Hey Cool Car Fans,

Here are some cool photos of a nice consignment vehicle that I recently sold for a client of mine.  I had quite a few calls on this vehicle and it was definitely the nicest 2002 Lexus IS300 in the Denver area for the money. The new owner is thrilled and he showed up with some cash and we financed the rest.  The vehicle had really low miles as you can tell from the odometer and I presented it properly to get it sold. It was super fun to drive and handle very well for the size of the vehicle.

As The Cool Car Guy, I sell quite a few vehicles, more in a month than many people will own in their lifetime.  I don’t sell every vehicle that people bring to me because frankly some people want too much money for their vehicles, more than the market will bear.

I also don’t consign just any vehicle since I have an indoor showroom and that space is limited.  However, I work with every make, model and price range.  I just need to find more time to put cool car shots up here on CoolCarGuy.com for my visitors to check out.  I like to have really nice vehicles to showcase for people, who are in the market for the right vehicle at the right price.  This 2002 Lexus is a great example though of a vehicle that sold because it was priced right and in fantastic condition.  They are difficult vehicles to find as well and my client made more money than had he traded the vehicle that would have been put outside by a Used Car Manager to be beaten-up by the elements. It’s always nice to create a win-win for the buyer and the seller.

I thought I would put the pictures up here for my visitors to enjoy.  The older body style on the Lexus IS was pretty cool and it’s a vehicle that is in high-demand because of the appearance of the vehicle.  It has a timing belt instead of a timing chain, so if you buy one of these make sure you get the service done regularly.  My client had all of the work done at the Lexus dealership and one benefit of that is that all of the service history of the vehicle is recorded within the Lexus dealerships database.

Here’s some of the details of the Rear-Wheel Drive 2002 Lexus IS 300 should you be in the market for one…

“The Lexus IS 300 made its production debut at the 2000 North American International Auto Show in Detroit. However, this car did exist in other markets under different names well
before it arrived in North America. The car is sold in Asia as the Toyota Altezza and in Europe as the IS 200, although with a smaller, less powerful engine. The IS 300 is aimed squarely at the BMW 3-Series; Lexus is hoping to prove that the best high-performance sedans don’t necessarily come solely from Europe. The addition of the 5-speed manual transmission enforces this hope.” – MSNAutos

Original Retail Price (MSRP) $29,435 $30,805
Original Invoice Price $25,901 $27,108

ENGINE
Standard Engine 3.0L 215 hp I6 3.0L 215 hp I6
Horsepower 215 @ 5800 RPM 215 @ 5800 RPM
Torque (lb-ft) 218 @ 3800 RPM 218 @ 3800 RPM

FUEL ECONOMY
City (mpg) 18 18
Highway (mpg) 25 25

Cool Car Guy Rating: Very Cool

NEGATIVE EQUITY

Recently, I was talking with a woman about her 1999 Lexus RX300 and received the following question from her about selling her vehicle and eliminating the negative equity….

“John,I have had this car for about 6 mos. It is in good condition, could use tires and has some normal interior wear. I would like to get what I owe on the vehicle.

I’ll attach some photos and here is the VIN #.

Also, if I am able to sell the car for less than what I owe, are you able to finance the negative equity on top of the Subaru?

Thanks,

Tracy“

There are millions of people driving vehicles today who owe more on the vehicles than they are worth. In fact, a recent study showed that as many as 37% of the people driving automobiles today are “upside down” on the vehicles they own. Personally, I think that figure is low and Tracy is obviously not alone in her situation.

In her case though, it’s always difficult to buy a vehicle and get out of it 6 months later for what you owe on it. Especially, if you paid retail for the vehicle to start with because all vehicles depreciate, especially SUV’s right now with gas prices approaching $3 a gallon. Time is what eliminates negative equity because every month that goes by you own more of the vehicle.

Tracy’s best bet is to find a buyer for her vehicle as close to what she owes on it as possible, but that’s not always easy because most people looking for used vehicles want a super deal. If they are buying from a “private party” they want to pay even less than what they would pay at a dealership.

THE LEASING ADVANTAGE

One great option for people wanting to eliminate negative equity is to lease a new or pre-owned vehicle. The lease allows a person to get a lower payment, have a guaranteed buyer of their vehicle at the end of the lease period by staying within the lease terms, and potentially roll the negative equity into the leased vehicle.

I’m currently assisting a client that is coming out of a large truck with 45,000 miles that he is upside down on by $5,900. He’s getting a 2006 Chrysler with only 15,500 miles on it and at 15,000 miles a year he will have a lower payment than what he’s paying now by almost $150 a month! At the end of his lease, he gets to start over and the $5,900 will have disappeared.

My suggestion for Tracy is to get out from under her Lexus RX300 by rolling the negative equity into a new or near new vehicle. Lease it for 36 months to get a better vehicle, a lower payment and a guaranteed buyer at the end of the lease.
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Auto Consultant – John Boyd: The Cool Car Guy

John is an auto consultant with his license at a car dealership in Denver, Colorado. He can help you save time and money on any make or model, new or used, lease or purchase – nationwide! Call or email John about your next vehicle! jboyd@coolcarguy.com or Twitter @coolcarguy