2013 Lexus GS 350: Carmax Appraisal
August 23, 2013
Carmax likes to place its luxury cars front and center in all its car lots. The first two rows are always filled with cars from Audi, BMW, Lexus and Mercedes. So, I figured our long-term 2013 Lexus GS 350 would bring in big bucks when I took it in for an appraisal the other day. Boy, was I wrong.
Before you hit the jump, take a guess as to how much we were offered. For reference, Edmunds.com's trade-in TMV was $44,907. Keep in mind the car has just over 20,000 miles.
"I'm guessing you're going to offer me $45,000," I said to the Carmax sales representative. She turned her monitor toward me and showed me a price of $40,000.
"The car's options were great, but the miles really hurt this car," said the appraiser who popped in to the cubicle we were in. He added that he couldn't improve on that price because it would get too close to the price of a new car.
This lowball offer caught me off guard. I've brought in cars with similar mileage and it usually wasn't an issue. Plus, I don't think the appraiser accounted for the F Sport package. There was no mention of adjustable suspension anywhere on the "features considered" section of the page. It seemed as though he treated it like a "regular" GS 350.
Here are some other numbers to put the $40K in perspective:
MSRP at purchase: $63,427
We paid: $58,377 (plus tax and title)
Private Party TMV: $47, 431
Carmax offer: $40,000
I'm going to try to improve on the Carmax offer by selling the Lexus myself. I'm considering listing it for somewhere around the private-party TMV price.
I'll let you know how it goes.
Ronald Montoya, Consumer Advice Editor @ 20,329 miles