Welcome to the North American Subaru Impreza Owners Club Monday July 28, 2014
Home Forums WikiNASIOC Products Store Modifications Upgrade Garage
Mid West Subaru Owners Club
Here you can view your subscribed threads, work with private messages and edit your profile and preferences Home Registration is free! Visit the NASIOC Store NASIOC Rules Search Find other members Frequently Asked Questions Calendar Archive NASIOC Upgrade Garage Logout
Go Back   NASIOC > NASIOC Chapters > Mid West Subaru Owners Club Forum -- MWSOC

Welcome to NASIOC - The world's largest online community for Subaru enthusiasts!
Welcome to the NASIOC.com Subaru forum.

You are currently viewing our forum as a guest, which gives you limited access to view most discussions and access our other features. By joining our community, free of charge, you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is free, fast and simple, so please join our community today!

If you have any problems with the registration process or your account login, please contact us.
* Registered users of the site do not see these ads.
Reply
 
Thread Tools Display Modes
Old 10-28-2001, 01:20 AM   #1
Mazoku
Scooby Newbie
 
Member#: 6261
Join Date: May 2001
Location: Naperville, IL
Default Please give me some advice...

Since I got laid off about a month ago I'm kind of considering the thought of trading in my WRX. I really don't want to, I love it...but depending on how long it is before I get a job again, I might not have a choice. And I feel guilty for having such a big money drain on our depleting finances.

The thing is, I don't know if it would even be worth it. I still owe like $20.5k on it. I'd want to trade it in for a 99-01 RS, probably automatic. I get the feeling that this wouldn't be worth my time tho...

My WRX is an auto, upgraded speakers, subwoofer, auto dimming mirror, filtration, extended armrest, alarm, spoiler. 8k miles. Wild guess, I was thinking I could get like $23.5k for it? What do you all think? I'm not even sure if I could sell it relatively quickly.

I was looking at the ebay link that dbrown posted here a couple days ago for a salvaged 00 RS. Looks like a good deal. I would also have to pay sales tax and registration tho...

The other problem with this car is, its a manual. I have never, ever driven a manual. The thought of buying a manual with no previous experience kinda freaks me out.

Do you think it would be worth trading for? Any idea about how much I might have left over from the WRX sale to put down on it?

If I didn't get this RS, and had to pay more for one...say $18k...would it be worth my while then?

Would I even be able to get a loan, considering that we have very little income right now?

I'm sorry if I sound kind of stupid, but I haven't mentioned this to anyone I can talk to in real life about it yet, and I don't want to unless I decide I'm serious about it. I'm terrible with this kind of stuff and I'd appreciate any help or suggestions. Thanks!
* Registered users of the site do not see these ads.
Mazoku is offline   Reply With Quote
Old 10-28-2001, 04:15 AM   #2
8Complex

Moderator
 
Member#: 922
Join Date: Feb 2000
Chapter/Region: MWSOC
Location: Schaumburg, IL
Vehicle:
04 FXT
Red

Default

I don't know if I'd ever even buy a salvaged car unless I was planning on rebuilding it myself for my own use.

I honestly have no idea what it is worth, so I can't say trading it in will be the right idea. Of course, at the same time I can't say the opposite either.

All I can say is good luck to getting a new job soon. Remember, getting creative with resumes' isn't a crime as long as they can't prove it and you can live up to what you state. It also makes it MUCH easier to get a job sometimes as well.
8Complex is offline   Reply With Quote
Old 10-28-2001, 04:44 AM   #3
Streetman
Scooby Specialist
 
Member#: 8243
Join Date: Jul 2001
Chapter/Region: MWSOC
Location: Saint Petersburg, FL
Vehicle:
97 Brighton 2.5!
the REAL red

Default

Many questions, where do I start? First, I'll let you know I am a personal financial analyst, and have been looking at used RS's for about 3 months now. I also know the used vehicle market very well from buying and selling vehicles on my own, and friends who have lots around town.

First off, forget about that RS with the salvage title. I've seen two 2000's go for under $14,000 with clean titles. Salvage title vehicles have a serious stigma, and you need to buy CHEAP. Notice, no one has bid on that RS. Don't worry about the manual thing, you'll pick it up in less than a day. It's simple.

OK, as far as your WRX goes, no, you won't get $23.5k for it. Again, look at EBay. WRX's aren't bringing that much, as they are about that much brand new. I know that you had other expenses, but people never think about that until they're signing the papers to buy the car. I'd think you'd be able to get right about what you owe on the car. Here, this one looks pretty close to what you have: http://cgi.ebay.com/ebaymotors/aw-cg...item=596967976

I can tell you no one is getting 18K for a used RS, unless it has a turbo. I emailed TONS of people one night that had sold their RS's in the last three months. Most were around 15K. You'd think people are getting more by what they're asking but that's just not the case. Hell, 18K is invoice on a 2002. Why would I buy one used, and older for the same price?

So you might be able to sell yours for about $20K, and let's say you can get a new loan for $15K. That's going to save you about $100 a month. And that's if you can get a loan. And sell the car...and find a new one...and we didn't think about TT&L...blah, blah, blah, blah.

I'd say hang in there. You'll get another job, sometime, and everything will be smooth again.

I just spent the last 10 minutes typing some other crap, and accidentally deleted it. I'm not to happy with myself right now. Oh well, if you have any other questions about your finances, I should be able to help. If you have any other questions, just ask, or email them to me.
Streetman is offline   Reply With Quote
Old 10-28-2001, 07:16 AM   #4
rao
Scooby Specialist
 
Member#: 52
Join Date: Jun 1999
Location: Naperville, IL
Vehicle:
2005 Legacy GT
98 BMW 540i LS2/T56

Default

Unfortinately, your car isn't worth much more than what you owe, so that leaves you with little equity in it. If you still need a car to drive than you are in a tough spot.

As the others have said - stay away from a slavage titled car, not only will you have some problems with it, but insuring it will cost a lot.

The only thing you can do to really save money is to get a substantially cheaper car - I am sorry there is not an easier answer

Good luck.

BTW - I think I saw your car last night (yes I was out after dark ) parked on the street in the Historic District near the train station.
rao is offline   Reply With Quote
Old 10-28-2001, 12:30 PM   #5
HndaTch627
Scooby Guru
 
Member#: 6551
Join Date: May 2001
Chapter/Region: MWSOC
Location: Carol Stream, IL
Vehicle:
'01 GC8 Dinged STM
'09 Concours 14 ABS Black

Default

NEVER buy a slavaged or flood titled car. UNLESS you plan on gutting it and using it for Racing purposes only. You will not only have nothing but reliability problems, bu thte car is worth NOTHING at all. If you were to ever get ina accident where the vehicle was damaged beyond repair you'd be VERY hardpressed to get your money for it. Sorry to hear you still haven't found a job tracy.

Jeremy
HndaTch627 is offline   Reply With Quote
Old 10-28-2001, 01:06 PM   #6
blkwag
Scooby Specialist
 
Member#: 4838
Join Date: Mar 2001
Location: Windy City Chicago
Vehicle:
2002 WRX Wagon
Black in Recovery...

Default

I agree with Jeremy and say you shouldn't buy a salvaged car unless you plan on racing it only. It will never retain the same kind of value as a regular titled car and you'll have a hard time selling it again.

This Job-Loss pattern is nothing new in the Subaru community. I know at least half dozen people that lost their jobs right after buying a Subaru. Myself, Dan, Jeremy(c), and a few others. I would say just hang in there and maybe eat mac n cheese for awhile and tighten up your other expenses until you can get back on your feet.

You can always knock out dinner costs by going to clubs that offer free buffets early in the evening.
blkwag is offline   Reply With Quote
Old 10-28-2001, 10:22 PM   #7
Mazoku
Scooby Newbie
 
Member#: 6261
Join Date: May 2001
Location: Naperville, IL
Default

Thanks everyone for your advice. Guess I'll hang in there. This sucks.

I'm starting working at a retail store tomorrow, but I'll barely be making more than unemployment. I've worked there before tho, its totally easy and laid back. I'll probably be on the forums more as a result. Only problem is the parking sucks, I dunno where I should park to avoid dings.
Mazoku is offline   Reply With Quote
Old 10-29-2001, 02:57 PM   #8
yuns555
Scooby Specialist
 
Member#: 10978
Join Date: Oct 2001
Chapter/Region: MWSOC
Location: chicago
Vehicle:
04 yunos
resale red

Default

mazoku, let me know what you're going to do. i have a silver 2000 rs sedan that i want to trade in for a wrx sometime in the future.......unfortunately my job is not exactly secure either> part of the corporate game. but, i'm willing to take that chance. hehe. i live in chicago but travel to naperville often. let me know.
yuns555 is offline   Reply With Quote
Old 10-29-2001, 04:30 PM   #9
yuns555
Scooby Specialist
 
Member#: 10978
Join Date: Oct 2001
Chapter/Region: MWSOC
Location: chicago
Vehicle:
04 yunos
resale red

Default

damn! i noticed that you have an automatic.....thats a no can do for me. sorry, i should have read it more throughly. anyway, good luck.
yuns555 is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Scanning codes w/laptop...PLEASE give me some advice :( kaisersouse General Community 4 01-25-2006 07:44 PM
Sumitomo HTR+ vs. Yokohama ES100 - Please give me some advice. snvin Tri-State Area Forum 23 05-08-2005 11:55 AM
I KNOW there are some Evo people in t3h OT... Can you give me some advice? snvin Off-Topic 30 10-05-2004 08:59 AM
STi 1/4 times. Pros, please give me some advice where i could improve. ksikyat2000 Proven Power Bragging 18 04-03-2004 10:30 PM
please give me your advice overboostwrx Newbies & FAQs 10 04-09-2002 01:33 AM


All times are GMT -4. The time now is 05:53 PM.


Powered by vBulletin® Version 3.7.0
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Powered by Searchlight © 2014 Axivo Inc.
Copyright ©1999 - 2014, North American Subaru Impreza Owners Club, Inc.