What's the reasonable price for a used 2006 Lexus GX470?

Question

2006 Lexus GX470 with less than 20k miles in excellent condition. This car equipped with navigation system, Mark Levinson, and DVD system. What's the reasonable price to purchase it? Does KBB.com and Edmunds.com provide the true market value? Should I pay the price lower than the KBB.com? Thanks!

Answer 1

One of the keys to pricing a car is to effectively rate the car as the price will vary widely based on condition and mileage.  Mileage is pretty obvious.  You should base condition on a Carfax report (which would also help catch any odometer fraud) and your own review. Before you buy your final step should be an inspection by a qualified mechanic - but that's too expensive to do on every car you look at.

There are a bunch of places to check car prices on the Internet. NADA guides is one - but since they are owned by the car dealers association I never recommend them. KBB is another - but Edmunds is more realistic pricing. Driverside.com is a new site and they have a couple of extras - great data showing price based on mileage; DriverSide Estimate where they search actual listings to find what cars are actually selling for in local markets; and estimates for trade in pricing.  

http://www.driverside.com/car/lexus-gx_4...

Also take a look a the DriverSide cost of ownership - service, gas, insurance and even depreciation to see how the price will drop over time.  I find that most folks look at the one time sales price - not the ongoing costs which continue long after you buy your car.

Answer 2

$30,000