Lexus LS400; dumb idea?

Hey guys. Out of nowhere, I have a chance to buy a Lexus LS400 (1998) for POTENTIALLY a very cheap price. From what I know, these have the 1UZ with VVT-i. I'll be heading over next weekend to check it out with a friend, and I'm going to try to score it for sub $1k. The backstory is my friend was contacted by someone he talked to some years ago about about their LS400. It is now for sale since it's been sitting off and on for a few years as the seller didn't have the time/motivation to get it back on the road and through the salvage inspection. Long story short, we got to talking and now I may end up purchasing it.

Some background on the car is that is has a salvage title, been sitting a few years, and has a check engine light possibly emissions related. Around 240k miles on it, runs and drives. From the pictures, the body looks very clean and straight, and frankly I'm not even sure why it ended up with a salvage title. I'll have to talk to the seller on that point. The interior has typical wear and tear. I also got video of the vehicle being driven around the neighborhood, and I of course will do the same when I check it out. To get it road ready, I'll of course have to take it through an inspection to go from salvage --> rebuilt.

Now, I pose this question to my fellow GRMers. Assuming I can somehow score this for sub $1k, would it be worth it based on the description given above? Is this a dumb idea? I have a daily already and would eventually probably try to delegate this to a daily once I have everything legal and running in top shape.

Mostly depends on how hard it is to get a salvage car titled where you live. I'd also make sure the check engine light doesn't suggest it needs any NLA parts.

In reply to MadScientistMatt :

Thanks! As far as I know, you basically have to get an enhanced state and emissions inspection (PA) and then as long as all is well you're issued a rebuilt title. I didn't consider NLA parts so I'll have to do some research on that.

A car you can't drive with 240k has a scrap value.  It's also a gamble...how much do you want to gamble?  I'd suggest keeping the buy-price less than $500.  If the gamble then doesn't work out you can nearly get all your money back scrapping the car.  

As mentioned, also be sure that you understand the process of your state to take a car from Salvage to Rebuilt status.  

I would think that $3k would buy you a LS400 w/ 240k but that then is also a car that can be test driven and "verified" before you buy it.  

John Welsh said:

A car you can't drive with 240k has a scrap value.  It's also a gamble...how much do you want to gamble?  I'd suggest keeping the buy-price less than $500.  If the gamble then doesn't work out you can nearly get all your money back scrapping the car.  

As mentioned, also be sure that you understand the process of your state to take a car from Salvage to Rebuilt status.  

 

I would think that $3k would buy you a LS400 w/ 240k but that then is also a car that can be test driven and "verified" before you buy it.  

Thanks! I was setting my sights on $700 or less, but $500 sounds better to me. I figure, worst case, I can pull the 1UZ and save it for a future project if all doesn't go to plan.

From what I'm reading on the PennDOT site, its not a difficult process to go from salvage to rebuilt title, but if there are any PA folks who have done this and want to chime in, I'm all ears.

It would be pretty fast on an autocross course if you remove all of the glass and sheet metal.

What's on your schedule for the last weekend in March?

Floating Doc (Forum Supporter) said:

It would be pretty fast on an autocross course if you remove all of the glass and sheet metal.

What's on your schedule for the last weekend in March?

Nothing really for the last weekend in March right now that I know of. 

They are great cars, easy to work on and very reliable. I've had two and loved them both. Title is the only thing tongue me pause and I bet you could work through it.

My son had one for a little over four years. He daily drove it did a couple of auto crosses and a couple of track days.

Thanks guys! I think its worth it to at least go and give it a look, see if anything significant jumps out at me. PA has a pretty straightforward process to going from salvage title to rebuilt so hopefully shouldn't be too much of a bear if I end up with it. I'll drive this thing into the ground honestly if I can get it for as cheap as I'm hoping!

I feel like these cars can be had running with a clean title but needing work for around $1500-$2000. Or needing a starter (under the intake manifold) for around $1000. Both of those cases are better starts than a car with a salvage title and issues for a difference in $500 to $1000.

I wouldn't pay over $500 for such a common car with a salvage title. I don't know PA'S process but as someone who lives in VA, I tend to avoid PA cars that don't have a clean title in the sellers name. 

yupididit said:

I feel like these cars can be had running with a clean title but needing work for around $1500-$2000. Or needing a starter (under the intake manifold) for around $1000. Both of those cases are better starts than a car with a salvage title and issues for a difference in $500 to $1000.

I wouldn't pay over $500 for such a common car with a salvage title. I don't know PA'S process but as someone who lives in VA, I tend to avoid PA cars that don't have a clean title in the sellers name. 

Weirdly around me they tend to go for $3k+, with many listed at $6k for a car with 200k+ miles, which I currently don't have available for a vehicle purchase unfortunately. Of course, thats going off a quick FB Marketplace search so accuracy may be iffy. If I can get it for $500 that would be ideal so I'll see what happens.

Ask why it got a salvage title.  That is a major change in vehicle status, and could point you to issues not discovered in a drive around the block.  A VIN check would show when it happened but why is the bigger thing.  

porschenut said:

Ask why it got a salvage title.  That is a major change in vehicle status, and could point you to issues not discovered in a drive around the block.  A VIN check would show when it happened but why is the bigger thing.  

Thanks! Yep I'm going to investigate that when I go see the car and ask the seller why. The pictures show everything straight and paint matched all over but still going to try to get whatever info I can.

Japanspec said:

From what I'm reading on the PennDOT site, its not a difficult process to go from salvage to rebuilt title, but if there are any PA folks who have done this and want to chime in, I'm all ears.

I'm in PA and have done this several times.  Make sure you have receipts for any replaced parts, they're very interested in proving you didn't rebuild it with stolen stuff.  Take any externally visible modifications (including window tint) off since they have to submit pictures, and make sure it can otherwise pass a normal inspection and has all its' parts.  I think last time I did it the fees were about $500 all-in.

Look in VA, MD, and NC. 

Can't speak to that particular car, but I love the idea of a high-miles LS400 as a daily driver.

In reply to 1988RedT2 :

That's what I'm doing now, DD is a 2000 LS400 that just went over 380k.

Used but not abused, it has cosmetic wear but the previous owner replaced a lot of the mechanical bits with OEM parts.

I haven't had to replace anything the last couple of years (did a bunch of stuff the first year of ownership) but it's still at the age where it nickel and dimes you.

Got 26mpg on a recent trip.

¯\_(ツ)_/¯ said:

Japanspec said:

From what I'm reading on the PennDOT site, its not a difficult process to go from salvage to rebuilt title, but if there are any PA folks who have done this and want to chime in, I'm all ears.

I'm in PA and have done this several times.  Make sure you have receipts for any replaced parts, they're very interested in proving you didn't rebuild it with stolen stuff.  Take any externally visible modifications (including window tint) off since they have to submit pictures, and make sure it can otherwise pass a normal inspection and has all its' parts.  I think last time I did it the fees were about $500 all-in.

Thanks! Lets say for the emissions thing its a cat converter and I buy some used ones (my friend has some sitting from his old LS). Would he just write me up a bill of sale for those cats that I can then take to the salvage inspection? What about things that this current owner fixed (if any)?

In reply to Japanspec :

I never get the impression they're gonna drill to deeply into the "before" condition so, I'd just provide receipts for anything that has obviously been repaired.

¯\_(ツ)_/¯ said:

In reply to Japanspec :

I never get the impression they're gonna drill to deeply into the "before" condition so, I'd just provide receipts for anything that has obviously been repaired.

Gotcha makes sense thanks! Sounds like if I can get this for $500 and it wasn't salvaged for anything too serious, it might be worth my time. Lets see what its like when I see it in person and get more info.

In the Pacific Northwest most sub 3K LS400s are already salvage titled, derifted into a curb, ruined by teenagers,  cars

For instance this

is a $3K LS4000. Ebay coilovers and welded diff included for that price.

I have a set of Cusco coilovers from a certain challenge car a few years ago once you buy it.

Trent said:

In the Pacific Northwest most sub 3K LS400s are already salvage titled, derifted into a curb, ruined by teenagers,  cars

 

For instance this

is a $3K LS4000. Ebay coilovers and welded diff included for that price.

This is EXACTLY what I see around me for $3k+ and it hurts my heart. The drift crowd has come onto these cars so they're starting to enter "drift tax" territory.

chandler said:

I have a set of Cusco coilovers from a certain challenge car a few years ago once you buy it.

Awesome thanks! If I end up with it, I'll let you know.