Should I buy this LX 470? (1 Viewer)

Location

United States

Interested in the group's thoughts on this special opportunity...

I have always loved the 100 Series. I found what appears to be a unicorn right in my own backyard. It's a 2003 LX 470 with only 37,000 miles on it. The truck is in immaculate condition. It was reportedly owned by the owner of one of the largest Lexus dealers in Texas for about 20 years. He kept it at his Colorado vacation home in a garage and only drove it about 1,500 miles per year over the summer. He also religiously had it fully serviced each May/June at a dealership, presumably at the start of his summer vacation.

I inspected the truck in person yesterday and took it for a drive. Drives great, no rusting or corrosion on the undercarriage, engine looks great, and the interior is in very good condition as well. No aftermarket work, other than an installed infotainment screen with Apple CarPlay (which is nice to have in an older truck).

The seller is asking $43k. That's a lot for a 20 year old truck, but this is such a beauty.

What do you all think? Should I pull the trigger?

 

[Girl Dad of 3]

Base money supply is 40% + since 2019. Everything is at least 40% more expensive since then, if no additional miles / wear since then, I would disagree and say the price is more in the ballpark than most people like to admit

Thank you, Diesel. I think the price is fair, all things considered. I had the same thought about money supply / inflation. This truck has a high price but, when it comes to a rare item, it only takes one buyer. I’m pretty confident that I’ll be able to get most of my money back, maybe more, if I ever decide to sell it. As someone else pointed out, a 2000 LX with 50k miles sold last month on BaT for $43k in a wide open auction.

 

[krsabhinav]

Update:

Got the thing scheduled for a PPI with the fellas over at Tandem Offroad in Fort Worth. Great shop that specializes in Toyota and Lexus off-road builds. They'll let me know if the truck is the goods.

I appreciate everyone's comments. It's definitely not an "investment" to buy a vehicle. It's an expense. But if it is what it appears to be, this is a rare low mileage 100 series in good condition. There aren't many of those left, and rarity brings value. And sometimes you just want a thing.

Fortunately I have a perfect situation for a vehicle like this. My mom has a little condo in Colorado that our family shares. My siblings and their kids spend time up there, too, as well as extended family. We need a large capable vehicle up there for everyone to use when they visit. We have a garage space for it. We'll be able to have a great time in the mountains with it without putting on many miles. And to my eye anyway, we'll look good doing it in a very cool truck.

5-10 years from now we may have the only 100 series known to man with less than 50k miles. I bet an even bigger idiot than me will buy it from me for something close to what I paid for it. It's probably not going to make us money, certainly not a smart investment like an index fund. But I think (hope) we will get good value out of it from an enjoyment and depreciation standpoint.

.... Pending the results of the PPI of course ...

Thanks again for all of the thoughtful comments.

Tandem treated me very well on my PPI.

 

[open country]

Just saw this truck on TikTok, one of the Tandem guys posted it. It looks fantastic, but to me I wouldn't pay that premium just for miles. The market for low mileage time capsules is very small, you'll certainly take a big hit on depreciation if you increase the miles. Plus, vehicles that have sat for extended periods often have problems that arise well down the road past a PPI.

Maybe you have an emotional connection to a 100 series, but if you're looking for the "best of the best" in a 100, I'd buy a very well taken care of 06+ with more miles and get the same experience. For $30k, you can get an excellent 100 series and at the seller's list you can get an excellent 13 to 15 200 series, and having owned both the 200 is better in every way except classic looks.

 

[Girl Dad of 3]

Tandem treated me very well on my PPI.

Great dudes, and they really know their stuff.

 

[Girl Dad of 3]

Just saw this truck on TikTok, one of the Tandem guys posted it. It looks fantastic, but to me I wouldn't pay that premium just for miles. The market for low mileage time capsules is very small, you'll certainly take a big hit on depreciation if you increase the miles. Plus, vehicles that have sat for extended periods often have problems that arise well down the road past a PPI.

Maybe you have an emotional connection to a 100 series, but if you're looking for the "best of the best" in a 100, I'd buy a very well taken care of 06+ with more miles and get the same experience. For $30k, you can get an excellent 100 series and at the seller's list you can get an excellent 13 to 15 200 series, and having owned both the 200 is better in every way except classic looks.

Thank you for these thoughts, OC. You're right about all of these things. Fortunately, I have a 200 series (2020 LX 570) that is staying with me in Texas. The new-to-me 2003 LX 470 will live at our family's condo in Colorado, where it will be fed a diet of mountain terrain, pampered, and see low mileage.

 

[krsabhinav]

Great dudes, and they really know their stuff.

Plz tell them I say hello when you see them, and that their work is doing great!

 

[Girl Dad of 3]

PPI came back basically spotless. “Pretty immaculate” they said. I picked up the truck today. OMG I frigging love this thing so much. Worth every penny.

 

[katchup]

Congrats. But you’re prob one of the very few in the world who think it’s worth that haha

 

[Girl Dad of 3]

Congrats. But you’re prob one of the very few in the world who think it’s worth that haha

Only takes one! Also, judging by the reactions to this TikTok about it, I think there may be more than you think that value it as I do.

 

[katchup]

Soon as it hits 100k miles it’ll be worth about 10k. So just depends if you plan on driving it lol

 

[Bisho]

Congratulations

 

[Girl Dad of 3]

Soon as it hits 100k miles it’ll be worth about 10k. So just depends if you plan on driving it lol

Fair enough. But that’s about 5 years worth of daily driving from now. Most cars are going to depreciate quite a lot from that kind of use. I’d submit a new or close to new truck would depreciate just as much if not more from 5 years of daily use. Fortunately I’m not going to be daily driving this one so the annual mileage will be a lot less than that anyway. And I’m not sure I’m ever going to resell at all.

 

[Girl Dad of 3]

Congratulations

Thanks man! Awesome profile pic. Is that you? What kind of plane is that?

 

[open country]

Congrats, keep her nice for us to oogle at.

 

[rexington14]

Congrats, you came in hot! Landed a 200 and a 100 both within a couple months. What were you into before? Let us know how they compare and what you think about both.

 

[Girl Dad of 3]

Congrats, you came in hot! Landed a 200 and a 100 both within a couple months. What were you into before? Let us know how they compare and what you think about both.

Thanks man! Yeah I went a little crazy there. I have been in a leased Audi Q7 that I took over from my wife when she decided to go electric with a Model Y. I still have about a year on the lease and will continue to daily drive the Q7, which is a fine car for city use with a family but not all that cool.

But I’ve always loved LCs and wanted one. I had my best year ever professionally last year so I decided it was time to get my 200 for the family adventure vehicle. I found that low mileage LX 570 and jumped on it. I didn’t plan to get the 100 but this unique opportunity appeared basically in my backyard, and I rationalized it to the point that I couldn’t pass it up (see above). She was just too beautiful and rare for me to let go, even if it wasn’t the smartest financial decision.

So here we are.

 

[Bisho]

Thanks man! Awesome profile pic. Is that you? What kind of plane is that?

Yes it is. F-16.

 

[Girl Dad of 3]

Yes it is. F-16.

So badass, and thank you for your service.

 

[Gomgwtfbbq]

I realize i'm way late to the thread here. Congrats on picking up a unicorn. The LX looks gorgeous.

I read all the comments here and one thing someone said is kinda funny.

"It’s the Lexus variant of the landcruiser which doesn’t hold the same value and let’s face be honest, the landcruiser name is what it’s all about"

This is essentially caring about what other dudes think about your truck. I can't imagine living with this mindset. Enjoy your pickup OP.

 

[cartelcruiser]

Yes this

This analysis seems spot on to me. My 200 series is my off-road modded up beast. This one I would keep in mint condition as a collectors piece, enjoying it only during annual winter and summer family vacations. It seems like that might be its highest and best use, and that it should hold its value or even increase in that scenario.

You want a collectors piece, then find a low mileage LC. The LX doesn’t hold near the value of an LC. Not sure 43k would fly on BAT even as it’s an LX.