Last month I was in a moderately serious car accident. I am fine but my completely paid off car is a write-off. I am still shaken up by the accident as one of the safety features on my car did not deploy properly.
In buying a replacement car the two biggest factors for me are 1.safety and 2. Price (of course).
After negotiating with insurance we have what we feel is a fair value for the loss of the car. That value, however, is not enough to pay for a replacement car that is under five years old and has the safety features we would like. We had planned to buy a two year old used car with the safety features we wanted and finance after putting the entirety of the insurance payout down.
A friend was in a similar situation and they decided to lease a car instead, putting most of their insurance settlement towards paying down debt and home improvement projects.
This has me thinking that perhaps we should do the same. With that said, we had 2.5 years without a car payment on the car that was wrecked and that was a super awesome 2.5 years.
So what would be the wiser thing to do financially at this point? I have student loans that I would like to get further ahead in paying off, but ... in leasing you always have a car payment.
Right now I am not leaning towards either option as I see pluses and minuses with both. Help!
Submitted November 28, 2018 at 09:18AM by bojangleswagles https://ift.tt/2P7xb2a
