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Registered
2007 2.5X L.L. BEAN
Joined
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150 Posts
Discussion Starter #1
Ok so here's the deal: I found what I will call a "once in a lifetime opportunity" to buy an 06 XT Limited that has never even seen rain, it is in brand new condition for "$22,000 Firm". It is being sold privately
My girlfriend and I have only paid about $1,500 on our $16,000 loan for the 07 LL Bean.
My questions:
1. Is it a poor decision financially to try and sell the LL, pay off the loan, use the rest of the money towards the XT, and enter into another loan for $16,000?
2. Would a typical credit union or bank let you do something like this?
3. What would you do if you were in my shoes? I dont have a bunch of extra cash laying around, so my selling price on the LL is pretty firm.
4. Is this even possible?
There are currently is another person interested in it, so we would have to sell ours first and then go through all the loan stuff and then buy thie XT.
It just frustraits me that we were wanting an XT in the fiirst place, we baught this. Our Forester is in excellent condition and its very nice too. 6 months later I find this XT.

Any thoughts, comments, or opinions are very helpful, Thanks
 

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Premium Member
2013 Kia Rio Automatic
Joined
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1,614 Posts
I don't know the numbers, but make sure you run them before making this
decision. Seems like obvious advice, but I know people who buy homes without even running the numbers.

What are LL's like yours selling for in your area? Could be a pain selling it privately as opposed to trading it in. More paperwork, hassles, and trouble.

If you can sell it and pay off that loan without any negative equity and if you can buy the XT for $22k, how are you winding up with another $16k loan? Wouldn't it be another loan, but of $22k not $16k? Am I missing something? Or do you have enough cash on hand to do that?

Ultimately, is it worth it to you? Paying the extra? Going through the hassles... I dunno. That is your decision obviously.
 

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Registered
2009 Forester 2.5XL AT
Joined
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171 Posts
Ok so here's the deal: I found what I will call a "once in a lifetime opportunity" to buy an 06 XT Limited that has never even seen rain, it is in brand new condition for "$22,000 Firm". It is being sold privately
My girlfriend and I have only paid about $1,500 on our $16,000 loan for the 07 LL Bean.
My questions:
1. Is it a poor decision financially to try and sell the LL, pay off the loan, use the rest of the money towards the XT, and enter into another loan for $16,000?
2. Would a typical credit union or bank let you do something like this?
3. What would you do if you were in my shoes? I dont have a bunch of extra cash laying around, so my selling price on the LL is pretty firm.
4. Is this even possible?
There are currently is another person interested in it, so we would have to sell ours first and then go through all the loan stuff and then buy thie XT.
It just frustraits me that we were wanting an XT in the fiirst place, we baught this. Our Forester is in excellent condition and its very nice too. 6 months later I find this XT.

Any thoughts, comments, or opinions are very helpful, Thanks
Forget the car. Focus on the young lady.
She may be your "once in a lifetime opportunity".
If you get that right everything else will fall into place.
Best wishes,
Red
 

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TANSTAAFL
2010 2.5X Premium AFF 4EAT
Joined
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472 Posts
Forget the car. Focus on the young lady.
She may be your "once in a lifetime opportunity".
If you get that right everything else will fall into place.
Best wishes,
Red
Excellent advice there.
 

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Premium Member
2008 FSXT 4EAT
Joined
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4,143 Posts
Personally, I'd keep the LL Bean and focus on reducing the loan principle. That '06 XT is not worth $22k, no matter the condition or mileage. If you took out a loan (or modified your existing loan) to cover the extra debt, you'd quickly find yourself in a negative equity situation, unless you shelled out some cash up front. If you really want an XT I'd look for an 04/05, since they should be less than $15k, which is in your price range.

I traded in my (paid off) '07 X Premium for an '08 FSXT, so I only had to pay the difference between trade-in and the price of the new car. I put down some cash and financed the minimum amount to qualify for Subaru's low interest rate (3.9%). Looking back on that decision, I occasionally wish I had kept the X, since my wallet's been lighter ever since I bought the FSXT. :icon_confused:
 

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Registered
2007 2.5X L.L. BEAN
Joined
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150 Posts
Discussion Starter #6
This is some good advice here.
From what I'm getting, it's probably not a good idea,
I havent fully investigated as to if it was even possible to:
1 Sell the car
2 pay off its loan and use extra cash toward new car
3 add an additional grand outta pocket
4 and then end up whith another 16g loan again.

Arthrogrian19- I was thinking the same thing that it wouldn't be worth $22,000, I looked at the book value and it was 20,800. I gotta watch being caught up in wanting it so much that I forget the basics of good money management.
Blue&Red and Jbx - True words from the heart right there, that's the most important thing to remember.
 
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