My vehicle (2008 Pontiac Vibe) is running perfectly and I have had 0 problems in the last 5 years I've owned it. However, now that it is paid off, of course the exhaust started leaking at the manifold ($400 part+labor) (already paid $190 to try and fix it) and the tires are almost bald ($500). I financed $9700 with all taxes in 2012. Plus I bought tires in 2013 ($500) and brakes in 2013 and 2016 ($150 total). I feel like I could get $3000 private party today. Now, in the past 5 years I have used the vehicle without issue other than these maintenance items. But if you take the
$9700 (financed amount)
+$190 (exhaust repair attempt)
+$500 (1st set of tires)
+$150 (brakes)
+$1187 (interest)
that means my "use" of this car cost me $11727 not counting the time to sell it private party because I would get $2k on trade. If you subtract the $3000 private party sale that means the cost was $9727. Broken down into 5 years that is $145 per month to "use" this entry level hatchback. Even if I kept this car another 4 years (making it a 13 year old car in year 2021) and sold it for $2000 after buying another set of $500 tires that would still be a cost of $88 per month. The problem is, I am seeing deals all over for a new Chevy Cruze Hatchback for $100/month for a 3/year/12k 36 month lease. Now, assuming I am not leasing Escalades and Lexuses and driving within my means, how does everyone justify hating on leases so hard? Is it the insurance costs? The "not owning" it part? There must be something I am missing here because it doesn't look like that bad of a deal... even if the "fleece" was $150 a month for an even nicer car... educate me....
April 26, 2017 at 07:44PM
