1993 Lexus SC300-Purchased 5/7/10 for $3900. Since then the car has had all fluids and filters changed, a new window regulator on the passenger side installed, and the windows tinted by Trimline. Including this service, smog check and DMV fees, I'm in to the car $5,300.
It still needs an alignment and a pressure regulator for the A/C system, probably another $700, which is going to put me even further over the Kelley Blue Book "good condition" value of $4965. "Fair condition" for the car is $4290, which is likely more accurate as the interior leather is pretty trashed. On the plus side, the paint is newer, though not the best quality, and the Goodyear Eagle GT tires all match with 50% treadlife left.
The 3.0 liter 2JZ-GE inline six is very strong and smooth, with an outstanding exhaust note. This is the same engine Toyota used in the Supra and the Japanese market Soarer. The SC300 has been called a "Supra in a tux," which is a good description of this car.
I have it on Craigslist for $4,800, which would have me eating $500 on the deal. Even at $4200, I would have had use of a car for about two months for $1100, or just under $20 a day not including gas, about the cost of a sub-compact rental from Hertz.
The idea, however, is to profit from these things, though in Nevada one can only sell 3 personally owned cars per year and this would be my second sale in 2010 (the first was a 2005 Honda Accord EX-L that I had owned since new-KBB good condition was about $11,500 and it sold for $12,000 with 71,000 miles on the clock in early May 2010). The Honda was $23,500 new in 2005. Including maintenance and registration of roughly $800 a year (all regular services plus DMV fees and one new set of tires), the car cost me around $16,000 to own and operate for a little over five years. That equates to $8.77 per day, not including gas.
In order to get the Lexus in that cost-per-day range, I will have to use it for another 70 days and not do any additional work on it. With an inoperable A/C and temperatures in Reno going to near 100 this weekend, I may be willing to take the bus to work for the next two months.
If I sell the Lexus this weekend, I have my eye on a 1990 Honda Civic Si with about 250,000 miles on it. The owner is asking $1300-KBB Fair value is $735 and Good is $1,235. I'll put on my Priceline Negotiator face and offer the guy $500...assuming the car is not a total mess with a salvage title! More to come.
