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Lexus LS 460 Prices Paid and Buying Experience

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Comments

  • traubetraube Posts: 28
    Just purchased a new LS 460 at countyline lexus in florida.MSRP was 72435,and i received about 8100 off MSRP-I picked up car and it is being shipped to NY-I could find nobody in NY to even come close to this discount.Salesman was exceptionally nice
  • That vehicle carries a factory invoice of ~$60k. Offer $60.5k and sign the papers.
  • wabendswabends Posts: 102
    Update:

    The manager has lowered the 07 LS 460 that had MSRP of $71453 to $59245 (about 18% discount off MSRP). Is this a good price?
  • Is it a demo, or was it previously registered?

    If it was previously registered, he could "wholesale" this vehicle out for ~$56k just to break even.

    If it's a demo, he's allowing about .40/mile off the vehicle's original invoice. If it is indeed a demo, you're best to negotiate this one as a used car. If it had less than about 3500 miles, the demo pricing would probably work, but not for a car a few k shy of 10k.

    Tough call, but I'd still advise a discount of between 20-25%. That's realistic and he'll know it if he checks manheim (auction) prices. You're not insulting or underbidding him with prices within these percentages.

    LS460's with similar mileage (less than 12k) are selling at auction for beween $55-$56k (about 25% off original MSRP).

    You guys need to meet somewhere between his quoted price and what the vehicle's current market value is.

    Good Luck!
  • sidgriggssidgriggs Posts: 122
    Go for the 08 if only because it is not the first year of a new model--I bought my 07 in June 07--really wish I had waited until Sep07 and bought an 08.
  • wabendswabends Posts: 102
    The vehicle was previously registered.

    TMV on Edmunds is approx. $62K and the current offer is $58,148 so I am leaning towards going for it.

    Thanks for the detailed information provided.
  • I wouldn't put a lot of stock in the TMV price.

    $58k is more in the ballpark. Go for it!
  • bobcat63bobcat63 Posts: 7
    I posted a message on the other Lexus 460 board, but you appear to be the most dialed in.
    Have you seen a comparison of the costs of the long wheel based vs. short on the LS 460. I saw a post a while back that indicated that the extra standard features on the the L version accounted for most of the price diffrerence, ie Navigaiton and maybe comfort package. Starting the serious looking in Norcal.
  • wabendswabends Posts: 102
    ocautoseeker:

    Was leaning towards the '08 but it did not have everything that I wanted. Settled on the Noble Spinel Mica '07 with 6980 miles (Nav/ML/LL/Comfort Plus/Parking Guidance/Intuitive Parking/ etc) for $57.4K. Sold new for $71435. Thanks for your suggestions.

    Now, I am waiting for the delivery.
  • ocautoseekerocautoseeker Posts: 425
    That's a great price - congrats!
  • ocautoseekerocautoseeker Posts: 425
    I personally wouldn't spend the extra money for an L. I think everything you need in a flagship luxury sedan is offered on the SWB. Besides, there are less L's in current inventory, and they don't discount them nearly as aggressively as the SWB.

    Hope that helps...
  • wabendswabends Posts: 102
    Here is another interesting experience to share. Before going to the dealership, I had arranged my financing but I wanted to hear what the F&A guys had in stock. So I asked what they could offer in terms of financing. The guy gave me 2 options. Either get a rate of 4.9% or 4.24% if I buy credit life insurance ($1025). This sounded intriguing so I started doing the math. With the higher rate, the monthly payments will be higher and the total interest paid will also be higher. However with the lower rate, even when the cost of the credit life insurance was added, the monthly rate was lower and the total interest was also lower. That was intriguing but I did not take either. Now the question: is it legal to tie rates to credit life insurance?

    Wabends
  • msymanmsyman Posts: 25
    Hello all. Thank you in advance for any assistance you can offer. First of all, I am a novice at this, so please be patient. I am looking to buy a new 08 LS460 for my brother who lives in Canada. I went to my local dealer just last week to get an idea of the sticker prices. It seemed there were 3 variations, 64-65, 68 and 72k MSRPs.
    How do I start? Do I bother shopping locally where there is only 1 dealer or do I contact dealers in S Fla where it seems the lowest prices can be had? Do I tell them upfront that I am looking to export the car to Canada and that it will be a cash deal? Is there a way to avoid sales tax in the state of purchase if the vehicle is will not be registered in that state? I appreciate the wealth of knowledge on this site.
  • topgun7topgun7 Posts: 412
    "I am looking to buy a new 08 LS460 for my brother who lives in Canada"

    There are going to be a bunch of problems that you have to deal with. First, you don't have to pay the sales tax in Fl (if it is the state that you are going to buy the LS). Sales tax are paid to the state that you register the car. Now the bad news, you need to figure out how to export a car to Canada and pay the sale tax in Canada (US car may or may not meet Canada's regulation). And then there is the issue of warrenty. Canada Lexus is not going to honor the warranty you get by buying a US Lexus.. So you are going to have a mess on your hand in dealing with warrenty service.
  • kyfdxkyfdx Posts: 119,999
    Check out this discussion: Importing Car into Canada from US

    A lot of good information there... You buying the car, then selling it your brother is the easy part. His importation of the car is where it gets hard.

    regards,
    kyfdx

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • msymanmsyman Posts: 25
    My brother has a customs broker who he uses for his business who will do all the paperwork at the border for $80, so that's not a problem. The Canadian Goods and Services taxes get paid when it crosses the border and again, the customs broker would look after that. Next, the Toyota/Lexus warranty is honored in Canada so that's not a problem either. I am more concerned with the mechanics of the buying process, namely, how and where I go about getting the best price for the vehicle and how I get it off the dealer's lot. Should I even bother shopping in the city where I live given that there is only one local Lexus dealer and another one hour away? Or should I buy the car in Florida as it would seem to be the most competitive market given the comments in this forum? Do I need to go down to Florida to shop or can I do everything by email and how do I begin? Finally, how do I get the car off the lot - do I get a temporary tag and drive it north or would it be better to have it shipped it to the NY/Canadian border to save the 1,000-1,500 miles? Thanks.
  • bmlexusbmlexus Posts: 755
    - do I get a temporary tag and drive it north or would it be better to have it shipped it to the NY/Canadian border to save the 1,000-1,500 miles?

    You should ask your brother does he need a new car with around 1500miles or more on it?

    If its a gift to him from you then it wont bother him much but if he is buying you should ask him.
  • kyfdxkyfdx Posts: 119,999
    1) I don't think you have to go to Florida to get a decent deal.. You may have to expand your horizons a couple of hundred miles, to introduce some competition, but IMO, Florida dealers aren't anything special. Not to mention, they are famous for adding undisclosed fees to the price ($599 doc fees?!).

    2) As you noted, getting the car across the border is not much of a problem. Getting it modified to meet Canadian regulations, and documenting those modifications might be a much bigger issue (which is why I suggest checking out that other discussion).

    3) As far as buying the car? Drop down to your local dealer and take a look at what they have. Once you know which options you are interested in, then you might send a few e-mails to the closest dealers, asking for quotes. You can even try some of those Florida dealerships. Once you have an idea of what seems like a fair price, stop back by your local dealer and make an offer. You might find that you'll come close enough ($500 +/-?) to make it worth buying locally.

    4) I don't think you'll be able to get out of paying sales tax.. If you buy it out of state, it's possible that the dealer could ship it to you and give you a non-resident title without paying tax. Your brother would have to check with his customs broker, to see if you can just sign the title over to him.. If so, maybe you can avoid sales tax, but that seems unlikely.

    Good luck!
    kyfdx

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • ocautoseekerocautoseeker Posts: 425
    Florida dealers aren't anything special. Not to mention, they are famous for adding undisclosed fees to the price ($599 doc fees?!).

    Yup - they are ridiculous with their doc fees. I'm analyzing a deal for a prospective buyer who just happens to live in Florida - sure enough, the dealer's structure has a $599 doc fee listed. {shaking my head}

    $599 to messenger some paperwork - I'll take that job! Haha...
  • bermanslawbermanslaw Posts: 6
    I'm new to the forum concept but have already learned much from reading recent posts, so I'm hoping for some sound advice & guidance. I'm coming off a long lease on an MB CL500 (fabulous car) on July 1 and am seriously interested in the "08 LS460 SWB. I've never had a Lexus before. Having moved into Manhattan from the commuting suburbs, I expect my annual mileage to fall well below 10K, though a 7500K lease mileage option may be cutting things a bit close. If I purchase, I will finance. In either event , I never opt for down payments and will pay the sales tax up front. Here are my questions:

    1. Manhattan/environs dealer or widen the search? Recent comments suggest that FL dealers are giving great deals while NYC dealers are still pretending the economy's flush, but the prospect of negotiating and taking delivery from afar seems daunting.

    2. Wait til summer to make a deal or start now? I can do without a car if needs be til September, so I feel no urgency on that score. Waiting seems like a good bet, given the economy, slowing auto sales volume and rising gas prices, but if there's a gas tax holiday and an unexpected bump in volume, I could find myself with fewer choices as the '09 model year draws near.

    3. Purchase or lease? Here, my inquiry relates to which offers the best bang for the buck at the moment in terms of promotions, interest factors, etc.

    4. Either way, do I have any realistic chance of making a deal that will keep my monthly payment under $1K without making a down payment? I've read about those prepaid multiple security deposits and wonder whether that is a sensible tactic.

    I will welcome your comments. Many thanks.
  • topgun7topgun7 Posts: 412
    "Either way, do I have any realistic chance of making a deal that will keep my monthly payment under $1K without making a down payment? I've read about those prepaid multiple security deposits and wonder whether that is a sensible tactic. "

    I am in a similar boat. Our 05 CLK55 is going off lease on 7/3 and we test drove an LS460 and is pretty impressed about it.. based on last month money factor and residual in April, there is a shot of getting LS below 1000 month including sales tax for 3 yr 12K lease (in California, sales tax are paid monthly and calculated based on monthly payment) with Comfort and ML/NAV package. But you pretty much have to get the car very near invoice and pay 9 security deposit to reduce the money factor by 0.00072 (roughly 1.7%) from the 0.00225 (or roughly 5.4%) that LFS is charging. The wild card is whether the May progarm has any change (e.g. the residual value) and it is going to be pretty tough to get invoice in NYC since the competition in NYC is not nearly as good as California or FL...

    http://mbworld.org/forums/showthread.php?t=229109

    2008 Lexus LS460 – 4/12/08
    24 Month – Residual 56% of MSRP – .00225 Base Rate
    36 Month – Residual 50% of MSRP – .00225 Base Rate
    48 Month – Residual 40% of MSRP – .00225 Base Rate
    60 Month – Residual 31% of MSRP – .00225 Base Rate

    Residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3% for 10k mi/yr on all terms
  • bermanslawbermanslaw Posts: 6
    Thanks, Topgun. Without doing the math, I should think that plunking down $9K plus or minus in the form of multiple security deposits will save me considerably more than I can earn on that sum over the lease term. I'm going to stop in and stick my toe in local waters to see what sort of initial deals are being offerred, and I'll follow up with this forum to share my experience.

    Is there anyone else out there who has anything to say in reply to my original inquiry?
  • sidgriggssidgriggs Posts: 122
    In reply to bermanslaws original post:
    Lexus sales are off. My dealer (Texas) is loaded with cars and dealing. It is probably the same where you live. Lexus will do a 10,000 mile per year lease. If I were you, I would shop all the dealers within reasonable driving distance. I would start now, with plans to make my deal on May30 or 31. Base car min disc=6,000,
    Nav car min disc=7,000; Nav, ML,++ car min disc=8,000. Lease with Lexus Financial, 10,000 mile s/b able to do for under $1,000 per month if you pay the sales tax, etc up front. They may even have tax credits this month.
  • redsailredsail Posts: 1
    Go to this site and they have all the info for importing into Canada.
    www.ucanimport.com
  • ocautoseekerocautoseeker Posts: 425
    May lease rates and residuals did NOT change for May.

    If you decided to lease an LS460 priced between $68-$69k, you'd be able to get close to that $1000/mo payment you inquired about.

    Assuming an MSRP of $68,305 (common list price of LS's in your area), factoring in a "better than average" selling price/cap cost of $61,805 (about $2k over invoice/$6500 discount from MSRP)...

    *36/10k - ~ $935/mo + tax
    *48/10k - ~ $885/mo + tax

    * Sample payments based on current LFS lease rates and residual values.

    My recommendation for you would be to lease this vehicle. Why? You mentioned that you just came out of a long-term lease in a Mercedes and loved it. Lease the LS for a few years and see if you like it - if not, walk away at lease-end and go back to a Merc, or try another brand.
  • bermanslawbermanslaw Posts: 6
    Your suggestion regarding lease vversus purchase is well taken. I especially appreciate your having included some hard number parameters. As I said in reply to another comment, I'm going to visit a few local dealers soon, armed with this helpful data.

    I do have a lingering question, though, which I mentioned in my first inquiry:
    Is there anything to be gained (or lost) by waiting til summer, since I barely have need of a car til September? Between the price of a Manhattan garage, the cost of insurance and the monthly lease payment, I'd save > $2K/mo. in July & August if I just wait to take delivery of a replacement for my MB. It occurs to me that selection may become an issue the closer we get to the '09 rollout, but it seems like otherwise I might just be better off waiting. I'm ready to move quickly or wait, depending on what your take might be.
  • ocautoseekerocautoseeker Posts: 425
    Oh I think you can get a better deal than what I posted - I just used a modest discount to illustrate the payment structure. Mid-late summer when dealer's are trying to clear out their remaining '08 inventories will definitely be a great time to buy/lease.

    My opinion, since you're in a current lease, wait 'til about a month before that expires, then start looking for your new vehicle and revisit us here on the forums to discuss pricing and negotiation tips.

    A great deal can still be had now, but why pay those additional expenses you mentioned for the next 3-4 months, when just as good if not a better deal can be obtained in August or September.
  • bermanslawbermanslaw Posts: 6
    I will proceed as you suggest. Thanks again to you and those others whose invaluable advice I intend to follow. Stay tuned.
  • jaibeejaibee Posts: 8
    There certainly are a large number of dealers who have a fee which can run into several hundred dollars per car. $599 to $699 is not unusual. There is a dealer in Ft. Myers who doesn't charge any dealer fee. Great people to deal with and a good selection of cars.

    I just bought my third LS there. And from the same people. It is Scanlon Ft. Myers Lexus and they are a long time Elite dealer. Consider them if you want to buy a Lexus.
  • topgun7topgun7 Posts: 412
    "Is there anything to be gained (or lost) by waiting til summer, since I barely have need of a car til September?"

    It really depend. If you click on the link that give the money factor and residual for April number, there is a formular to calculate lease payment. There are 4 factors that affect the lease payment (1) cap cost (the price we negotiate to get the car) (2) residual (3) mony factor (4) acquisition fee + document fee etc. etc..(It is part of the negotiation other than the acquisition cost that Lexus charge which is not negotiable)

    Cap cost is more supply and demand dependent in a local area. Waiting may or may not help. One thing to note is that if you are already getting close to invoice, there is not much room for dealer to move unless they are desperate or there is some rebate from manufacturer (like month end or quarter end and they need to make some sales target).

    Residual actually move lower over the year. Each month LFS will lower the residual to account for the lower residual percentage (so at the beginning of the model year residual is at the highest and just right before rolling over to the next model year is the lowest. Sometime it can be 3-5% difference....)

    Money factor change every month depending on whether LFS wants to promote the car. Sometimes you will see LFS moving down both residual and money factor from one month to the other to compensate each other and make the monthly payment more or less the same..

    There seems to be 3 different times slot in a years that is best for shopping lease. The first one is at the beginning of the model year when the residual is highest (providing that it is not a hot car..) and hopefully the money factor is reasonable. The second one is in December when Lexus want to move the car and run the December to remember promotion with low money factor and something artificially high residual (and dealer are more willing to deal since they have to close the book for the year as well). The third one is at the end of the model year, when they really need to move the old model year out before the new model year come. So the money factor and deal are the best...

    My plan is to wait and see what Lexus offer for 08 in July/Aug in term of lease deal. If nothing interesting that I will wait until 09 come.. Worse come to worse, December will be the month to pick up an LS..

    P.S. The security deposit probably give you about 8%-9% annual return in the form of reduce monthly payment. Given that it is more or less guarantee (assuming that you trust youselve in making the paymenet), it is a pretty good deal
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