car dilema - WWYD?
Find a Conversation
car dilema - WWYD?
| Sat, 10-16-2004 - 5:53pm |
I posted that DH just lost his job effective at the end of the month. My job will be over sometime next month. He has a company car which will be taken away at the end of the month. I have a lease car that is over in March. I am a compulsive planner by nature and am very worried about transportation in March. What if he doesn't find a job by then and my lease is over? How will we ever get a new car? We had been debating buying my car once the lease is over - it is a 2002 with only 20,000 miles on it. The make of my car is one of those that you see alot of older models on the road still.
We are considering buying it now rather than wait until March. I found a loan calculator and if we put $1000 down and take a 5 year loan, my payment will actually be $50 less per month than it is right now. What do you think - good or bad idea financially? I know it would make me feel better just knowing that is one less thing I have to worry about.
TIA!

"So if you bought a car now, your payment would be $50 less from now to March - but what would it be over the long-term compared to buying your car at the end of the lease? If you're going to pay more on buying a car now, than you would buying your leased car, then the decision is easy - buy the leased car."
I'm not sure if I understand this question. I would no longer have my lease payment and the car payment would be $50 cheaper per month. The only car we are considering buying is my current leased car.
My only concern would be the terms of your loan, how long would you be paying on it? Would it be a 5 yr loan?
You just have to remember that you will be paying on that car until it is 8 yrs old (assuming a 3 yr lease and 5 yr financing) That is fine as long as you are confidant that it will last the next 5 yrs, and you will not have the urge or need for a newer, smaller, larger or
~okee
(formerly oneandonlyother)