Should I buy a new vs. pre-owned Lexus or Toyota?

Should I buy a new vs. pre-owned Lexus or Toyota? How do I buy a pre-owned Lexus or Toyota?

Many customers are looking to upgrade their vehicle these days. Several recent safety and convenience features make a new Lexus or Toyota very appealing – Parking Assist, Lane Departure, 360o Camera View, LED lighting, etc. However, many of the most popular new models like 4Runner’s, RX350’s, and even ES350’s now exceed $50,000! According to the Wall Street Journal, the average new car loan payment is now over $525 per month – Ouch!

One solution is to consider a pre-owned vehicle. Many features listed above can be found on 2013 and newer models. What does this mean to you? A 3 year old vehicle with less than 30,000 miles may only be 60-70% of the cost of a new car, while a 4-5 year old vehicle with less than 50,000 miles may be less than 50% of the cost of new.

This is where Davenport can help. We offer pre-buy inspections on all Toyota and Lexus models. Our inspections cover front-to-back and top-to-bottom. They include mechanical, electrical, heating and air conditioning, as well as paint and body, and interior. Many times we can pull the service history or the warranty/recall history of a vehicle. The cost of an inspection is approximately $200 and we always tell our clients that this is best $200 you will ever spend. Consider the three possible outcomes when you purchase a pre-buy inspection:

1. The inspection report comes back with a clean bill of health and you now have the peace-of-mind knowing your or a loved one are driving a reliable vehicle that will provide years of trouble-free service.

2. The inspection report reveals some issues, but overall the vehicle is in good condition. Armed with this information, you can now negotiate from a position of strength – request the seller correct the deficiencies or reduce the price of the vehicle accordingly and have the work performed after the sale.

3. The inspection report reveals some critical flaws or deficiencies. In this case, it may be best to walk away and find another vehicle to consider. You have peace-of-mind knowing that you do not own this car.

A pre-buy inspection is also good insurance when buying a 10-15 year old vehicle for that first time driver. Whatever your needs, remember to contact Davenport to help guide you through the decision process.