Hello /r/personalfiance :
I own a 2005 mustang which I purchased in 2009 for $11.5k. That car has 120k miles on it. Currently it needs maintenance worth $1000. If I sell the car today, I can get about $2500. So basically I spent about $100 a month on that car.
Now I am getting a Chevy Volt LEASE for $70 a month. If I go for it, it will be the first time in my life that I'll be leasing. Usually I believe in buying a car and then using it until its wheels fall off, but with a baby I need something more reliable.
Do you think I should go for a lease or go for a loan and buy a corolla for $22k? Or spend $1k on Mustang and continue using it even though it may need more maintenance in near future and has reliability issues?
Please help. I am very much confused. The online lease vs. buy calculators are telling me I should continue with the mustang, but I am worried about the safety.
Thanks.
Submitted March 22, 2017 at 09:46PM by svpvv http://ift.tt/2muDqnh
