rwallican Posted October 12, 2009 Posted October 12, 2009 Just wanted to get you guys' opinions. I've got a 2005 Ls430 with the Nav/Mark Levinson package with 55k miles. I got it at a great deal last year from a BMW dealership. It was a trade but was purchased and serviced completely at Sewell Lexus (my tech checked the VIN for me). Anyway, I financed it at 5.6%. The drawback is that I don't have the CPO warranty. Now, with Lexus running the 2.9% deal on all CPOs, I was thinking about trading mine in and getting a 2006 with the same features. I guess I just kinda want to be covered for a few years if something goes wrong and, at 2.9%, I'm thinking I could probably get into a newer vehicle with less miles for an even cheaper car note. It's either do that or keep mine, hope that nothing major goes wrong, and upgrade to the LS460 in about 2 years. Any opinions?
GKLCPA Posted October 13, 2009 Posted October 13, 2009 If it were me, I'd keep what I have and pay it off rather than incur more debt even if the interest rate is less. The best interest rate is zero and the best position to be in as far as debt is concerned is to owe no one. Just my opinion and, of course, I have a bias!
rwallican Posted October 13, 2009 Author Posted October 13, 2009 That's usually my opinion as well but I've found that as soon as you pay a car off, things start to happen. I got rid of my 96 ls400 a year ago because of that. As soon as I paid it off, my power steering system failed. I also had to change out all of the rubber parts (motor/tranny mounts, rear bushings, strut rods, etc.). I sold it to my sister and, since she's had it, she had to get the starter changed. It had 130k when I got rid of it. Maybe I should take into consideration that it was 12 years old and this car is only 4.
Will B. Posted October 13, 2009 Posted October 13, 2009 That's usually my opinion as well but I've found that as soon as you pay a car off, things start to happen. Easy solution - take out a 30 year car note and you are set! In all seriousness, without knowing any figures, it's almost impossible to give advice.
rwallican Posted October 13, 2009 Author Posted October 13, 2009 Guess you're right. I probably just neeed to rely on Lexus reliability and keep the car for a couple more years.
eatingupblacktop Posted October 13, 2009 Posted October 13, 2009 You can reduce the difference between new and used as follows: new - you pay up front used - you pay as you go Keep up with the service on your car and you'll be able to enjoy the benefits of owning the most reliable vehicle on the market. IMO, if you're diligent with your maintenance, the only reason to trade for a newer model would be for a change of scenery.
Jim_Chow Posted October 13, 2009 Posted October 13, 2009 I think you can still buy a platinum warranty written by Lexus financial services from any lexus dealer. This will be cheaper than trading your '05 in since when you buy a CPO, you are basically paying a $2-3K premium for the 3 yr warranty.
rwallican Posted October 13, 2009 Author Posted October 13, 2009 Now that's really and idea! I didn't realize I could purchase a warranty. All of the service has been done at the dealership and it's in superb condition. Anyone have an idea how much a 3yr/100k mile warranty would cost?
danxp Posted October 13, 2009 Posted October 13, 2009 Now that's really and idea! I didn't realize I could purchase a warranty. All of the service has been done at the dealership and it's in superb condition. Anyone have an idea how much a 3yr/100k mile warranty would cost? you can get an extended lexus platinum warranty if you're within the 4/yr/50k warranty... you're at 55k, so sorry to say, you're sol... but... there's other aftermarket alternatives... there were some that seemed reasonable... do some googling on... - carchex - warranty direct let us know how it goes... good luck!
curiousB Posted October 13, 2009 Posted October 13, 2009 Save your money on the warranty. Those after market warrantees are just expensive high margin insurance policies. They have higher co pays and subtle exclusions the farther out in time you buy them. 70% of the fees paid is going to a long line of commission payout and little is actually for the cost of offering the insurance. Lexus is very reliable; sure things will go wrong but put the $3k in the bank and see if it isn't enough for the repairs. I haven't spent $3k in 5.5 years of owning my car.
SW03ES Posted October 14, 2009 Posted October 14, 2009 Yeah, my advice would be to find a good independent mechanic instead of worrying about trading or paying for an aftermarket warranty...
rwallican Posted October 18, 2009 Author Posted October 18, 2009 The great thing about this forum is it makes you THINK! I decided to go ahead and keep my 2005. Just going to wait a couple more years and get the ls460. Thanks for all of you guys' advice. It was helpful.
Jim_Chow Posted October 19, 2009 Posted October 19, 2009 The great thing about this forum is it makes you THINK! I decided to go ahead and keep my 2005. Just going to wait a couple more years and get the ls460. Thanks for all of you guys' advice. It was helpful. And get a '08 or later, 'cause the first year '07 had issues with the windows whistling! (except for the 460L)
pauljcl Posted October 19, 2009 Posted October 19, 2009 Now that's really and idea! I didn't realize I could purchase a warranty. All of the service has been done at the dealership and it's in superb condition. Anyone have an idea how much a 3yr/100k mile warranty would cost? Check out this thread - Seems like good deals... http://us.lexusownersclub.com/forums/index...t=0#entry371423
Prochambers Posted January 24, 2013 Posted January 24, 2013 Is there any real difference between the 2005 and 2006 craftmanship? Please let me know. I will be in the market for either within about 6 months. I currently have a 1987 Mercedes 420 SEL with 280,000 miles and still running strong. Plan on keeping it but i've been wanting a LS for sometime now. Thanks.
Prochambers Posted January 24, 2013 Posted January 24, 2013 No, they are basically the same car. Thanks for your input.
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