Need 200 Series Pricing and Purchase Advice

[Indepth]

Hey guys,

Found a 2018 LC with Terra interior for sale local to me with 71.5K miles that the dealer will let go for $55.5K+TTL.

I know the 2018 market is higher than this typically, but also know the mileage is going to drag the value of this particular vehicle down a tad. Miles don’t scare me, but I want to make sure I’m entering the vehicle at the right price. What would you guys say in regards to this pricing?

This is the perfect spec for what my wife and I have been looking for for her. Terra interior, so it’s got the black headliner which is a must for our big dogs with black hair. No rear entertainment - I know I can remove the screens and get block off plates but prefer the OEM look of no blocking plates.

The truck will need new pads and rotors as well as new tires (it’s on crappy Dunlop’s now that need rebalanced and have way too low of tread for winter use anyways).

Anything else I should check for assuming the pricing seems in line? Checked the frame, small amounts of surface rust from OH salt season (I mean “winter”) but I can sand and POR15 it with regular FluidFilm treatments every season.

Any help is greatly appreciated!

 

[CharlieS]

If it checks all your boxes, make an offer and buy it. If you dawdle, it will probably go to someone who didn't.

PS. Dealers don't just let anything go. Make an offer and negotiate. I've never purchased a vehicle for asking price. Most everything is negotiable. They're usually willing to do something on a used vehicle, even if it is just getting them to do the brakes at cost. Most used vehicles are high margin sales (in my experience) so they have some wiggle room.

 

[Indepth]

Agreed, the $55.5K is after I have negotiated them down from $58.9K as their listed price.

Just trying to ensure I'm not buying way out of the market pricing. Not many 2018’s with higher mileage to compare to.

 

[mooneywa]

I honestly don't think $55.5k is that good of deal for an about to be 3 model year old LC with 71k miles. But it's really almost $58k with new tires and brakes and re-baselining all the fluids. Plus of course TTL. I bought a '17 in '18 with 18k for $62k and it needed none of that. Now COVID has done some weird stuff to car values lately so it's not the greatest comparison, but the point still remains. You have everything from dealers desperate to get rid of cars to dealers desperate to make much-needed cash on cars. I think this falls in the latter. Now, I also totally get that there is probably very limited inventory so if this is THE ONE and you'll never trade it in, then it of course doesn't matter.

I looked briefly at trading in my '17 a couple months ago that had, at the time, 59k miles on it. Texas truck so rust was never an issue, grey exterior with standard black interior. Outstanding condition, 20k on both tires and brakes. Best offer I got on trade was $48k (amongst 8 dealers I was working with for the truck I wanted) which led us to keep it (and I'm VERY glad we did) and trade in a different car. One of the bigger issues was that there were very few at auction for dealers to compare prices to and most dealers weren't wanting to risk something that they viewed as "niche" to sell it at retail (and thusly give a higher trade value). What I found was generally the lowest end of KBB was the highest I was offered. Similarly I also found on the new truck I was getting a dealer trying to charge me $950 for floor mats that were already included in the sticker price of the vehicle... so there's that.

BLAB: price is meh

 

[TheBigB]

I'm guessing the dealer paid around $48,000 to $50,000 for it, or took it as a trade in at that value. I'd offer him $50,000 then subtract the cost for what needs replacing and a little more for the rust. Of course he'll probably reject that but it gives you a fair starting point for negotiations. That $58k list price is completely ridiculous unless the car was in absolute pristine brand new condition with no rust.

And, if you're financing thru Toyota or any dealer in-house lender, constantly remind the salesman how much interest they'll be making on your deal from that financing.

 

[Indepth]

I honestly don't feel $55.5K is all that great of a deal either, just was what they would agree to before I walked out the other day. I do most of my maintenance myself, so brakes would just be material costs but tires obviously need special equipment I don't have laying around (mounting, balancing, etc.).

COVID has caused quite a few weird things to happen in the car market, I'm trying to look at all things objectively here. However, we do need a larger vehicle like the LC to start soaking up some highway miles for some road trips I know we'll be coming into for some recent health scares in our family. I call the surface rust out for a complete look as to what the truck truly is condition wise. Nothing on it is rusted to any degree to where I'm not confident it can't be lightly sanded, painted, and then undercoated with Krown or something of the like.

I'm guessing the dealer paid around the numbers you're quoting, and I'm fine with the dealer making a profit. But I'm not sure I'm ok with a $5.5K profit when I need to do some extra work myself post-purchase.

This truck would be purchased as a 'keeper' vehicle - meaning it would be in the family for 10+ years. So the intentions would be to drive the car into the ground more or less, which from all I've read - is pretty tough to do assuming you maintain it.

 

[fogby]

From a slightly different viewpoint. I wouldn't beat yourself up over the price. If it's a reasonable price you're comfortable with on a truck that is the perfect spec for you, I say go for it. Who knows how much time you'd waste finding this perfect spec again in order to save a bit of money.

I used to beat the dealers up on price for all vehicles purchased. I'd spend days visiting different dealers and doing all kinds of research. Then I'd eventually get something that was 90% of what I really wanted bc I found a deal. Finally, I said enough and started buying what I wanted (100% what I wanted, not 90%) at a reasonable price. For me, I'm much happier.

 

[CharlieS]

One other question I always ask myself with newer used vehicles is if the cost difference between slightly used and brand new is worth the savings.

The way I've decided to answer this question for myself is to figure out how much depreciation per mile the rig has.

Or put another way, is the discount ($55k used vs $85.4k msrp, for argument sake*), worth the wear and tear (71500 versus 0) -> $35.4k for 71500 miles -> $0.43/mile (if I did the math right). I think of this as receiving the benefit of $0.43 per mile of depreciation.

* Only for argument sake because we all know that deep discounts are available that can get you closer to invoice, even on Land Cruisers.

To me, the higher the per mile benefit, the better the deal (all other things being equal).

When I bought my used 2013 it came to $0.41/mile of depreciation, and that seemed fair to me (CPO from a dealer, so I knew I was paying more than private sale).

When I look at some almost new used vehicles I see prices close to the discounted price of a brand new vehicle without the benefits (one I looked at was $0.18/mile). And you don't get the higher potential resale value of a one owner, newer model year, dealer perks from selling dealer**, know history from new, know it gets broken in correctly, know entire accident history, get exact options you want, etc.). In that case, it would be a no brainer to buy new.

**A small example of this is that my local dealer offers free lifetime state safety inspections for vehicles purchased there, which at current prices is $62/yr, $620 a decade, and with a land cruiser could be a lot more than that over a lifetime.

 

[99Cruiser]

I wouldn't mind high miles on a few year old vehicle. I don't drive much each year so in four years, a 200 like this I would have average miles on it for a 7 year old vehicle with under 100k miles.

 

[tincan45]

It's not exactly a buyers market right now, but when it comes to LC's it's never really a buyers market because of supply. No telling how many are being shipped over seas illegally either. I say if it checks all the boxes, negotiate a price you are comfortable with and drive it home. Otherwise, it might just disappear on you.

 

[Indepth]

I wouldn't mind high miles on a few year old vehicle. I don't drive much each year so in four years, a 200 like this I would have average miles on it for a 7 year old vehicle with under 100k miles.

I have the same thinking, I know we won't put the same pace of mileage that the original owners did before us.

It's not exactly a buyers market right now, but when it comes to LC's it's never really a buyers market because of supply. No telling how many are being shipped over seas illegally either. I say if it checks all the boxes, negotiate a price you are comfortable with and drive it home. Otherwise, it might just disappear on you.

This is a fair statement. For that reason, I picked the truck up and have it with us for the day so no one else can scoop it from us unless they're willing to buy sight unseen now.

UPDATE: Was able to speak with the original owner (silly dealer left the customer information on the service records...) who was a great guy. Said the mileage came from his wife's 80 mile round trip work commute and travel to interstate basketball games for his kids. All oil changes done in the 5K-7.5K mile interval range and they never had a single problem with the car. The tires on it are original tires, which explains there low tread depth. It was washed once a week at a local car wash and garaged at all times (work and home).

Starting to look more and more like this is the vehicle to purchase, not often you get to talk to the previous owner in a scenario where you're buying the car from the dealer.

 

[Slow Paddler]

@Indepth You must be close to me if it is the one in Medina. I'm in Lorain County, and daughter lives just south of Medina. When you get it, I'd like to take a peek at some time. I've never seen one up close in the wild, only at the auto show. Likely my next vehicle. I'm currently in a 2016 4Runner.

 

[Indepth]

Truck is under deposit as of tonight.

Found a few more things I’ll need to tweak or take care of: roof rack has a crack in it so I’ll need to replace that and I noticed what seem to be roof drains at the top of the A pillar. Can anyone confirm what those are?

Also noticed the front calipers have a decent bit of surface rust on them - why Toyota didn’t paint them or protect them somehow is odd to me in such an expensive truck. Do most owners just wire brush down these calipers when they do brake jobs?

 

[Indepth]

@Indepth You must be close to me if it is the one in Medina. I'm in Lorain County, and daughter lives just south of Medina. When you get it, I'd like to take a peek at some time. I've never seen one up close in the wild, only at the auto show. Likely my next vehicle. I'm currently in a 2016 4Runner.

If we end up purchasing it (looks like we will be if all goes well) then sure. It is the one located in Medina, we’re north of there so rather close to you and your daughter.