Should I buy this LX 470?

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]

Because it’s a 20 year old truck for 43k. 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, I don’t care if it’s the same truck. Everything at some point will need to be changed. Rubber bits especially. To me 43k is just absurd for one of these. I live in Sarasota which is a very wealthy area of southwest florida and see fat old ladies driving these daily in every color so they’re not that impressive. But hey, if you have the cash to blow and you’ve set enough money aside for your kids college fund, do it. I’d feel guilty spending that much on something this old and expensive that’s just gonna sit. Almost like I was taking money away from my kids on something so insignificant. Id much rather put it in a high yield savings account for my kids. But if you’re loaded forget everything I just said.

Very reasonable opinion. Thank you.

 

[willyroo]

I have always loved the 100 Series.

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

The objective view - $43k for a 20 year old Toyota, is probably right.

However if looked after, this has a lot of life left in it. If you keep it for 10 years, and it's only worth $3,000 at the end of that period - you're looking at $4k per annum depreciation.

And IMHO, it rides better than the LX570 - althought I luuurve the power of the bigger motor...

Install a T'eyes CC3 in place of the aftermarket setup and you'll have a bang up to date rig.

 

[Girl Dad of 3]

Because it’s a 20 year old truck for 43k. 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, I don’t care if it’s the same truck. Everything at some point will need to be changed. Rubber bits especially. To me 43k is just absurd for one of these. I live in Sarasota which is a very wealthy area of southwest florida and see fat old ladies driving these daily in every color so they’re not that impressive. But hey, if you have the cash to blow and you’ve set enough money aside for your kids college fund, do it. I’d feel guilty spending that much on something this old and expensive that’s just gonna sit. Almost like I was taking money away from my kids on something so insignificant. Id much rather put it in a high yield savings account for my kids. But if you’re loaded forget everything I just said.

I get what you're saying. But is it insane to think this truck could actually appreciate in value over the next several years? I have other vehicles and will not put a ton of miles on it. As others have said in this thread, I doubt there are very many 100 series in this condition with this mileage available in the entire world. They aren't making any more of them, and haven't for 17 years. To me, this is a true classic car/truck. Some have called the 100 series the greatest vehicle ever made. It seems like a collectors item that could actually be worth more in the future. Am I crazy for thinking this?

 

[wbates]

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?

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Wait was this actually owned by Carl Sewell? I work at the Land Rover dealership that is Sewell owned here in Austin.

 

[Girl Dad of 3]

Wait was this actually owned by Carl Sewell?

I don’t know if it’s possible to confirm the identity of prior owners. I would love to confirm it if I could as that fact alone makes the truck kind of interesting. The maintenance history seems to check out because the car was bought brand new (34 miles on it) in Dallas, serviced routinely each year in Aspen (where Sewell apparently owns a vacation home and public reports say his daughter had her wedding), then resold at his dealership in Dallas about 20 years later.

 

[wbates]

I don’t know if it’s possible to confirm the identity of prior owners. I would love to confirm it if I could as that fact alone makes the truck kind of interesting. The maintenance history seems to check out because the car was bought brand new (34 miles on it) in Dallas, serviced routinely each year in Aspen (where Sewell apparently owns a vacation home and public reports say his daughter had her wedding), then resold at his dealership in Dallas about 20 years later.

Very interesting. Do you have the VIN? I can look into it for you when I get into the office

 

[ellexx470]

>>>But is it insane to think this truck could actually appreciate in value over the next several years?

Yes, it is insane. Cars and trucks are never (ever) good investments over the long haul. If I had a time machine and could buy a brand new 1967 big block tri-power Corvette with factory a/c and side pipes for $6500 sticker and bring it to the Barrett-Jackson auction last month, the money I made wouldn't even begin to compare to the same $6500 invested in an S&P 500 index fund since 1967. And that $6500 sitting there growing wouldn't leak oil or have cracked rubber or need insurance or a roof over its head.

And this isn't a Corvette or Ferrari, it's a luxury SUV. A mass-produced SUV, of which close to 200,000 were sold in the US alone. Sure, hundies are having a moment right now, and probably your truck is priced to match this one on BaT, but can you sit on this and make money? Doubtful.

 

[Radclerk1]

I get what you're saying. But is it insane to think this truck could actually appreciate in value over the next several years? I have other vehicles and will not put a ton of miles on it. As others have said in this thread, I doubt there are very many 100 series in this condition with this mileage available in the entire world. They aren't making any more of them, and haven't for 17 years. To me, this is a true classic car/truck. Some have called the 100 series the greatest vehicle ever made. It seems like a collectors item that could actually be worth more in the future. Am I crazy for thinking

>>>But is it insane to think this truck could actually appreciate in value over the next several years?

Yes, it is insane. Cars and trucks are never (ever) good investments over the long haul. If I had a time machine and could buy a brand new 1967 big block tri-power Corvette with factory a/c and side pipes for $6500 sticker and bring it to the Barrett-Jackson auction last month, the money I made wouldn't even begin to compare to the same $6500 invested in an S&P 500 index fund since 1967. And that $6500 sitting there growing wouldn't leak oil or have cracked rubber or need insurance or a roof over its head.

And this isn't a Corvette or Ferrari, it's a luxury SUV. A mass-produced SUV, of which close to 200,000 were sold in the US alone. Sure, hundies are having a moment right now, and probably your truck is priced to match this one on BaT, but can you sit on this and make money? Doubtful.

^^^This

 

[Girl Dad of 3]

Very interesting. Do you have the VIN? I can look into it for you when I get into the office

JTJHT00WX33534704

 

[rexington14]

Post the for sale ad / contact details here so someone else can go after it.

(this will help you decide if you want to buy it or not)

 

[Girl Dad of 3]

Post the for sale ad / contact details here so someone else can go after it.

(this will help you decide if you want to buy it or not)

It's easily found by searching, but I've put down a deposit to hold the truck temporarily so it's not currently available.

 

[Radclerk1]

If you do buy it, don’t trust the dealer for anything. Get a good PPI done by an independent shop of your choosing. Sounds like you’ve already got your mind made up and will regret not buying it. Just DO NOT under any circumstances trust the dealer. This will be an almost 50k purchase and you don’t need any surprises once you pull it off the lot.

 

[Girl Dad of 3]

If you do buy it, don’t trust the dealer for anything. Get a good PPI done by an independent shop of your choosing. Sounds like you’ve already got your mind made up and will regret not buying it. Just DO NOT under any circumstances trust the dealer. This will be an almost 50k purchase and you don’t need any surprises once you pull it off the lot.

Great advice. Thank you.

 

[katchup]

Crazy high for an LX, regardless of miles

 

[wbates]

JTJHT00WX33534704

Thanks looks like it wasn’t owned by Carl Sewell. Purchase twice though Sewell though last time in 2019 for $27,500

 

[Radclerk1]

Thanks looks like it wasn’t owned by Carl Sewell. Purchase twice though Sewell though last time in 2019 for $27,500

Only went up 16k in 5 years. Thats about what it’s worth now if we’re all not lying to ourselves.

 

[rexington14]

Thanks looks like it wasn’t owned by Carl Sewell. Purchase twice though Sewell though last time in 2019 for $27,500

So not even a one owner then. Maybe time to dig into and look for more holes in the story you are being told / sold. PPI elsewhere is obviously a must.

 

[Girl Dad of 3]

So not even a one owner then. Maybe time to dig into and look for more holes in the story you are being told / sold. PPI elsewhere is obviously a must.

Yes I knew it wasn’t a one owner but definitely scheduling a PPI.

 

[Girl Dad of 3]

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.

 

[diesel22]

Only went up 16k in 5 years. Thats about what it’s worth now if we’re all not lying to ourselves.

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