Alright, so here I am, a man of 26 years old, married. I have a lovely wife that drove a 2008 Mazda3 vehicle with the door was nearly falling off and I wanted to put her in a safe vehicle since she drives our daughter to and from school. Financing a car wasn’t in the scope of possibilities because she is too picky and insisted on a Mazda.
I got my wife into a Mazda 6 Touring leased for 48 months. My premiums on insurance won’t cost me much to add her and I’m actually going to save money despite her parking ticket on her driving record from two years ago.
I currently am twice upside down on my 2016 Ford Fusion after trading in my 2014 Ford Fiesta back in December 5, 2015 for my Ford Fusion SE 2016. I love my car, it has 43k miles, I’ve used it on a roadtrip, and I’ve got subs in there and a top-of-the line dash cam setup. What is costly is that I pay 569.38 a month and I’ve got 43 months left. I started at 40,995.36. As far as repairs and maintenance go, I’ve only ever had to pay for gas, oil changes, and just recently replacing the car battery. I’ve been in a not at fault accident and it was more or less a fender bender and I got it repaired at no cost to me.
I do not plan on filing bankruptcy, I also do not plan on defaulting in my monthly payments.
This is what I’m wondering:
Granted I’ve been paying down negative equity on my first trade-in, and now I’m close to paying down the negative equity on this second trade in, once I do pay off my vehicle, that would accelerate all the debt that I have to take care of. (I have like 50k debt or so, between this car note and a debt consolidation of like 23k) by the time my debts are paid off, I’ll be zero debt, with maybe a year left on my car payment.
The agent who helped me get my wife’s 2018 Mazda 6 Touring said that they would offer me 11.5k for my fusion. If I pay them 2k+1st month of lease payment, I’d be rolling out of there with another 2018 Mazda Touring with the exact same monthly payment as my loaned car $560s ballpark for 42 months.
I think it’s very plain and simple. Do I take the new vehicle which has safety features I care about such as car play, (very handy to navigate with both hands on the steering wheel, no matter what phone holder I find, phone holders break on me) not to mention those extra bright led headlamps vs my halogens.
Or do I keep my car and reap the benefit of still owning a car?
43 months at 569.38 on conventional and get to zero debt and be free?
Or
42 months at $560 on a lease and still get to zero and have a fresh start into a lower lease?
I understand the benefits of the lease, which mainly are not having to have expenses for sticking with new but of course I understand consequences such as any damages to the vehicle incur fees. (Can be avoided by just being careful)
I’m the kind of person who sells their iPhone every year to get the next one, I just recently decided to go with the iPhone upgrade program which means I’m effectively leasing my phone.
Leasing has made so much more sense for me, I’m just hoping someone can shed some light as to why I shouldn’t and keep my car instead.
UPDATE:
THANK YOU EVERYONE FOR YOUR FRANK AND HONEST RESPONSES.
Yes I realize all caps looks like I’m yelling.
I will NOT trade in my car and lease like how the agent was suggesting.
I’ll just pay off my mistake, and keep my Ford Fusion, treat it well, continue with maintenance until we part ways.
Some of you were cruel as shit, but the decisions I made did spark up some wrath. I prefer honest opinions over just hearing my wife say: “no.”
Or maybe I should just listen to my wife more before posting?🧐
Thanks everyone!
Submitted September 29, 2018 at 11:04AM by Tyrion_Lunaster https://ift.tt/2NQzDOH
