I’m 24 and the lease on my first car is ending next June. It’s a 2021 Toyota Corolla, I’ve put 20,000 miles on it so far, and it would cost $12,500 to buy out.
Tbh, it does have a few minor scratches on it from going too far over parking lot cement blocks a few times and one small scratch from someone opening their car door into it. But it runs perfectly well and overall I like the car
Originally I leased it at a time where cars were getting super expensive in my area cause they couldn’t produce car chips for some reason (if y’all remember that lol). So I put $7,000 down and have been paying $150 monthly (3 year lease), which felt like a solid deal at the time
My plan has been to buy out the car. I’ve saved $12,300 so far for it, and I’m planning on continuing to save to cover taxes and fees n stuff from the sale. My thought was I’d probably get at least six more years out of the car, and in the meantime I would just put away $150 or so a month in a HYSA until I was ready to buy a new car. That way I wouldn’t have to “start over” and I could just own the car I’ve been enjoying these past two years
However…. I’m not a car person, so I thought I’d ask for advice to see if this was a good plan, or if I’d be better off starting over with a new car (although I’d for sure have to pay for those minor scratches lol). I know this is probably more of an opinion thing, but I’d really like to hear some advice!
Thank you!!
Submitted October 07, 2023 at 12:30AM by Glass-Harmonica https://ift.tt/4re7Qau
