"Arrivederci" (arrividerci)
01/28/2019 at 12:42 • Filed to: IS300, S3
1
14|
"Arrivederci" (arrividerci)
01/28/2019 at 12:42 • Filed to: IS300, S3 | 1
| 14 |
As a new dad, I’ve started taking a bit of a harder look at my family’s budget. We aren’t close to being tight or anything, but at the same time increased monthly consumables costs coupled with daycare costs and reduced income by way of health insurance for the baby and a dependent care savings account are making plans a little less rosy than they otherwise could be.
The most likely candidate for casualty is my S3. To preface, I love the car, it’s been perfectly reliable and I’d have no issue keeping it indefinitely. That said, the note on it is about $500/mo and still owe a little less than $19k on it. We also have a payment on my wife’s car,
!!!error: Indecipherable SUB-paragraph formatting!!!
when hers was totaled by an inattentive driver on the interstate. Her car is cheap, practical and has a 100k warranty. Mine is… uh, practical. She also has a really long commute and has a much greater need for reliable transportation than me.
Wholesale on my car is $21k (Edmunds), $22k (KBB), $25k (NADA), so we’ll just call an expected value on it of $22.5k, which gives about $3.5k in equity. My goal is to eliminate a car payment, and something that fits in the similar space as the S3 is an old IS300, one of which has just popped locally in great shape and with the rare 5-speed as a private sale. High miles at over 150k, but it’s the vaunted 2JZ-GE, with basic maintenance it’ll run longer than I will. It’ll need some of that maintenance right off the bat – timing belt and water pump, probably plugs and it’s still on the stock clutch. All told, I estimate that to be about $2k in work, $1k of which (timing belt/water pump/plugs) needs to be done basically upon delivery. It’s also been a southern car, so it has the sticky dash, which I’d want to try and resolve in a DIY manner if at all possible.
I think the seller will want about $8k out of it, and I’d agree if it didn’t need the maintenance I’ve called out. I think my top dollar on it would be about $7k, which would put me in it for $8k after the immediate maintenance is sorted out. The good news then would be I’d only owe my savings account about $4k back and then no longer have a car payment, so I could repurpose that money going forward to either paying my wife’s car off quickly (no car payment life just sounds amazing) or into savings for more rainy day funds, funnel more towards retirement or something like a fun car fund down the road.
In the meantime, it’s not like the IS300 is a penalty box – it’s a damn nice car, just older. The one I’m considering is in great shape cosmetically, has been well-maintained, just has a few things coming due in the short term, which I think should get the price where I’d want it to be. The other bonus with the IS300 is that I don’t see it depreciating any further. A well-equipped 5-speed car, even if (even) higher mileage should still have a decent return if well-maintained and loved.
Thoughts, Oppos? Should I just keep the Audi and make do with my existing budget, or take the plunge on an older car and theoretically save a bunch of money? Those of you who have IS300’s, have they been as reliable as you have hoped? Any major issues I need to be aware of that I haven’t called out above?
ZHP Sparky, the 5th
> Arrivederci
01/28/2019 at 13:02 |
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I considered the IS300 as well when I was in the market for a car of that nature towards the end of last year. It’s HARD to find clean ones, let alone in a manual. 150k is nothing on that thing…and the price, while it feels like a lot sounds about right. I’d try to get to the $6-7k range you’re shooting for. I found a clean super low mileage red car with the rare factory navigation in the Bay Area asking something like $10k, but that same weekend I found the car I now own.
Speaking of the car I now own, I’d say the existence of the E46 BMW and how cheap they are, is the biggest detractor for an IS300. If you must have that car or engine I’d say it’s a good price, but you can also likely find a good E46 for around that or less. And I’d argue it’s a better driver’s car. I found my ZHP for less than $5k, they’re out there if you’re patient. Yes it’ll need more maintenance than a IS300 but if you can DIY and find a car that has been kept up with maintenance it doesn’t need to be too expensive.
Tapas
> Arrivederci
01/28/2019 at 13:04 |
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The IS300 is a good choice.
I’m just not sure if this particular example is the way to go. Looking at the amount of work (~$2k) and how much the seller wants (~$7k)
you’ll be putting in
$10k for the car (
with taxes and other incidentals)
.
I think a well sorted manual IS300 goes for ~$8k, no?
Dr. Zoidberg - RIP Oppo
> Arrivederci
01/28/2019 at 13:18 |
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Well I’ve had mine for abouuuuuut 18 months. Mine is an auto. I’ve had zero problems, I did shell out for the 90k mile service plus timing belt. It’s a very nice place to be. If you’re getting an auto sedan , don’t pay too much. They’re everywhere. I recommend getting one with the lowest miles you can find if you want to keep it long term . I bought mine with 91k for $ 7k
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Arrivederci
> ZHP Sparky, the 5th
01/28/2019 at 13:29 |
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The ZHP is a great choice, but I’d just be so concerned with the maintenance - I feel like old BMWs are great cars, but belong in hands of DIY’ers.
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Arrivederci
> Dr. Zoidberg - RIP Oppo
01/28/2019 at 13:30 |
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I’d like to try and hold out for the 5-speed, if I went auto, I’d probably go your route with the SportCross (which is also super hard to find).
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Arrivederci
> Tapas
01/28/2019 at 13:32 |
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It should, but since there are so few for sale, it’s hard to arrive at a fair value. Immediate maintenance would only be about $1k, so I’d be in it for $8k with a new timing belt/water pump and plu gs , with an eventual clutch job on the horizon.
Jake - Has Bad Luck So You Don't Have To
> Arrivederci
01/28/2019 at 13:35 |
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$7k for a clean manual IS300 is a solid deal, especially for less than 200k miles and a clean title. With a stick that thing is 99% of a BMW E46 330i, and will easily outclass one with the addition of sway bars. The chassis is great, mine has been squeak and rattle-free and comfortable for the last 9k miles I’ve owned it (currently at 104k). FWIW, I drove an IS300 auto sedan yesterday that had 220k on it and it drove exactly the same as mine with 104k so I am entirely convinced of the longevity of these cars. Sure, a BMW for the same price is tempting but the draw of the lexus is being 90% of a BMW for 5% of the maintenance so the value proposition is definitely there if you plan on keeping either for longer than a year, and in the realm of “sub-$10k manual daily driver sedan” you really don’t have another choice other than a G35/G37 but then you’re playing engine lottery with oil consumption, a worse interior, and weird nonsense like hydraulic motor mounts.
Do it. Change the timing belt and drive the wheels off of it. Ignore the sticky dash if you can, otherwise there are plenty of tutorials for resolving it but be forewarned it is a VERY labor-intensive process, which is why my dash remains sticky.
The only issue I have had with mine was a brake caliper seized, which I attribute to mine being a crusty ex-Chicago car with a PO that didn’t maintain it very well. Other than that it has been solid as a rock which allowed me to drop a couple hundred on putting some bangin’ beats in it.
The 2JZ-GE is a great engine. I get 18mpg city and 24-25 highway out of mine, and in the mountains keeping it above 4.5k is just bliss. The engine runs super smooth so wringing it out doesn’t feel like the valves are about to take flight and it just sings through the upper revs right in the meat of the powerband . I 100% would suggest some sort of mild axleback exhaust upgrade if you can.
LMK if you have any questions, I’m more than happy to answer . I’m fully on the Toyota hype train after owning this car and plan on replacing my finicky Mazda 6S with a ‘98 LS400 come tax time.
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Dr. Zoidberg - RIP Oppo
> Arrivederci
01/28/2019 at 13:47 |
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Yeah, I chose utility over transmission. It was a small existential crisis.
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ZHP Sparky, the 5th
> Arrivederci
01/28/2019 at 13:53 |
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Yeah if it’s your only car and you need reliable transportation everyday I’d be hesitant. Thankfully for me it’s a weekend/backup car.
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Arrivederci
> ZHP Sparky, the 5th
01/28/2019 at 13:56 |
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Yeah, for me it would be. I could still potentially make things work with sharing my wife’s car should something happen, but needs to have minimal downtime.
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Tapas
> Arrivederci
01/28/2019 at 14:02 |
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I see what you mean.
If you drive the S3 a lot, that might also decease its value. If you can’t find a better example in the next month or two, g o for it.
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Tapas
> Arrivederci
01/29/2019 at 13:14 |
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Not sure how close you live to Canada, but I found a clean one in Toronto, listed for CAD $9,500 (~USD$ 7,150).
I know the neighbourhood and have driven past it a few times. It looks clean.
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Arrivederci
> Tapas
01/29/2019 at 13:32 |
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Super far! The one I’m potentially interested in is about 40 miles away.
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Tapas
> Arrivederci
01/29/2019 at 14:47 |
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That’s a bummer.
The 40 mile one is appealing lol