My wife's daily driver has been a 98 taurus that we bought new. The car was rock solid for 8 years. The last 3 have been friggin killing me. I have had to work on it for several weekends over the last 2-3 years. It has 165k miles on it. It is taking too much time away from my kids and I need to consider getting something else in the next year.
But, I do not think I want new again. Not having any car payment for the past several years has been great. I want to try to figure out what works better mathematically, buy a certified pre-owned and sell it after 4 years, which would make it about 7 years old, or get a lease every 3 years. What is the smarter financial decision?
Had I gotten rid of the taurus a few years ago, I would be in awe of the car. Right now I want to eeman: all over it.
Re: Looking for a car for my wife, what is better- lease or certified and sell in 4 y
I would only look at a lease if it was a business vehicle and you were able to write off the lease, even then I would still own not lease, JMO. Go over on miles, you get hit hard, any damage other then the minor chips and small scratches, get nailed on those too. I think the only ones that benefit from leases are the car company LOL
:whs: You nailed it.
New cars typically lose 60% of their value in the first 4 years. That's the average. Buy a car that's a couple of years old and let someone else take the hit on that depreciation. Then you can have something that you're not "renting" and actually have some equity in it.
Re: Looking for a car for my wife, what is better- lease or certified and sell in 4 y
I would buy a Hyundai or Kia... Better warranty, good solid car,low prices... I wouldn't have thought so but my wife had a Hyundai Elantra and loved it for what it was. We traded it in for Kia Optima. It has been good reliable transportation. It is surprising how nice they are...
I would buy a Hyundai or Kia... Better warranty, good solid car,low prices... I wouldn't have thought so but my wife had a Hyundai Elantra and loved it for what it was. We traded it in for Kia Optima. It has been good reliable transportation. It is surprising how nice they are...
Re: Looking for a car for my wife, what is better- lease or certified and sell in 4 y
I wonder at what point does it make more sense to typically ditch a car and move on. How many years/miles do you think the breaking point is, to where the car is a money pit. This car was great for the first 8 years, and then the hits kept coming.
I wonder at what point does it make more sense to typically ditch a car and move on. How many years/miles do you think the breaking point is, to where the car is a money pit. This car was great for the first 8 years, and then the hits kept coming.
JMO but, I think that would come down to a combination of finances and inconvenience.
If the monthly repairs are more than what the monthly payments on a different car would be.........or if the chance (and consequences) of getting stranded becomes an issue.........it might be time to start looking at something different. :shrug:
Re: Looking for a car for my wife, what is better- lease or certified and sell in 4 y
It is sort of an impossible question to answer. I guess more of the question is, do you loose more in depreciation if you lease every 3 years or if you buy a 2-3 year old used car and then sell it 4 years later? There has to be a way to mathematically analyze this. Thanks.
Re: Looking for a car for my wife, what is better- lease or certified and sell in 4 y
If your looking into a new car, like someone said a Ford Fusion is a nice car, and I would buy a used newer car.
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