QuestionQUESTION: Hi. I purchased a used 2005 Certified Pre-Owned (CPO) Lexus RX 330 from a Lexus Dealership in August 2009. The car had about 47,582 miles on it and the sticker price was $27K.
Due to a loss of a tenant in one of my rental properties, I need to sell the car. I had it appraised by carmax and to my surprise, it was valued at $17K. It hasn't even been a year yet, and so far I only put 7,445 miles on it (I have another car). Apparently, the car history revealed that it used to be a leased vehicle. There are no other issues and the title is clean. The car also has a navigation system.
So my question is, why does a previously leased vehicle depreciate more when leased vehicles have strict mileage restrictions and maintenance schedules? Also, I want to have the Lexus dealership buy it back from me, but I am afraid that they will low ball me. If they do low ball me, do I have the right to point out that they sold me a car that used to be a leased vehicle and that I was significantly overcharged? Or did I pay a higher price because it's CPO?
Please advise. Thanks!
ANSWER: pressed for time this morning been out of town but the value you are getting from carmax is wrong ...when I book your car I get 21k (wholesale) without adding any other options! My advice is post your car on Craigslist and retail it yourself ..it's easy and its free and you will save 1000's of dollars!! please feel free to ask a follow up question my personal email is roadloans@gmail.com and I would be glad to send you my book sheet and the MMR (Manheim Market Report) on your vehicle at the auction closest to you and you will see that while the Lexus Dealer may have priced his car over the market (they always do and the certification costs the dealer about 600.00) carmax's offer is ridiculous. Please ask me followup questions until you have all the info you need ... Thx Roger
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QUESTION: Thanks, Roger. I didn't think that price was right either. However, I posted it on autotrader.com for $21,500.
My other question concerns the warranty. It is not transferable, so when I sell the car, do I need to cancel the warranty with the dealership and get a refund? There is still 2.5 years left on it. I don't know how this stuff works!!!! Thanks! :)
AnswerI would definitely list it on Craigslist as well make sure you tell the story about it being certified etc. people love stories with cars and other things costing alot.
As for the warranty ...I am surprised it isn't transferrable. (most are) you should immediately (like tomorrow) go to the dealership and fill out cancellation paperwork. make sure you keep a copy of them and make sure they send it all out if you have had the warranty for less than 6 mos. then they will be charged back their profits on it and sometimes they are reluctant to process the paperwork in a timely fashion so make sure you get the guys name you deal with and copies of EVERYTHING!
The warranty co will figure out how much you used of the warranty in time and mileage (or just time if the mileage portion hasn't kicked in) IF THERE IS A LIENHOLDER ON THE VEHICLE THEY WILL PAY THE BANK THE REFUND AND NOT YOU DIRECTLY. if you own the car free and clear they will send a check to the dealer who will combine it with his own check to you for the unused portion of the warranty and send it to you or all you to come get it (so they can sell you another car... or at least try)
hope that answers your question clearly ...check out the other ads on auto trader for cars just like yours and price your vehilce at just over the mean prices posted there
