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WAY too many assumptions..... you Assume you will actually get $15k from your Outback, which is top-end, ultra low miles, top spec pricing.... looks like $12~13k is more realistic if Very Good condition and miles on the lower end of the scale are assumed.
I have a 2015 Outback 6-cylinder with the top trim level, all the options, and 48,000 miles. It might be worth $20K. Maybe a bit more since the 7/100k warranty is transferrable. I don't see how you could get $15K for a previous generation 4-cylinder Premium trim level unless it's really low miles and cosmetically perfect.
Thank you, everyone, for your advice! And I didn't really consider plugging that money into paying down my home mortgage principal.. something to consider as well!
Definitely consider, Ecsdude . . .
You will be amazed how quickly you will become MORTGAGE FREE.
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,254 posts, read 2,739,837 times
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Quote:
Originally Posted by Bummer
How about keeping your Outback and adding that $336 to your mortgage payment each month, Ecsdude?
You would be amazed at how that relatively small amount (about $10 a day) would reduce the term of your loan (many programs online to help calculate the actual savings).
Example . . . on a 30 year mortgage, one extra monthly payment per year will reduce the term to about 21 years.
There is nothing more comforting than the NO MORTGAGE FUZZY FEELING.
Location: San Ramon, Seattle, Anchorage, Reykjavik
2,254 posts, read 2,739,837 times
Reputation: 3203
Quote:
Originally Posted by GeoffD
I have a 2015 Outback 6-cylinder with the top trim level, all the options, and 48,000 miles. It might be worth $20K. Maybe a bit more since the 7/100k warranty is transferrable. I don't see how you could get $15K for a previous generation 4-cylinder Premium trim level unless it's really low miles and cosmetically perfect.
Because Outbacks command a high price in the resale market. I've seen MY2010 with high miles fetch $10-12k all day every day. People want used Outbacks.
It doesn't make any sense to sell a car that is paid off, known mechanical history, in favor of taking out a new loan for another car, used car, and then be in debt again.
Just use the former car payment and put that in a money market account each month. Anything extra you get throughout the year, tax returns, christmas bonus, etc... throw it toward the fund. You'll soon have a fully funded emergency fund AND still have a reliable paid off vehicle. Then, if you still wanted a Prius, you could start putting a monthly payment into a vehicle fund for awhile, sell the Outback, and probably have enough money to purchase one in full with no debt.
[quote=ecsdude;52379228]Just paid off my 2013 Subaru Outback Premium and it feels good! Bought it for ~$25K out the door, all inclusive. Looks like it's selling for just shy of $15K in private market, in good condition.
I'm deciding whether I should sell it or not.. the reasons are:
TDLR;
You paid it off, congrats are certainly in order. Now keep the car, and do preventive maintenance on it and the car could last you 15-20 years. Don't be a sucker and buy another car every few years because you see so many TV ads. Total waste of money.
Save the money and invest it for long-term growth. Do an automatic debt from your checking account to an investment account. Then you don't even have to think about it.
Just paid off my 2013 Subaru Outback Premium and it feels good! Bought it for ~$25K out the door, all inclusive. Looks like it's selling for just shy of $15K in private market, in good condition.
I'm deciding whether I should sell it or not.. the reasons are:
TDLR;
You paid it off, congrats are certainly in order. Now keep the car, and do preventive maintenance on it and the car could last you 15-20 years. Don't be a sucker and buy another car every few years because you see so many TV ads. Total waste of money.
Save the money and invest it for long-term growth. Do an automatic debt from your checking account to an investment account. Then you don't even have to think about it.
While I do get the itch to buy a brand spanking new car from time to time.. I eventually come down to earth and realize it's just not worth it... the reason for my wanting to sell the Subaru and buy another car in its place, in this case, isn't about wanting something new and shiny.. it is really about looking to see if i'd be better off with a boost in building my rainy day fund...
You will be amazed how quickly you will become MORTGAGE FREE.
Would it only make sense if I (a) intend to keep the property forever and live in it thru retirement - or something along those lines, or (b) intend to rent out the property at some point and move and buy a second property elsewhere to enjoy retirement.
If I found myself wanting or having to sell at some point, because I had to move and couldn't afford to keep the property AND buy another in the new location, then aggressively paying down the current mortgage in that case might not make as much sense, right?
Do you have any other debt? Being debt free you can sleep nights. You can also save and buy only when you need to buy. If a bill comes in I pay it that day. Some bills, like cable, I pay by the year just so I do not have to see a monthly bill. All of this makes life so much easier and saves the pain of ulcers.
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