inspected by Lexus dealership.

Heck, I bet the mechanic himself might be interested in the car.

So you guys think $8,000 is a fair price? Too high, too low?

Keep the LS and get yourself a hauler pickup truck and park it behind the garage.

[nc211]

The home owner association won't allow it, and I really don't want a beater truck sitting out. I thought about that, but the Mrs. won't have it, at all. I am in no hurry to sell my car, at all. It's a great car, probably the best one I've ever owned, and if the numbers don't work the way I want them to, then I'm just fine with keeping the LS and borrowing the truck on the weekends to get our stuff. But I'm at that point where the numbers will tell the story and not the actual car's performance. I would like for us to be able to buy that piece of furniture we see at a garage sale or something like that, and actually get it home the same day w/o burning a 1/2 tank of gas and 3 hours to get the truck. Simply put, the only reason I am even slightly considering the change is for the ability to haul stuff, that's the main reason. I found a 05' Outback at the Toyota dealer w/ 20k miles. Had the 3.0 Boxer-6 engine, fully loaded. In order to make the numbers work, I need about $3k, simply because the loan balance and trade value of my car is flipped over, which is to be expected on a 12 year old car. The market value and balance not flipped over, but the trade value is. I bought this car for affordablity reasons back in 04', it fit my budget, and was the most bang for the buck. Of course the repairs ate me alive a couple times, but recovered. Now the affordability factor has come up a bit, and it's not a stretch to bump up the payment $50-$75 a month into the $300's. Which put's the fully loaded Outbacks in reach "used of course". Plus, we're getting ready to update the Mrs.'s family beach house on the outter banks, and I sure could use the space to haul stuff back n' forth, like our old furniture and tools to use on the weekends. Might have a use for that air hammer after all! The LS just can't do that, and when it can, I have to line the back seats with blankets so I don't tear up the seats. Just would like a little bit more utility, at the expense of luxury of course. The only other Lexus I would buy would be the 430's, and I'm gonna have to wait a few more years for the 04's - 05's to come into my reach, comfortably.

[dcfish]

The home owner association won't allow it, and I really don't want a beater truck sitting out. I thought about that, but the Mrs. won't have it, at all. I am in no hurry to sell my car, at all. It's a great car, probably the best one I've ever owned, and if the numbers don't work the way I want them to, then I'm just fine with keeping the LS and borrowing the truck on the weekends to get our stuff. But I'm at that point where the numbers will tell the story and not the actual car's performance. I would like for us to be able to buy that piece of furniture we see at a garage sale or something like that, and actually get it home the same day w/o burning a 1/2 tank of gas and 3 hours to get the truck. Simply put, the only reason I am even slightly considering the change is for the ability to haul stuff, that's the main reason. I found a 05' Outback at the Toyota dealer w/ 20k miles. Had the 3.0 Boxer-6 engine, fully loaded. In order to make the numbers work, I need about $3k, simply because the loan balance and trade value of my car is flipped over, which is to be expected on a 12 year old car. The market value and balance not flipped over, but the trade value is. I bought this car for affordablity reasons back in 04', it fit my budget, and was the most bang for the buck. Of course the repairs ate me alive a couple times, but recovered. Now the affordability factor has come up a bit, and it's not a stretch to bump up the payment $50-$75 a month into the $300's. Which put's the fully loaded Outbacks in reach "used of course". Plus, we're getting ready to update the Mrs.'s family beach house on the outter banks, and I sure could use the space to haul stuff back n' forth, like our old furniture and tools to use on the weekends. Might have a use for that air hammer after all! The LS just can't do that, and when it can, I have to line the back seats with blankets so I don't tear up the seats. Just would like a little bit more utility, at the expense of luxury of course. The only other Lexus I would buy would be the 430's, and I'm gonna have to wait a few more years for the 04's - 05's to come into my reach, comfortably.

Have you given thought to a small trailer that you can hang on the wall in the garage? You know, Put a small detachable hitch on the LS or the wifes new car.

[blake918]

I think $8k is a very reasonable figure....KBB private party is about $7k-$8k. I don't think you'd have any trouble selling it from a demand stand point. Those Subaru wagons are pretty cool! I've always really liked the WRXs too(but I'm sure that they are too small on the inside for me.)! B) I'd get a Subaru if I had to get a wagon too (I'd consider a VW too because you have a diesel option.).

[SW03ES]

I don't blame you. I don't know what we would do if we didn't have a vehicle with a hatch.

Hmm...thats an idea. What does your wife think about something like the Mazda 3 hatchback? We looked at them for Carla, and they are well built, sporty, and fun, with a nice dose of utility too.

That way you could keep the Lexus lol

[RFeldes]

I like DC's idea of a trailer and hitch on your car or the wife's...you could store it at a local storage facility where they keep motorhomes and boats...Boats? a nice Ranger Bass boat on the back of the LS. Hmmm

[nc211]

the trailer hitch idea is a good one, I would have to store the trailer under the back deck of the house....but I know my wife won't like that, at all. My thought process over this decision is that the cost of the trailer hitch & trailer, annualized, would be about the same amount of money of the difference in the payment for a newer car v. my car now. So I can't really bring myself to doing that. I'm also a bit concerned about the exit strategy of the LS for me. We all know how expensive they can be to repair, and when that repair bill begins to hit the double-digit % of the actual car's worth, I begin to question the logic. I wouldn't worry about it if I haven't already dumped the money in it now to bring it back to life. I just fear "the big one" like the starter going out again, or something like that, that would force me to repair because I couldn't sell it like that anyway. Just got that paranoid feeling that "if you don't sell it, the egr/starter/powersteering pump ~ alternator and rack, are all going to go out at the same time." I was able to dump the repair bills into our house, and zero out the credit card balance. I would rather not give the car that option again.

Basically, my thought process is: I can afford an additional $2,000 a year on my car, that included taxes and insurance adjustments, which probably won't be but $500 for both total.

A) I could jump up $1,200 a year in payment from where I am now, and buy a newer car still under the bumper-bumper warranty, buy extended warranty and be within my limit +/- $100 bucks. No more family truck runs, new car smell, all wheel drive turbo scream machine.

OR: I could set the money aside for repairs, since I'm out of warranty by many years and miles. Hope only one big repair happens at surplu$ time.

I'm fine with either one, but the ability to haul stuff, not to mention the all wheel drive aspect in bad weather, has me really leaning towards option A. I'm not one who thinks it is wise to toss money into a depreciating asset, and cars are the worst! But, there is a reason why I get up at 5:30 every morning, M-F. And I"m not sure what's worse, increased payment on a fully warranted car that depreciates, or nickle and dimed about a half dozen times a year at $200 a pop for a car that's pretty close to the floor on value already. Of couse, take into consideration my metal limitation to just realize the car is 12 years old, and a squeek happens. As my wife says "it's fine, leave it alone!" One tiny squeek for me = $500 & several pages of a thread.

[dcfish]

the trailer hitch idea is a good one, I would have to store the trailer under the back deck of the house....but I know my wife won't like that, at all. My thought process over this decision is that the cost of the trailer hitch & trailer, annualized, would be about the same amount of money of the difference in the payment for a newer car v. my car now. So I can't really bring myself to doing that. I'm also a bit concerned about the exit strategy of the LS for me. We all know how expensive they can be to repair, and when that repair bill begins to hit the double-digit % of the actual car's worth, I begin to question the logic. I wouldn't worry about it if I haven't already dumped the money in it now to bring it back to life. I just fear "the big one" like the starter going out again, or something like that, that would force me to repair because I couldn't sell it like that anyway. Just got that paranoid feeling that "if you don't sell it, the egr/starter/powersteering pump ~ alternator and rack, are all going to go out at the same time." I was able to dump the repair bills into our house, and zero out the credit card balance. I would rather not give the car that option again.

Basically, my thought process is: I can afford an additional $2,000 a year on my car, that included taxes and insurance adjustments, which probably won't be but $500 for both total.

A) I could jump up $1,200 a year in payment from where I am now, and buy a newer car still under the bumper-bumper warranty, buy extended warranty and be within my limit +/- $100 bucks. No more family truck runs, new car smell, all wheel drive turbo scream machine.

OR: I could set the money aside for repairs, since I'm out of warranty by many years and miles. Hope only one big repair happens at surplu$ time.

I'm fine with either one, but the ability to haul stuff, not to mention the all wheel drive aspect in bad weather, has me really leaning towards option A. I'm not one who thinks it is wise to toss money into a depreciating asset, and cars are the worst! But, there is a reason why I get up at 5:30 every morning, M-F. And I"m not sure what's worse, increased payment on a fully warranted car that depreciates, or nickle and dimed about a half dozen times a year at $200 a pop for a car that's pretty close to the floor on value already. Of couse, take into consideration my metal limitation to just realize the car is 12 years old, and a squeek happens. As my wife says "it's fine, leave it alone!" One tiny squeek for me = $500 & several pages of a thread.

Nc, You concern me, I am starting to think who is more difficult to please You or the wife :whistles: ??? I understand decisions aren't always easy to make, But anytime you look back at decisions one always has to say to themselves " Why didn't I do that a long time ago " or " Why didn't I think of that sooner " Anyway I am sure the dual car dilemma your facing will iron out and you will come back to this thread and say " Why didn't I do that a long time ago " or " Why didn't I think of that sooner " I don't envy the predicament your in. Time for Cheetos and Beer ?????????

[RX in NC]

nc211,

A fully-loaded Subaru Outback would be the perfect replacement for my wife's 2000 RX300, and probably for your wife's Honda Civic as well. I've tried to talk my wife into it. But her perception of Subaru (cheap and spartan) just cannot be changed even though it is completely wrong. She won't even go to the Subaru dealership to kick tires and drive one. "It's a station wagon and I won't be seen dead in it!"

But as you'll learn over time, it will not cut the mustard for what you'll be doing with and to your house and property. My friend, you need a Big Iron, full-sized, 100% American pick-up truck. It can be a shortbed to be a little sportier for you (mine is) and it doesn't really matter whether you lean towards Chevrolet, Dodge, Ford, or GMC (alphabetical order so don't read in any bias), they are all head-and-shoulders above whatever else is coming out of Japan these days that calls itself a full-size pickup. Get yourself a nice, late-model, well-appointed one - you'll be amazed at your choices and just how affordable they are if you haven't looked at full-size trucks lately.

I used to fill my garage and driveway with multiple SUVs, sedans, and sports cars (as many as six at one time) just so I would be able to pick the vehicle I needed for the task at hand or the way I felt like driving that day. Then I got smart, realized how much money I was wasting, and got rid of all those toys and got myself a big bad Ram. It's a workhorse, it doesn't break, it will fly, it looks great, it drives and rides like a dream, it's dirt cheap to work on and insure, and I love the hell out of it. My wife thinks it's big and ugly but when she heads off to Lowe's for pine straw bales or boxes of tile or to the local nurseries for plants and trees, do you really think her puny weak-kneed little RX300 can do the job? Hell no, she swipes my Ram and cleans those places out.

Sooner or later you'll come to the realization that a nice, full-size Big Iron pickup can and should be the only set of wheels you need. Your wife will call it ugly and massive but when the time comes that she needs to buy plants or lumber, she'll be all over you begging to borrow your truck and promising to fix you a special dinner if you'll just let her use it for a couple of hours....

[93LSOwner]

You can probably get a little more than $8k in our area, with all the proper maintenance documentations and a nice coat of polish&wax.

[SW03ES]

I don't know that I disagree with RX depending on the kind of jobs you're going to be doing. If you just do small stuff like me (I hate yardwork and big DIY stuff, so all I ever buy is some paint and small stuff like that) then the Outback will be fine. If you're looking to do bigger things, haul mulch, furniture, plants and stuff like that the Outback's not going to cut it probably.

Your LS IS old, although 125k miles is nothing on one. I probably would be starting to look at other options too.

[nc211]

I like the full size SUV's a lot, but not really into the lumbering aspect of how they drive. I spent the past two days being driven around by developers in Swo's neck of the woods for two new deals. One was in a Volvo wagon, the other was a Tahoe. Both nice cars, but when I got back last night "after 5 hours in America's worst airport, Washington Dulles", my old LS was just like that worn in baseball glove. Which is just the best feeling. It's so nice to know your car, covered in ice will start right up, warm up and is so comfy, smooth and quiet, especially after being crammed into one of those commuter planes. That's a tough feeling to walk away from. We'll see what happens in a few months. On a side note, my wife has told me that she has changed her mind about the 07' Camry ! She did not realize they had changed them, saw one, and really liked it. Now all I have to do is get her away from the Carolina Blue color she likes. Powder blue looks like crap on cars if you ask me.

Swo, looks like Herndon is about to get another massive mixed-use project, like you guys need more freakin' condo's & starbucks up there anyway. Hahahaa..

[SW03ES]

LOL, thats why I don't work in Virginia. I have people I refer my Virginia business to.

Thats exactly how I feel when I get back into my Lexus after being in anything else. These cars really are some of the most comfortable cars on the planet.

[nc211]

Condo prices out there are hidious, but not the worst I've seen. $300,000 for a 800 SqFt apartment "condo conversion" is insane! Have fun with the 7 when the new metrorail construction begins! Good god, you'll still be sitting in traffic for your retirement party! Everyone converted their rentals for condo's out there "rondos" and now there is a void for apartments...which is where we come in. I complained down here at $125 a foot when we bought our house....geez I don't know how you guys do it up there! Must make some buck$!

Researched a residential home that just sold in the area, 2400 sqft....went under contract in 10 days, for $650k+! OUCH! You'd have a freakin' palace down here for that!

That "welcome home" feeling the car gives is almost too addictive to give up. Think I might just dump the extra few hundred bucks to finish out the updating "new strut mounts, bearings and rack" and just keep on going. I want something more practical for my needs these days, but I don't know if I can give up on that feeling the car gives when you start it up. I am looking forward to warmer weather though, to get the creaks out of it. She shows her arthritis a bit in the cold, as does her current, former hell raising owner. 33 years old is starting to feel like time to pay the bill for the 20's. The car isn't the only thing that needs a tune up these days, that's for sure.

[RX in NC]

Just wait until you're 53, you whinin' whippersnapper....

I'd cut off my toe of your choice in a heartbeat to be able to go back to 33....

[nc211]

Hahaha... I guess "yes sir" fits this reply?

Lived in Wilmington for 8 wonderful years...many beers on the boat with many bruises...gonna catch me at somepoint, that's for sure. ;)

[SKperformance]

If you visit home depot that much to need to drive so far for a truck , i would use the home depot rental van to take stuff home ,drop it back off dirty and away you go for $30.

[SW03ES]

LOL, I hate Virginia. You're right about the condos, they've built way too many new ones and converted way too many rentals. You can get a great deal on one though, get all your closing paid, no condo fees for a year, full comissions to us agents with huge pass through bonuses (I sold a $300,000 condo a few months ago and made as much as selling a $1,000,000 house because of the HUGE pass through bonus), AND a free plasma TV lol.

With all the rentals being gone, I've been considering buying some new condos and renting them out. With those enormous comissions I could wrap them right back into the condo and get the benefit of the money down without having to tie up any of my funds, have them pay all my closing and hang onto them for 10 years or so and sell them. Depending on the project for 10% down you can get them to be easily cash-positive in a rental scenario. The total commission on some of them is like 6%, so for 4% of my money I could have 10% down...

When you factor in the tax benefits for me, plus the appreciation over 10 years (even if it were only 3% a year), plus the income every month its not a bad idea. I could buy 10 $350,000 condos in good locations, put $140,000 cash down. Over 10 years thats $120,000 in rental income assuming $100 positive flow a month and $1,224,506 in property appreciation plus the original commissions of $210,000. Not too shabby...

[lexuus]

If you visit home depot that much to need to drive so far for a truck , i would use the home depot rental van to take stuff home ,drop it back off dirty and away you go for $30.

at my local home depot their "rental van" is free for the first two hours and then i think every hour after is an extra $10. im guessing your home depot has a different policy, however find out what kinda policy your local lowe's has.

[RX in NC]

SW03ES,

I would advise you to do some serious thinking about whether or not you really want to be a landlord before you take the plunge and jump in thinking that it's going to be all roses and money.

I thought about this direction a couple of years back when the market was still skyrocketing (particularly on the North Carolina coast) but quickly remembered that I barely have enough time to get my own home projects taken care of, much less having to deal with tenants who want frequent upgrades or need their toilet unclogged because little Chipper or Hashim or DaQuan decided it would be cool to flush his mother's hair dryer down the pipes at four o'clock in the morning....

If you're planning to pay some management company to handle all that stuff, it could seriously cut into your anticipated profit margin.

Just do your homework first and don't make any rash decisions until you've researched it carefully and objectively....

[SW03ES]

Oh I know believe me. I have plenty of clients who are investors and landlords and I know its not as simple as all of that lol. If you're going to invest in this way you've GOT to hire a management company unless you're retired. One of the agents in my office owns a management company and they would handle my stuff for me at a reduced fee. I don't so much care about turning a monthly profit, as long as each property is cash neutral I'd be happy.

I'm still well in the thinking and dreaming stages...

[nc211]

Swo.... there is one in Herndon... apartment converted to condo...594 units....80 left unsold. Selling at about $350 SqFt, and renting around the $2.35 per sqft. Only 6% are "investor" owned, the rest are owner occupied. But our **zzuto project is going up next door, all rental. Working on another on centerville by dulles, maybe 2 years out, 16 acres, huge project of about 500+ units, all rental. Texas development company.

N. Virginia might be a pain to get to, but the opportunity is following the residences...aka...milllions upon millions of SqFt of office & retail space, at a tight vacancy factor. The trend is forecasted to continue. Although I have my doubts it will remain as strong after 08' elections... got a feeling all those several hundred defense dept. think tanks are gonna lose their funding streams, especially if the democrats get in there. not knocking them, but i think it's fair to say if the democrats take the wheel, defense spending is coming down, which i think has the potential for a mini-vacuum in condo vacancy levels and increased defaults.

[lenore]

Yea its sad, to see all that land ate up. I spent a lot of time around Leesburg during the last 32 years and saw countryside back in 74 till growth over bound in 2005. My company sold all their property (10k plus acres along the potomac and now it is all hotels and condo's . The deer have all but declined and seems it is wall to wall people like California. Wish I had bought land back in 1974. Those condos were going for 900k and the sales lady said they would break 1mil by the end of the year (2005) Oh George washington would never recognize the land. Seems the West coast and East coast are just going to be track homes from north to south. Sure is a lot of money floating around. I was always curious what kind of incomes supported such home prices on a 900k condo. Virginia is just gone nuts.

[SW03ES]

nc, do you work for **zzuto or just do the financing for them. I know them well.

VA wouldn't work for me right now because I'm not licensed in VA, so I couldn't earn the commission.