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To Fix Up or Trade Up, That is the Question

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Comments

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 64,490
    A lease is also risky on any number of levels---the person who sinks some money into a used car can always bail, but you can't....so what I mean is that a lease is not necessarily a fiscally alternative solution to used car repairs.

    But okay--point taken---putting money in a high mileage used car is risky--that's why i called this whole thing IFFY :)
  • jipsterjipster Louisville, KentuckyPosts: 5,654
    Not like the car has been problem free till now. Reliability issues not going to get any better with 230k miles, only worse. I say buy new to you.
  • jipsterjipster Louisville, KentuckyPosts: 5,654
    If you put $5,500 down on a leased Civic LX, which probably is not a good idea, you'd probably be looking at a $40 a month payment.
  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 64,490
    Not a good idea if the car gets wrecked, that's for sure.
  • Sandman6472Sandman6472 Coral Springs, FLPosts: 4,853
    Is leasing and then buying out at the end always more expensive than purchasing and financing outright? What is the most affordable way here? Get that with leasing, one can get into a more expensive vehicle than they normally would be able to afford. But with going the lease route or the financing route, which is the cheapest? Have never leased but would be afraid that they would charge for every scratch, dimple etc. that happens with normal driving. With owning, the hits to my back bumper from the garage door hitting it when it came down bothered me but I am living with the damage still but if it was leased, I would've already had it repaired. Have read about these humongous charges for these things upon turn in...how picky are they really? And on the sneakers, does one have to put the same exact ones that came from the factory or can one use a cheaper brand? I realize that each axle must have the same kind of tread but how picky are they about this also? I like the idea of leasing for the fact that one, like myself, could get into a really nice vehicle for just a couple of years to scratch that itch and then buy something more affordable after the lease is done. think it would be fun for that little time period as one only lives once!

    The Sandman

    2015 Audi A3 (wife) / 2015 Golf TSI (me) / 2019 Chevrolet Cruze Premier RS (daughter #1) / 2008 Hyundai Accent GLS (daughter #2)

  • qbrozenqbrozen Posts: 25,716
    Is leasing and then buying out at the end always more expensive than purchasing and financing outright?

    No. I've seen examples (have had a couple myself and a couple for family, too) where there is big trunk money and super low rates for a lease that are not on financing the same car. I couldn't tell you why a manufacturer would do this, but it happens. So if you calculate it out, you find that you could save some money taking advantage of the lease and then financing the buyout.

    Of course, the risk is that interest rates skyrocket during your lease term, making financing the buyout at the end more expensive than anticipated.

    '18 BMW 330xi; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 47-car history and counting!

  • I have a question for everyone. I have a 2002 Ford Explorer Sport Trac with 4wd on it. About a year ago it started making a winding sound sometimes when you take your foot off of the gas pedal. Then it started acting as though it was going to backfire preceding this winding sound. So that is my warning that it will mess up. I have a feeling that this is happening when it is trying to shift. My husband drove it last weekend and was not able to get it into reverse. When he put it in reverse it made the winding sound. I have an appointment with a transmission shop to have it looked at and I'm wondering with it being a 2002 and having 150k miles on it, would you fix it or trade it?

  • suydamsuydam Posts: 4,035

    See what the repair costs are going to be first. Maybe it's not as bad as you fear.

    '14 Buick Encore Convenience
    '17 Chevy Volt Premiere
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