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Old 04-05-2016, 09:22 PM   #1
quinones28
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Default what should i do with my car (to sell or buy back)

Hello Nasioc, well i am currently in a dilemma, i found out that i am going to be a father, the baby is due in August. i am financing a 12 wrx that has 33xxx miles, i still owe about 20ish thousand on it. Now here's the catch, the car is considered a lemon, it had be bought back from an owner 3 years ago 3 times because of a blown motor (ringland failure), the car was put through auction where the dealership i bought it from bought it (Bill Kolb Jr in NY). They offered me 18k to buy it back which is fine i guess but i really do not want to give the car back to them just for them to turn around and sell it for 22-24k to someone. What would be the best option for me? sell it privately to someone who's willing to "take a risk" of buying a lemon car that is still being financed or give it back to the dealership. there is absolutely nothing wrong with the car, the chassis has 33xxx and the motor is about 10k now which isn't bad. i believe i can supply documentation to support that. In the end i just want to buy an older wrx/sti straight out and not finance something. Thank you
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Old 04-05-2016, 09:38 PM   #2
Jack
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If the car runs well, keep it.

If you really want to get rid of it, put it up for sale.
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Old 04-05-2016, 10:14 PM   #3
quinones28
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so if i were to sell, i could just transfer payments over or sell it straight out?
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Old 04-05-2016, 10:42 PM   #4
aerosaaber
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you can't transfer payments. someone give you $ to cover your loan then the bank gives you the title to give to the buyer.

Did you not know it was a lemon buyback car when you bought it?
I thought that had to be disclosed before purchase?

An older wrx/sti is not necessarily a more reliable vehicle.
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Old 04-06-2016, 04:59 AM   #5
dizzy1127
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the best thing to do to avoid headache and future problems, if you have what you think is a reliable car, is to keep it.
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Old 04-06-2016, 05:37 AM   #6
Daniel Dudley
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Around here, decent reliable transportation starts at about 3,000 $. Only you know if you can afford the payments on your WRX. If you have to sell, there will be plenty more fun cars in your future. If you list it and it sells, fine. If not, let them buy it back. What have you got to lose by trying ?

Last edited by Daniel Dudley; 04-06-2016 at 06:04 AM.
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Old 04-06-2016, 07:00 AM   #7
rtv900
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Quote:
Originally Posted by quinones28 View Post
so if i were to sell, i could just transfer payments over or sell it straight out?
transfer payments?

sorry but nobody is going to give a crap what you 'owe' on it unless you get your grandma to do you a favor and cover your loan.
You can only sell it for what it's worth.
And unfortunately cars depreciate every second they exist whether they are driven or not, so if it's worth less you have to come up with the balance or the bank will NOT release the title, making it a deal breaker for the buyer.

if you sell it won't you just need another car? and presumably another loan? So won't you kind of be right back where you started?

Who cares if it's classified as a lemon if you know it is now a sound vehicle. Drive it until it is a decade old and has 6 figure mileage so it won't matter.
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Old 04-06-2016, 07:19 AM   #8
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i think I'd try to get away from that situation, even if it meant taking the small loss: owing $20k on a 4 year old lemon on its second motor??
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Old 04-06-2016, 07:37 AM   #9
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You can pick up a 2012 Mazda 3 for $10k. It would be 100,000% more reliable than any Subaru ever made.
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Old 04-06-2016, 07:53 AM   #10
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Quote:
Originally Posted by quinones28 View Post
Hello Nasioc, well i am currently in a dilemma, i found out that i am going to be a father, the baby is due in August. i am financing a 12 wrx that has 33xxx miles, i still owe about 20ish thousand on it. Now here's the catch, the car is considered a lemon, it had be bought back from an owner 3 years ago 3 times because of a blown motor (ringland failure), the car was put through auction where the dealership i bought it from bought it (Bill Kolb Jr in NY). They offered me 18k to buy it back which is fine i guess but i really do not want to give the car back to them just for them to turn around and sell it for 22-24k to someone. What would be the best option for me? sell it privately to someone who's willing to "take a risk" of buying a lemon car that is still being financed or give it back to the dealership. there is absolutely nothing wrong with the car, the chassis has 33xxx and the motor is about 10k now which isn't bad. i believe i can supply documentation to support that. In the end i just want to buy an older wrx/sti straight out and not finance something. Thank you
I'd go for this if you are worried about it.
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Old 04-06-2016, 09:04 AM   #11
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Is the title clear or is it rebuilt/salvage? That makes a huge difference on resale value. I find it hard to believe a 2012 relatively low mileage WRX has a salvage title just for an engine rebuild. If it is a salvage/rebuilt title that is probably an indication that there something else very bad happened to the car and it will significantly lower resale value.

If the title is clear and it just has a rebuilt motor, you should 100% try and sell it yourself. Does the rebuilt motor still have a warranty? WRX's have very good resale value and you might be able to break even by selling it yourself vs trading it in. Dealers typically are looking for at least $4K+ in profit on a trade-in.

Also is this a base model, limited, premium? You should also do some research on what it takes to sell a car privately in your state so you understand the process. People do this all the time, it is not rocket science, but you also don't want to get scammed.
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Old 04-06-2016, 09:31 AM   #12
quinones28
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Quote:
Originally Posted by rtv900 View Post
transfer payments?



sorry but nobody is going to give a crap what you 'owe' on it unless you get your grandma to do you a favor and cover your loan.

You can only sell it for what it's worth.

And unfortunately cars depreciate every second they exist whether they are driven or not, so if it's worth less you have to come up with the balance or the bank will NOT release the title, making it a deal breaker for the buyer.



if you sell it won't you just need another car? and presumably another loan? So won't you kind of be right back where you started?



Who cares if it's classified as a lemon if you know it is now a sound vehicle. Drive it until it is a decade old and has 6 figure mileage so it won't matter.

That's true, and I never said I had a problem paying the difference of the loan if I were to transfer payments or someone were to buy it for what it's worth. The main reason I want to get this car off my hands is because for what I'm paying for it I could have a car much nicer/newer as in luxury or something. My insurance raped me this year and bumped it up to 450 just because I got a few tickets because of no front plate, I make a good living, only so much of it has to do with affording it, the other part is actually paying for something that is worth the price I'm paying each month
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Old 04-06-2016, 09:34 AM   #13
quinones28
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Quote:
Originally Posted by thill View Post
Is the title clear or is it rebuilt/salvage? That makes a huge difference on resale value. I find it hard to believe a 2012 relatively low mileage WRX has a salvage title just for an engine rebuild. If it is a salvage/rebuilt title that is probably an indication that there something else very bad happened to the car and it will significantly lower resale value.

If the title is clear and it just has a rebuilt motor, you should 100% try and sell it yourself. Does the rebuilt motor still have a warranty? WRX's have very good resale value and you might be able to break even by selling it yourself vs trading it in. Dealers typically are looking for at least $4K+ in profit on a trade-in.

Also is this a base model, limited, premium? You should also do some research on what it takes to sell a car privately in your state so you understand the process. People do this all the time, it is not rocket science, but you also don't want to get scammed.

Clean title, just marked as a lemon buy back from my understanding. And thank you for your advice, I think that's the route I'm going to take
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Old 04-06-2016, 09:40 AM   #14
koogs
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Quote:
Originally Posted by quinones28 View Post
Hello Nasioc, well i am currently in a dilemma, i found out that i am going to be a father, the baby is due in August. i am financing a 12 wrx that has 33xxx miles, i still owe about 20ish thousand on it. Now here's the catch, the car is considered a lemon, it had be bought back from an owner 3 years ago 3 times because of a blown motor (ringland failure), the car was put through auction where the dealership i bought it from bought it (Bill Kolb Jr in NY). They offered me 18k to buy it back which is fine i guess but i really do not want to give the car back to them just for them to turn around and sell it for 22-24k to someone. What would be the best option for me? sell it privately to someone who's willing to "take a risk" of buying a lemon car that is still being financed or give it back to the dealership. there is absolutely nothing wrong with the car, the chassis has 33xxx and the motor is about 10k now which isn't bad. i believe i can supply documentation to support that. In the end i just want to buy an older wrx/sti straight out and not finance something. Thank you
Let me see if I got this right, it isn't super clear in your long paragraph.

- Someone else bought this WRX new and lemoned it back to the manufacturer due to motor issues.
-you purchased it used.
-you did or did not know about the lemoned status, hard to tell from your post.
-you're having buyers remorse/reevaluating/wife telling you to dump the loan or something
- you got a TRADE IN OFFER from the dealer of $18K.
- based upon the fact pattern it sounds like you have a TRADE IN OFFER not a lemon buy back

You're basically asking whether we think you can sell it privately for more than 18K?

is there branding on the title? if not, I think you should trad it in to another dealer for a better price.

I think it is best if you sell privately to disclose appropriately. I don't think you're going to get much better than say $18-20K.
I think its foolish to sell this and buy a cheaper WRX. Cheaper WRXs aren't really that much cheaper, you're just paying for them in a different way. lower purchase price and generally a whole lot of deferred maintenance you pay for out of pocket.

I like the idea of trading it in for a used Mazda 3 if you can really get them at 10-12K.
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Old 04-06-2016, 10:09 AM   #15
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Insurance goes up due to tickets for no front plate? Sucks, but kind of your choice if you just hated the look of a front plate.

I'm in NY. I have a front plate, so do all the other cars I see, except those that want to give the police officers a reason to pull them over.

Unless it fell off and you didn't notice. I'll double check mine to make sure it is secure.
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Old 04-06-2016, 10:57 AM   #16
ciscoidiot
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OP - What exactly are you trying to do here? You're not very clear in what your motive is. You mention buying an older WRX/STI then later on mention buying something nicer/newer for that money. Also, this bit about you being a new father, is it mentioned because the financial concern?

If you can swing the payments, keep it. If you don't like the WRX trade it in for something else? If you think you can sell it privately for more, do that?
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Old 04-06-2016, 01:28 PM   #17
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Quote:
Originally Posted by Jack View Post
You can pick up a 2012 Mazda 3 for $10k. It would be 100,000% more reliable than any Subaru ever made.
More like 5%

http://www.consumerreports.org/cars/...r-reliability/
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Old 04-08-2016, 12:14 PM   #18
sfranger36
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You will generally get more selling private party if you can negotiate well but will take longer to find a buyer. I recently did the same thing, sold my 2015 WRX and bought a 2003 WRX to save money while still having a car I enjoy driving. Be prepared for maintenance costs though, older WRXs generally have a lot of skipped maintenance you'll need to take care of.
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Old 04-08-2016, 01:23 PM   #19
intence01
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If you're not trading it in on a more expensive car, then selling privately seems like a great idea. You can always list it, and see what kind of response you get. Worst case you could see what you'd get from CarMax or something similar so you have a baseline on the least you could get.

I'd be careful buying an older performance car. Nothing wrong with it, but it's harder making sure that a car was treated well for 10+ years, so more homework on your end. With a new baby on the way, you probably also want something reasonably reliable and safe. Not saying don't do it, just saying that it will take longer to find something with clean history, treated well, etc.
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Old 04-08-2016, 02:04 PM   #20
mishapopa
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Originally Posted by sfranger36 View Post
You will generally get more selling private party if you can negotiate well but will take longer to find a buyer. I recently did the same thing, sold my 2015 WRX and bought a 2003 WRX to save money while still having a car I enjoy driving. Be prepared for maintenance costs though, older WRXs generally have a lot of skipped maintenance you'll need to take care of.
I would love to do this but I don't want to go through the hassle of selling it privately and giving people private manual transmission lessons on a car they may not buy. I decided to just keep it. It's good on gas and that enough justifies it to be a comfortable daily commuter.
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Old 04-08-2016, 02:21 PM   #21
godfather2112
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Do you really only have tickets on your record for no front license plate? I find that hard to believe as its usually a non moving violation which doesn't go towards points or insurance. Either you have moving violations, prior history of no insurance, really really young, an accident or something for your insurance to be $450, or your insurance company is raping you and you don't care.

I personally don't understand why you bough a lemon buy back but that's not my business. The longer you keep the car, the less it's going to be worth and more than likely harder to sell. If a dealership is offering you $18k, I'd dump it and move on. What does it matter what they sell it for? They are a business who's purpose is to generate profits. It's pretty basic understanding that a dealer will offer you less than what you could possibly get private party and then mark it up. It's not a deceitful practice.
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Old 04-08-2016, 02:49 PM   #22
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That's a great list if you actually believe Audi makes incredibly reliable vehicles across the board.
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