I have about 9K in positive equity in my current vehicle so I’m debating a used 2020 with 43K miles for $39,500 or buying/leasing a new one. If I lease that 9K is gone in 3 years if I put it all down. I could put some down and save the rest. If I buy new, even if I put all 9K into it plus some more cash I’m still left with a big car note. Thoughts? Trying to be smart here, but definitely want to unload our current vehicle as we’re concerned about reliability (2018 Durango GT that has been giving us some issues.) Thanks!
Think about you annual mileage, 3 year lookout financially, vehicle-wise and vacations.
I thought I would never lease or have a car payment. Being a wrench I thought I would buy used forever. I'm a healthy 54, I ride a Harley most of the summer and just bought a house. I needed a truck and decided to lease when we spent a pretty buck on a unplanned metal roof. This set me back $300/month so I decided to lease. I got a beautiful green Warlock for $45k at $380 Month $4000 down. 10,000/year. I also did a lease because I was thinking at the time that I want a Gladiator manual (wasn't available due to COVID shortages).
As much as I don't want a payment, I have peace of mind that I can load up the trailer and go camping anywhere without a worry of breakdown. I also stared off jobs and landscaping so again, peace of mind. I only put 8500 a year on it and I think this will work out great as a keeper because :
-I ride the motorcycle in the Summer so mileage even after paying the balloon will be low.
-We rent big sedans for long non-camping trips
-I need a big truck
-Peace of mind overrides the payment worry
-Fun odd jobs pay for the truck
Just consider everything. Lease, buy , keep the oldie, bus, uber/Lyft are all options but the best choice follows the most thought out plan.