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Chronic Car Buyers Anonymous (Archived)
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My guess for next year is 33.
We have some cars in the garage with some amount of miles on them... I guess.. ;-)
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not me, but someone in my neighborhood seems to have taken advantage of the last day of the year to snag new wheels. People across the street have a new Rogue in the driveway (the outgoing style). It seems to have replaced their aging and craptastic Jeep Liberty. It is actually for their son (1st year of med school now) who was driving the jeep, until it became problematic so they swapped the mothers Lexus RX for it. I assume she gets that back now!
Black. Looks nice enough, and I assume they got it really cheap.
2020 Acura RDX tech SH-AWD, 2023 Maverick hybrid Lariat luxury package.
Happy New Year folks. My guess for 2014 is 30 vehicles, a bit high I know, but think more people will step up to the plate, us included if things go according to my plan. She did call me in a tizzy yesterday about something hanging down from the bottom but turned out to be a stray branch. But she was rattled to say the least and if something really does go wrong, she has no idea what she wants, really. Hate to just go buy the first thing either without doing my usual homework.
Love the power of the 2.4 in the Tuscon...it's the most powerful vehicle I've owned to date and last night on 95, got it up to 88 passing some guy and it did it easily, a brisk burst of power that felt very cool! Love this vehicle right now and am trying to not think about the mpg's until after I hit about 7k. Plan to stay at my kids house about 15 minutes from work a few nights a week going forward to save time and fuel costs as it makes no sense to drive home. Yesterday they called at 7:02 and said to be there by 8 which is physically impossible. Took a shower, made a lunch and ate breakfast and was out the door by 7:30 and even took the turnpike and got there by 8:10 but I did speed a bit. Taking 95 would've added about 15 minutes to my commute but does save $ on tolls. That's why staying in West Palm makes sense. I also applied to another Hertz position there earlier today.
My old boss said some stupid things to my new one but he basically blew him off, but I now realize I didn't get that other Hertz job because of the old boss so I changed my resume this morning and took that job off totally...I will explain if I get called for an interview. My new bosses both said they are happy with my work as I am doing a good job as always...and that old boss trained me so for him to bad mouth me just makes him look foolish!
The Sandman
2023 Hyundai Kona Limited AWD (wife) / 2025 VW GTI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
You are right, the other store wanted the black SE that I test drove so they carted that one across town in the dealer trade. Even though I thought I wanted the charcoal one, after seeing one this weekend at another Hyundai store, I'm happy I ended up with the silver over black cladding...seems that we both prefer silver now even though we both start out wanting charcoal. All I need now is to add those side door protectors that go down the length of the doors but can't seem to locate any...Hyundai doesn't carry them so might go over to the Kia store since the Sportage is a similar vehicle.
The Sandman
2023 Hyundai Kona Limited AWD (wife) / 2025 VW GTI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
Congrats Laurasdada on the XF!
I once again spent much of yesterday test driving - my new kick being family sedans, which seems to be the cheapest way to get roominess we'd like.
Mazda6 - drove both a manual and auto Touring model. Having previously owned the CX-9 and Miata, I want to like the 6, but I find myself preferring the Accord and Passat. The Mazda does drive nicely, but it seems a bit less refined than the other two, and most of all, it's more money and less space. The rear seat is larger than the previous versions, but still a bit tighter than the Honda and VW.
Also drove some Passats again. I still really like the new 1.8t Wolfsburg model - the dealership I was at has them advertised on their website for $21k. But since I'd still rather buy used, I tried a used 2.5l model. I didn't like it at first - that engine is somewhat course upon acceleration - but after a while driving it, it sort of grew on me. It actually has a nice exhaust note. I'd still prefer the 1.8t, but knowing I also like the 2.5l opens up a lot of used options. Question will be whether it's worth the savings since they seem to be dealing on the new ones so aggressively.
Happy New Year! Spent the morning taking down all our x-mas decorations - back to "normal" now!
2024 Audi Q8 e-tron - 2017 911 C4S - 2025 BRZ - 2023 A6 Allroad - 2024 Genesis GV60 - 2019 Cayman
Thanks, all. Not sure I"ve figured out how to "reply" to posts in these new forums yet, so generally, after picking up the XF this afternoon:
One difference I note between the XK and the XF is the XK interior was a bit older school in that it was all leather, burled walnut and chrome. British library and all that, British green lighting. The XF is "cooler" with "Bonded" leather (not as nice, not truly full leather as I understand it), the wide (real) aluminum strip across the entire dash with matted rosewood trim. Lighting is a phosphorescent blue, a nice change. I like 'em both, but prefer the leather of the XK. Granted, my XK was loaded with all the upgrades. The XF is, too, but I don't have the Portfolio Pack which would have given me the true gentleman's leather.
The XK had a fantastic 6 speed slushbox, nearly imperceptible shifts and usually in the right gear at the right time. The XF has an 8 speed, same smooth shifts but in regular mode seems to be tuned for MPG. Switch the rotary shifter to "S", however, and Woo Hoo! Of course, I won't be woo hooing for a bit longer, only 200 miles on the clock. The rising shifter and rotating vents are fun, I do have the option of just leaving the vents open. As long as I'm in warranty and the don't start bugging me, I'll enjoy the show when I push the pulsing red start button. Oh, yeah, both cars have steering mounted shift paddles (in a not expensive feeling plastic), so some more fun there. Much of the switchgear is the same, so instant familiarity. The infotainment touch screen is v2.0, not nearly as modern as Audi or BMW, but I did buy a car, not an XBox 360.
Bradd, I will miss the XK greatly. I saved 20 years to buy it (well, whatever midlife crisis car would fill that desire as I was saving) and, had life not thrown me a bit of a curve, I'd still have it. It is a wonderful GT, a real head turner and a great ride. Pace with grace. I'm hoping the XF, and its S/C V6 AWD goodness will allow me to set the haunting memories of the XK free...
'21 Dark Blue/Black Audi A7 PHEV (mine); '22 White/Beige BMW X3 (hers); '20 Estoril Blue/Oyster BMW M240xi 'Vert (Ours, read: hers in 'vert weather; mine during Nor'easters...)
'21 Dark Blue/Black Audi A7 PHEV (mine); '22 White/Beige BMW X3 (hers); '20 Estoril Blue/Oyster BMW M240xi 'Vert (Ours, read: hers in 'vert weather; mine during Nor'easters...)
The XK was only rear wheel drive right? You will find the AWD has more than enough 'go' when it is slippery..probably even on those apparent inferior tires. What you'll have to be careful with is cornering and braking. The AWD grip just cruising, has a propensity to raise your average impromptu cruising speeds, which gives a false sense of security. Actual grip gets revealed when you have to slow or corner.
Check with your insurance company. Many will offer a discount if you have 4 winter tires mounted. Just don't leave them on too late in the spring as they will perform poorly and wear quickly in the milder temps and drier roads.
Must've missed some posts here...when did you get a new Jag? Guess I did miss a bunch of posts, wish they had the dates like they used to! A bit confused really with all the changes in here.
My Tuscon is a real smooth driver but I keep it in "eco" the whole time...wonder what'll happen if I turn it off??? Something tells me it'll be more thirstier than it is now but will it be even smoother? Right now, I can't feel when it shifts, it's really the most powerful vehicle I've ever owned and pulls stronger than even the Civic after they cleaned out the fuel injectors...this Tuscon is downright fast!
The Sandman
2023 Hyundai Kona Limited AWD (wife) / 2025 VW GTI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
Hope everybody had a safe and joyful celebration last night. I delivered pizzas, brought one home for myself afterwards, and was in bed by 9:45. No fun getting old.
Congrats to laurasdada for the new Jag-yoo-ar. Corvette, what was the final 2013 punch tally, and who had the closest guess?
All is well here ... set up the first service appt for the E-GT in a couple of weeks. Have had no major problems in the first 3000 miles.
Happy New Year to all!
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2015 Subaru Outback 3.6R / 2024 Kia Sportage Hybrid SX Prestige
Ok, maybe this is how I reply...
Hi, Sandy. All your and Abacomike's talk of Boca has me going back in time to Tierra del Mar, A1A and Mizner Park...
I just traded my XK for an XF yesterday. The XF will allow me a bit more freedom to go where I wanna go, do what I wanna do... While life didn't force me to make the change, it has thrown me a bit of a curve that did make me consider the alternatives and put away one of my childish things.
'21 Dark Blue/Black Audi A7 PHEV (mine); '22 White/Beige BMW X3 (hers); '20 Estoril Blue/Oyster BMW M240xi 'Vert (Ours, read: hers in 'vert weather; mine during Nor'easters...)
Yes, the XK is RWD with 19" 275/35 tires out back. With the OEM Summer sneaks, an eight of an inch of snow made it useless. I put Conti Extreme Contact DWS tires on the XK, that would have made it ok in light snow, but I still wouldn't take it skiing. I bought an AWD to hopefully obviate the need for a set of snows. Lived in New England all my life, have driven (to Maine, New Hampster and Vermont) FWD with all-seasons and done well sans snows (until my Acura TL, FWD but needed snows). Appreciate the reminder that AWD won't defeat the laws of physics!
'21 Dark Blue/Black Audi A7 PHEV (mine); '22 White/Beige BMW X3 (hers); '20 Estoril Blue/Oyster BMW M240xi 'Vert (Ours, read: hers in 'vert weather; mine during Nor'easters...)
I won 'er all! The GLK, the Edmunds Lifetime Membership, the cute little blonde that jumped outta the cake...the whole kit and kaboodle..!!
(was under my old screen name tho...the one that wouldn't fit on the new site)
You bet :thumb up:
Ya, the 8 in the XK would have been pretty torquey. Mind you, the SC 6 will be too down low, but now ya got all four corners to help keep it under wraps.
New year, new random CCBA post BMW lease turn (possible) plan for the nyccarguy family. Once I took a look at our Pilot's (just over) 15,000 mile yearly total which includes a trip from CT to NC & back, it got me thinking. Maybe I should take the Pilot & I could lease something (TBD) for my wife to drive (15K per year).
Gearing up for a serious snow storm here in CT/NY!
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
One of the options I selected for my 2014 CLS 550 was the Tire Package Plus 1 which provides 19" AMG 5 spoke wheels and high performance tires (Continentals), sport steering wheel with flat bottom and black leather seating and dash/side panels with light gray accent stitching.
The reason I bring up the tires is that the fronts are a different size than the rears (wider). What I've noticed about these tires is that they are going to wear quite quickly because of their ultra soft rubber. I was told by my dealer's service manager that I probably shouldn't expect getting more than 16,000-18,000 miles of tread wear from them.
He suggested that I replace the tires with Michelin's longer tread wear tires when the time comes for new tires. I usually don't keep cars long enough for an oil change, let alone a replacement of tires. However, financially, it will be quite some time before I can muster up enough cash to buy a new car. I really sunk all my car savings money into this purchase.
As for the tires, now with 1000 miles on them, I can actually see some wear beginning already on all four wheels. I am not a fast driver, although I do like accelerating onto interstates, but other than that, I do not abuse my cars. So I'm hoping I won't have to replace these tires for 2 years - only time and wear will tell.
2024 Genesis G90 Super-Charger
Just got the title for the Tuscon today...yay! But left my license at the probate office of the county clerks office...got to the bank and they asked for i d and when I opened the wallet, damn!!! It's gone...but remembered where I left it so all is good now. But for that brief moment, I got that panicy feeling in the pit of my stomach as what a major pain in the butt it would be to lose that. Just have to remember when I give it out to someone. My fault really as I gave it to the one clerk for the probate file and turned it back in to another one...but if this is stop, he should've mentioned for me to hold on for my license. If I had to give it in exchange, everyone must have to so the staff should be trained to mention it to us public folk as obviously, we forget! They really need to change their system a bit but I do take the majority of the blame here though!
Found out why the bank wouldn't take my check, as it was for over $5k so i was confused. Manager said that since I wanted part to go into one account and part to another, proof of i d was required. Don't agree...but makes sense. Glad I found the manager as I really wanted to deposit that check...will just move what's owed me electronically in a couple of days. Wife reminded me to get a receipt for copies and parking and have the estate pay me back which is what I did...already wrote myself a check. Sure wish I had a good lawyer friend because I found something very odd and the co-executor who is a lawyer, might not be the best one to ask about it...but I will. I think there is a discrepancy that we need to attend to...I think I now understand why my old attorney said there's a potential issue here. This could get ugly I am afraid!
The Sandman
2023 Hyundai Kona Limited AWD (wife) / 2025 VW GTI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
'that panicy feeling'
I do know the feeling.
I have long been in the habit of whenever I must remove either my license or a credit card, I hold my wallet open in my hand until it is returned...
And - Happy New Year everyone !!!
Also called the old company and basically told them they had better rein in my old boss and tell him to stop talking about me or we're going to have an issue here! Explained the situation and the reason why I left and that I believe that his mouth cost me a job and said that ain't right. I never wanted to leave and want to still work there but not under the same conditions. But let her know in no uncertain terms that if he or any of them make any more comments about me, I will take it to the next level. I honestly did nothing wrong except tell the [non-permissible content removed] chase driver I had that he was unfair.
Spoke with another driver and he thought they used me less is because they assumed that since I get a pension and that having just bought a new vehicle that I didn't need the job like the others do. Told him that's bogus since they don't know my bills, I bought the Tuscon after I left & they should've brought this idea up with me if that was indeed an issue...personally, I think it's a crazy idea but I do know some of the others only had this for a job. Sure I get a pension but I earned that by working hard all those years and it should not be held against me! All I asked for was an equal shot at being called into work...just rotate us all fairly and that they could not do...so I moved on to a place where they can be more fair. My need, or lack there of should not come into play. I am there, so obviously I want to work!
The Sandman
2023 Hyundai Kona Limited AWD (wife) / 2025 VW GTI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
My E55 had staggered wheels like that. A little over 20K miles = racing slicks, at rear, anyway. New set of PS2s was ~$1300
Ouch! It just serves me right - buy an expensive car with performance summer tires and be prepared to maintain it in the manner in which it is accustomed to - with German Royalty!!
2024 Genesis G90 Super-Charger
That's actually not a bad plan and something I would concoct myself.
. As long as the mpg on the Pilot isn't an issue due to your commute it's probably worth looking into, although I suspect it's not much worse than your 328xi?
Oh and stay safe in the snow, looks like quite a storm and then cold next week.
Ever since I bought this new CLS 550, I've been a little more cognizant of gasoline prices since this 4.7 L V8 just loves the taste of premium fuel.
The dealership I use is owned by AutoNation - and they have an App that gives you gas prices at gas stations in the area you are traveling or by zip code. I downloaded it, put in my zip code, and clicked on premium.
It listed all the gas stations from lowest to highest price in my area. So I looked for Mobil, Shell or Chevron and found a Shell station I've never used before which was on the route I take home from the mall. It showed $3.77 per gallon. That was almost 20 cents a gallon less than the closer Shell station.
I don't usually trust these apps but I decided to stop in on my way home - only had 1/4 of a tank. Sure enough, the price was $3.77 a gallon. It took 16 gallons - at a savings of 20 cents a gallon, that was $3.20 I saved by using the app. Over a year, that could save significant bucks.
If you are interested in using the application, look under gasoline prices in your App Store. Great little tool.
They depend on users like me go report pump prices - and the prices are listed by " updated 3 hours ago" or "updated 17 hours ago". Hey, if you can save several dollars on every tankful, definitely worth using - it's a free application.
There are several, but I use one called Gas Buddy. Let me know if it's helpful.
2024 Genesis G90 Super-Charger
Gas Buddy is great. I use it when I get off of the island to find best prices on the mainland.
2025 Toyota Crown Signia Hybrid, 2022 Ram 2500 Laramie 6.4 Hemi, 2007 Mazda MX-5 Miata PRHT
BTW, it's a myth that it can be too cold to snow, and today proves it to me. The high temp. in Northern VT today is 10 below zero with major wind chill warnings. Time to plan a trip South!
2025 Toyota Crown Signia Hybrid, 2022 Ram 2500 Laramie 6.4 Hemi, 2007 Mazda MX-5 Miata PRHT
Still wish the wife would let go of the keys to her '05 Mazda3s...getting an oil change/rotation today as we're a bit overdue. Really thought she'd had enough when she called the other day but the hanging piece turned out to be a large branch she picked up. As long as it doesn't cost us much in repairs, I'm happy to stay the course but besides oil changes, I do not want to sink anymore $ into it. Glad the tires are still looking good as I will not replace them, this she already agrees with. Must admit that it still drives very nicely and it made their Tampa trip without incident. Just think that it is time with over 127k on the clock...think she should just do it already and be done with it! And at this point, I'd be happy if she did get the Hyundai Accent. She always never likes her new vehicle in the beginning but once she learns how to work everything, she ends up loving them. I think a 2014 Accent is just what she needs right now!
The Sandman
2023 Hyundai Kona Limited AWD (wife) / 2025 VW GTI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
33, assuming andres3 picked up his Audi before the end of the year. No official word from him yet. gimmestdtranny had guessed 33 on the nose. Anonymousposts had picked 31, so if andres3's deal fell through, it's a tie between her and gimmestdtranny.
So glad that I could help with that total...wasn't really sure I was going to make it for 2013's total but everything came together. Glad I could help and we hope to do another in2014 if the wife cooperates!
The Sandman
2023 Hyundai Kona Limited AWD (wife) / 2025 VW GTI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
Sandy, a followup letter to your old company would be wise. Make sure you cc it to any lawyer you know even if you don't.
Yes, I think that is a great idea...can't hurt though I won't be able to even go back to their West Palm office even though I let that guy know he can call me. But yes, a letter is the prudent thing to do!
The Sandman
2023 Hyundai Kona Limited AWD (wife) / 2025 VW GTI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2020 Hyundai Accent SE (daughter #2) / 2023 Subaru Impreza Base (son)
2024 Audi Q8 e-tron - 2017 911 C4S - 2025 BRZ - 2023 A6 Allroad - 2024 Genesis GV60 - 2019 Cayman
Over a new Mazda3? Perish the thought!
'24 Chevy Blazer EV 2LT
Leasing what?
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@breld
I'm guessing a Passat 1.8
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
I'll guess the 2.5 cuz it sounded better and the lease deal was probably much better with that motor..
Does he get a prize for being the first in 2014?
@abacomike
I use the waze app on my iPhone to get the cheapest gas prices. Fuelly is also a pretty cool website that tracks fuel economy, cost per mile driven, total cost of fuel for the year.
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
@jpp5862
Thanks for the cautionary warning. I appreciate it. I think people are really going to stay off the roads tonight & I'm sure many will telecommute or take a personal day tomorrow. I think my 328xi will do fine on the snow covered roads, but it is the other drivers that concern me.
Regarding fuel economy of my 328xi vs. my wife's Pilot, I joined fuelly back in August and here are my 2013 totals (8/13 - 12/13):
2011 BMW 338xi:
Miles Driven: 8,023
Average MPG: 22.8
Average Price Per Fill-Up: $59.75
Average Cost Per Mile: $.186
Total cost of fuel: $1,493.85
2011 Honda Pilot 4WD
Miles Driven: 5,618
Average MPG: 16.0
Average Cost Per Fill-Up: $64.96
Average Cost Per Mile: $.231
Total Cost of fuel: $1,299.11
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
I'll post more details later.
2024 Audi Q8 e-tron - 2017 911 C4S - 2025 BRZ - 2023 A6 Allroad - 2024 Genesis GV60 - 2019 Cayman
@breld
Don't forget to add it to your signature;)-
$250/month including tax? 15K per year? Wow! That's a nice car for not a lot of money. You sure you can do 42 months? Ha!
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
Breld, congrats on the new wheels. Terms appear to be great! But I have the same doubts, nyccarguy. - 42 months for breld? Never happen.
I used to lease cars from 1991-2004, and I must admit, I changed cars less frequently due to the high cost of terminating leases. It is rare that you have the same flexibility changing cars as frequently when leasing compared to buying.
Years ago, it was costly to pay off a car loan early because the banks and car manufacturer's finance arms calculated interest using the rule of 78's. That meant that you prepaid most of the interest up front in the loan term as opposed to simple interest. Now, all car loan interest is accrued using the simple interest formula.
So, years ago (during the 1960's-1980's), leases and car loans were about the same in terms of the cost of early terminations. That is not the case now.
I am sure breld knows this, but the terms of his deal appear to be quite good.
2024 Genesis G90 Super-Charger
Good luck with the new VW. Sounds like a great deal - but 42 months? You'll never make it through the lease term, let alone 12 months.
We should get a pool going as to how long you will be able to keep this one - my guess would be 8, maybe 9 months,
However long it is, just enjoy your new toy!
2024 Genesis G90 Super-Charger
Wasn't he the first punch of 2013?
25 NX 450h+ / 24 Sienna Plat AWD / 23 Civic Type-R / 21 Boxster GTS 4.0 / 03 Montero Ltd
Thanks guys!
42 months? Of course I'm not going to keep it that long! So tell me the pitfalls of my approach, since I'm a lessee newbie...
The heavy incentives were only available for the lease program, so I could get like $4-5k off under the lease program, and maybe more like $2,500 off on a purchase. So, what's the difference between leasing and financing? For one, there's the $625 acquisition fee, which is more than offset by the savings. At any time during ownership, the car is worth what it's worth, and you have an obligation owed on the car, whether financed or leased, right? The financed loan will amortize quicker than a lease, since with the lease you're only financing down to the residual. So, essentially, you're upside down for longer with the lease, theoretically - but of course, you also have paid much less out of pocket, with the lower monthly payments.
So, with my CPA mind approach, I decided to take the lease option to take advantage of the heavy incentives available with that program, but in my mind, I sort of approach it as a different method of financing.
2024 Audi Q8 e-tron - 2017 911 C4S - 2025 BRZ - 2023 A6 Allroad - 2024 Genesis GV60 - 2019 Cayman
Basically, and I did a lot of analysis on this months ago
, my contention is buying new and leasing new are, for the most part, the same thing economically.
I still think the best approach is buying used if you can buy it right.
2024 Audi Q8 e-tron - 2017 911 C4S - 2025 BRZ - 2023 A6 Allroad - 2024 Genesis GV60 - 2019 Cayman
Since you won't have it past 36 months, the 6 months out of warranty isn't an issue. VW did drop the free maintenance from 3 years/36K to 2 years/24K miles so you might get hit there a bit. The buyout that VW requires at say the 24 month point may be way more than the car is worth at auction which is what any trade value would be pegged at. Getting out of a lease early can be brutal but if it is, you have a very nice car for a very low monthly payment -- so enjoy.
So, if anyone is curious, here are the specifics of the deal.
2014 Passat 1.8t Wolfsburg (automatic)
Night Blue with black leatherette.
MSRP $24,900
Cap Cost $21,006, including their "doc fee" and $625 acquisition fee.
42 months, 15k miles/year
$250.77/month, all in including taxes.
'Cause I love spreadsheets and have that geeky accounting mind, I backed into the effective interest rate to be 1.24%.
2024 Audi Q8 e-tron - 2017 911 C4S - 2025 BRZ - 2023 A6 Allroad - 2024 Genesis GV60 - 2019 Cayman
@breld
It's not as bad as you think. Your VW lease is most likely cheap due to the cash incentives & a super cheap money factor which means you won't be underwater as long as you think. There are also lease trading websites (lease trader & swap a lease) where you post some pertinent info about your lease & some pics and someone can assume your lease (for a fee to the trading site & a lease transfer fee), then you are out!
Mazel-Tov & Congrats!
2001 Prelude Type SH, 2022 Highlander XLE AWD, 2025 Camry SE AWD
I am sure you know, breld, that I was in the new car business for about 8 years (2000-2008), first as a salesman and then as a sales manager. So I do know something about leasing vs. buying new cars.
Leasing can be as economically efficient as buying only if the leased vehicle possesses a wholesale book value at the time you terminate the lease that equals or surpasses the termination fees and payoff costs of the existing lease. This rarely is the case. Only in very rare situations does the wholesale value of a vehicle meet or exceed the payoff of the lease.
Yes, you paid a lease acquisition fee and are paying interest - but in a lease, you are paying interest on the entire vehicle cost, not just the difference between the residual and the gross capitalized cost of that vehicle. Thus, assuming a 1.9% interest rate on the lease (net money factor), you are paying that interest rate on the entire vehicle cost amortized over 42 months. If you terminate your lease early, say after 10 months, you still owe interest for the remaining 32 months. On the other hand, if you bought the car and took out a 42 month simple interest loan on the car at 1.9%, but then sell the car after 10 months, you only pay interest on the car for 10 months.
I hope I have explained this sufficiently. If not, perhaps someone else can fill in the gaps.
2024 Genesis G90 Super-Charger