I am thinkin about selling my xB. I just recently got it, but I guess its not what I thought it was going to be, I kinda wanna get a car with no car payment. I can afford the xB, but it was nice having the extra $300/mo. Its a 2006 BSP 5-Speed with less than 2500mi on it. Stock exept for smoked tails, yakima fairing, and window visors. Factory options are Cruise, Center Console, and Yakima Rack.

Also, whats the process of selling a car with a lean on the title??

Thanks fellas!

 

Well here in the Atlanta market the used ones are selling at (asking prices) almost as much as the new ones. I doubt in practice whether they actually get that much for them. Most new cars as soon as you drive them off the lot you take at least a %10 hit on the value if you try to resell right away. Realistically since the first generation xB is now discontinued and the current stock of them is diminishing, I would expect the value to be pretty stable and relatively high. High until the new version comes out in a few months, then the value for a low miles clean one will be high for someone who really wants the old body style only. The problem I have with buying a used car for within a couple thousand of the cost of a new one ( and I don't think I am alone) is that why buy used when for just a little bit more (and lower finance rates) I could buy brand new. A very new car for sale is always suspect too, you might be trying to get rid of a lemon (not saying you are, but the possibility is there in the buyers mind). With most cars if you finance the whole value and finance for 5 years, you will be upside down till the end of year 3. (meaning that the resale value and the amount you owe will be about equal after you have made 3 full years of payments) The xB has been doing better than average so maybe only 2 years or so till this point?? (you never know tho, they say in the business "There is an a$$ for every seat", and indeed you may find someone who really wants a BSP xB and can't find a new one that will pay near new retail price for yours...that person is just hard to find)


As far as selling the car when it has a lean on it, that is simple. You must pay off the lean in order for the paperwork to transfer. So, between what you get from the sale and what you put in from your pocket the current loan has to be paid off. (pay off is not the same as the total amount of your contract of course. It is only the amount of principal owed on the date that you pay it off.) Once that is done the lender will release the title (to you if you paid it off directly, or perhaps to the new lender financing it for the new buyer.)

If you put a big chunk of change down when you bought it, you may be able to sell it and come out even at this point, perhaps losing some or all of your downpayment. If you didn't put much down on it then chances are you will end up having to kick some money in to settle the lean (again unless you find that just the right buyer that will pay more than average market for you car). A good rule of thumb when buying and financing a car is to put down about 20% or more. That way if something happens and you must sell, or it gets totaled, you can almost always sell it or walk away (after insurance settlement) and not have to put out additional funds to do so (of course that %20 down is gone). It really sucks for people who go buy a new car and afew weeks later it gets totaled. The insurance pays off the used resale value (normally a lot less than the purchase price) and the financing bank demands the difference from the owner (they may allow you to continue to make payments). Really sucks to make payments on a car you don't even have. Another thing to watch out for is that if you trade such a new car (if you can find someone to trade it at all) the dealer usually is going to make his money anyway. So even if the numbers seem to work you can be sure that somehow he is getting enough from the deal to pay off your car and still make a couple dollars on the one he is selling you and off yours when he resells it. They may get this profit from high interest rates on a new loan or by selling you a $5,000 car for $ 8,000 so they can make the extra $3,000 above what your trade is worth in order to pay off your note (numbers ar an example only).

My advise is try to sell it yourself directly to a private buyer (always sell at or near the payoff of your note) and keep it until that happens. Financially this is likely the best alternative. The equation gets better and better as the car ages and you keep paying down the note (the equation as far as how much money you may lose selling it).

 

By the way I just went to Edmunds.com they are a vehicle pricing service. They say that 2006 xB is retail valued at 12,000-13,500.

 

ill buy ur box for $1,000

 

Thanks. Yea, ive look at KBB, Nada, etc, and seen the value, but thats not always the street value. I know this from the Honda scene. Ive owned a few Civics, and they almost always go for more than blue/black book. And from what i've seen on the forums and auto trader, etc, it seem to be the same for the xB.

I actually wont be selling, if I do at all, for another year at least, so it will probably have 3000mi on it then, as I am deploying to Iraq in a couple weeks, and my wife rarely drives (only to the store a couple blocks away). So the miles will be low. I only put $2,000 down on the car, cost I believe about $15,500, so not quite 20%. The year i'm gone, and have 6% interest rate will help though. I'm getting gouged at ~16% now due to lack of credit history. And when I come back stateside, I will probably have a decent enough credit score to lower the payment.

I'm really stuck between a rock and a hard place. I love my xB, and i've wanted one since they first came out, but the MPG isn't nearly as good as many of the other 4cyls on the market, and right now my monthly payment is too high.

Enough blabbing. Thank you very much for that long, and very informative post, much appreciated!

 

This one??

 

 

The MPGs are right in the ball park with other 4 cyls. What you talkin bout Willis???

 

I put $2000 down on my xb and it the total was $15,550. I pay $253 a month and I got approved on a 4.49% loan. FREAKIN AWESOME!!! i was worried it might be like 300 a month, but when the dealer said 250, I was like whoa! I'll take it! yeah, i love my boxcar.

 

I get 21-22mph in the box. My Hondas always got 35-40.

 

Hmmm that is very low. With stock diameter tires My 2006 xB was getting 28+ MPG driven normally in traffic. Now with lowering, oversize wider 18" wheels and tires (oversize diameter will show less miles per revolution therefore less mileage), and a lot of weight in stereo equipment and air ride components, I still get over 25 MPG in city traffic. If you xB is stock and truely gives only 21-22 MPG then something is wrong unless you are a lead foot ( and I mean racing off every stop). I would take it to the dealer and complain maybe something is amiss.

 

Hmm, I guess i'll have to do that. And i'm not really a lead foot, not in the slow ___ box atleast. Its rarely seen over 3000rpms.

 

You might see about joining a Credit Union (and there are many catering to servicemen) right away and trying to re-finance it. Most CUs don't even charge any kind of fee to do so, and you'll most likely drop several percentage points on the loan to make things a bit more affordable for the next year while you're deployed.