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Hey guys, what's the lesser of two evils here? I have a lease right now that is affordable for me (around $200 a month) and I've put very little miles on it. However, I really don't like the "renting" aspect of it, I don't like driving the car very much, and I think I'd rather buy a new car. Dealerships right now are willing to buy out my lease entirely and give me 1% financing on a new vehicle with $0 down, but I'd end up paying $100 a month more in payments (which I can afford just fine) for a 72 month term. Over the term I'm only paying ~$1100 in interest, so despite the long term, that isn't really bad right? (I am under the impression that the reason 60-72 month loans are so bad is because they eat you alive in interest). I would like a new car for the warranty/maintenance reasons and I would try to keep it for 10+ years. That should be easy because I only put about 8k on a car yearly. Is there something foolish about this that I am going to be regretting?
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May 12, 2012 18:19
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| # ¿ Apr 29, 2024 01:55 |
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Don Lapre posted:How much is the car, not the payments. Exactly. I made sure to haggle quotes from multiple dealers to see who could give me the lowest "cash price" on the vehicle. I also made sure to calculate the total amount of interest paid on the loan for the length of the term. The payments are going to be relatively low because the interest rates being offered right now are ridiculous. It can be cheaper (monthly) to buy a new car than a 3 year old car- but obviously that makes it easy to lose sight of the total cost of the purchase. In the end, I'm still not sure what I'm going to do except be tired of paying for a lease that I don't actually like. First world problems.
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May 13, 2012 01:47
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