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Worst case scenario. If I had to sell my 05 GT Ltd sedan, what would it be worth?


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Here is the situation (to receive plenty of flames from the board likely) I'm about to move out and rent a house (family owned, cheap for what it is). This has been planned for months as we recently evicted tenants for being 7 months behind in their rent. Some of my friends considered being roomates considering the very low price, but since the process has taken so long, they've all found other places to live. Therefore I'll be paying the full rent including utilities all on my own. Furthermore, the house is very old, therefore not insulated well, coupled with high heating oil prices, this house is going to be very expensive to heat during the winter. In short, I will be paying out a lot more per month than expected. If something happened, and I had to sell my 05 Legacy GT Limited sedan, how much would you think it is worth? At this point, it has just under 5K miles, so by the time this scenario would occur, I'd say she'll have around 6K-7K miles.
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[quote name='Euclid']$24k maybe?[/QUOTE] Thats about what I was hoping. Funny thing is, the monthly outlay is cheaper than I had on my WRX due to lower finance rate, and much much lower insurance (and that nice GTP offer Subaru had going). So if I still had the WRX, I'd probably still be in a worse situation that I am now. I think it's trade in value was 11 or 12 grand when I owed close to 15K.
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I think you'd be looking at more like $5K under dealer invoice. I'm shopping around now for a Legy, and I'm getting offers from dealers AT dealer invoice. To get me to look at even a mildly used car like yours, it would take at least $5000. (higher interest on used cars, shorter financing on used cars). If you can at all afford it, keep it. Otherwise you'll probably end up taking a big hit in resale.
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Ugh... tough situation to be in, but sometimes a short term loss is better than a log term struggle. I'd say $3-5k under invoice is a reasonable start, just bear in mind it may take some more discounting to sell it. It's tough to justify spending only a couple thousand less on a close to $30k car for the unknowns. A young kid with a turbo car that is being sold when they realize they are in over their head screams "abused" to me. Good luck with the sale, and it is good to see you have a grasp on priorities. Time will come for a nicer car once again if you have to sell the Subaru. /bill
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Just put an ad in the paper and find some roommates.... unless you live in a very small community, it shouldn't be hard to find a few people that you can get along with. Offer them a reasonable deal on the rent and their share of utilities. Or, tell your family that you can't afford to rent the house for the winter, and find a small apartment that is more affordable. No reason to pay to heat a big old house by yourself all winter..... and keep the car :)
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[quote name='Gumby']I'd say $3k under invoice assuming as new condition and no smoking. You might even find a buyer here with a bit of luck! :)[/QUOTE] Probably lower...with the de-valued price these things have been selling for new, the resale is going to be poor on these used vehicles. $21K max. is my guess.....(devalued even more for the manual trans) It's what we get for the dealers selling these below invoice..... My Carmax guess: $20K (trade in value)
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Hmmm, I sure hope the resale value for the Legacy turns out to be as good as the WRX, my car is almost 2 years old with 30k and I believe I can still get around $17k privately, purchase price was a little under $22k.....
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If you need to know what your car is worth you can try [url="http://www.kbb.com"]www.kbb.com[/url] or [url="http://www.edmunds.com"]www.edmunds.com[/url] these will let you know what your car would be worth in a private sell or if you wished to trade it in.
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I think finding a solution to the housing issue will be a better solution, as someone suggested, than trying to get out of financing on a car you just bought. I second the motion to find new roomates, or choose a more economical lodging situation. you're probably paying for the car for 5 or 6 years, and will get at least that long from the car. Depreciation will level off after about 36 months, then the car will be worth MORE than most other 3 year old cars on the market, and you'll probably be in a different living situation by then anyway. Besides that, if you keep your car, and re-sell it in a few years, you'll get money from the sale over what you owe. (if you wait long enough) **** That will never happen with a rented house.**** Think of rent as a roof over your head, and money thrown down a hole. It is worth it, but it should be as temporary as possible. At least with buying the car, you'll have a little bit of cashflow back from it if you can wait to sell it at the right time. If you don't have to sell it, then it will be a good car for you, which is important as you have to get to work to pay for all this stuff.
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[quote name='JAS']Just put an ad in the paper and find some roommates.... unless you live in a very small community, it shouldn't be hard to find a few people that you can get along with. Offer them a reasonable deal on the rent and their share of utilities. Or, tell your family that you can't afford to rent the house for the winter, and find a small apartment that is more affordable. No reason to pay to heat a big old house by yourself all winter..... and keep the car :)[/QUOTE] I've considered the newspaper roomate option, but I know I would get bombarded with calls as the price would be extremely cheap if it were half of the rent. The hidden costs would be the high utility bills unfortunately.
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[quote name='plunk10']I've considered the newspaper roomate option, but I know I would get bombarded with calls as the price would be extremely cheap if it were half of the rent. The hidden costs would be the high utility bills unfortunately.[/QUOTE] [font='Times New Roman']So make him (or her if you are luck) pay all the rent and you pay the utilities. [/font]
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[quote name='Gumby']Hmmm, I sure hope the resale value for the Legacy turns out to be as good as the WRX, my car is almost 2 years old with 30k and I believe I can still get around $17k privately, purchase price was a little under $22k.....[/QUOTE] I'd be shocked if you could get $17k private sale unless you are willing to sit on it for a long while. The new, non-bug eyed (better and more attractive IMO) WRX can be had new for around $22k. A 3 model year old car won't get $17k. On a side not, in shopping for cars I just called my insurance company a WRX wagon is over $500 more per year than the GT wagon! :eek::eek: Ouch! Plunk - You can set the rent to your housemates at whatever you want to keep the riff-raff away. :) If it's a family owned house you'll want to make sure it stays in good shape! /bill
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[quote name='bbbradley'] On a side not, in shopping for cars I just called my insurance company a WRX wagon is over $500 more per year than the GT wagon! :eek::eek: Ouch! Plunk - You can set the rent to your housemates at whatever you want to keep the riff-raff away. :) If it's a family owned house you'll want to make sure it stays in good shape! /bill[/QUOTE] That was the reason I could afford the Legacy. Half price insurance :D also, thanks for the tip. It is a family owned house that I may even eventually buy myself :D. That is a long way off though as I need to figure out how to afford the rent first.
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I truly hope to hold onto it for at least a while, as the Legacy truly is the best car I've ever owned. Not only that, I enjoy the car more than many cars a lot more expensive that I have test driven (I.E. Mercedes E320, now the E500 was more enjoyable :p )
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