It's not a demo. I spoke with the internet sales person and he told me that they purchased inventory from another local subaru dealership that recently went out of bussiness.
Still a new untitled vehicle? If you get me the last 8 of the VIN, I can verify it.
Here is a cost breakdown on of a similar 2009 XT Limited with a close MSRP:
$29855 MSRP
$27759 invoice
$1128 holdback
$26631 net cost.
They might have a little less of a cost if they bought it back of net cost from the other dealership. Usually they wouldn't, but it largely depends on the dealership that went out of business and how they had everything set up.
There are only 4 2009 XT Limited models (non nav) showing in inventory in the country and only the one with the MSRP like you mentioned..that should up in the locator. If the vehicle was a sold order or already punched sold, it will not show up in the locator.
If the one you are looking at is Waltrip near Nashville, that car came from Kennesaw Subaru in Georgia originally. They (Kennesaw) are definitely not out of business as they are the only dealership that sells more than us in GA, KY, and TN.