Car valuation

[Lillywhites]

Ok last week had a phone call off my local Lexus dealer asking me if I wanted to trade my 2013 RX450h F-sport, my car has full service history and only done 17k miles and is immaculate  so I said send me your figures for like for like on a 2016 model and will consider it.  A few hours later I got an email saying  we like to offer you 24K for your car !!!  have I read this right 24K  now who thinks like me that is a low ball offer, they are saying my car for the last 3 years has lost 10k a year do you agree with their valuation i would like your views needless to say I refused there offer.

                                                                                                                                               Regards Peter

[DanD]

Actually sounds about right I think. Typically a car will only be worth between 35% and 50% of its original value after 3 years. 50% only for sought after models. However, bearing in mind that this is a first offer, I would treat that as an opening offer and push for more..

[rayaans]

 

15 hours ago, Lillywhites said:

Ok last week had a phone call off my local Lexus dealer asking me if I wanted to trade my 2013 RX450h F-sport, my car has full service history and only done 17k miles and is immaculate  so I said send me your figures for like for like on a 2016 model and will consider it.  A few hours later I got an email saying  we like to offer you 24K for your car !!!  have I read this right 24K  now who thinks like me that is a low ball offer, they are saying my car for the last 3 years has lost 10k a year do you agree with their valuation i would like your views needless to say I refused there offer.

                                                                                                                                               Regards Peter

Sounds like a good P/x offer IMO. 

Your mileage is low but it won't have a huge swinging factor. It's the age that seems to bring the price down on these cars.

Mine has a px value of £20k. It's a year older than yours and more than double the mileage but like I said, the age seems to count more than the mileage

Don't forget that PX value is trade value so it's not what your car is worth on the market but what it's worth to the dealer. They'd prob put it on for about £27k.

If you're only doing 17k miles in 3 years I'd say buying an expensive car is a waste of money in all honesty

[Lillywhites]

Your are more than likely right Rayaan on all points except a waste of money , where does it say if you do below 12K miles a year don't buy a luxury car  like most people I work hard for my money and choose what to spend it on,and would not buy any other car I get pleasure from driving the car and all the years I have owned a lexus they have never let me down so realibilty YES comfort YES pleasure to drive YES waste of money NO

[rayaans]

6 hours ago, Lillywhites said:

Your are more than likely right Rayaan on all points except a waste of money , where does it say if you do below 12K miles a year don't buy a luxury car  like most people I work hard for my money and choose what to spend it on,and would not buy any other car I get pleasure from driving the car and all the years I have owned a lexus they have never let me down so realibilty YES comfort YES pleasure to drive YES waste of money NO

Perhaps should have clarified.

What I mean to say is, you're better off getting an ex demo/used car if buying outright when doing low mileages, doesn't really make sense to buy a car for £54k and then drive 17k miles a year to lose £30k does it?

Now lets consider that these cars were going for £42k after 6-7 months with 5k miles on them. That was back in 2012. If you sold that same car with 5k + 17k miles on it in 2015 (so 3 years old) you'd probably get £22k p/x so £20k loss in 3 years which is a lot less than £10k/year!

Now thats a purely financial viewpoint.

The only reason I bring that up is because you wouldn't be asking the question if you were happy with losing £10k a year.

Now OFC no discounts have been applied, neither have any Writing down allowances etc for business use so then on it depends on your personal circumstances.

I believe the discounts in 2013 were £7k on a new RX. I got 10% off mine in 2012 a month after official release.