Quote:
Originally Posted by shesha
I wasn't asking lease or buy. I was asking if what they offered was a good deal.
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Just to clarify, I'm not trying to be combative here, just suggesting that you'd be better off buying a new car, even if you're gonna sell it again in 3 years. You still get a new car every couple years, just not raped by the lease deals.
You can get a 7yr loan (to keep monthly payments low), and sell it before its fully paid off. You just need to make sure your not upside down on your loan after 36 months.
To figure that out is easy. Just compare the expected resale value of your car after 3 yrs, to the amount you will have paid on your loan in 3 yrs. This is fairly easy to estimate using Autotrader to value current 3 year-old cars. In other words...
I buy at $40k, and I expect to sell at $28k in 3 yrs. If my monthly payments are at least $333, then I will break even.
This is simplified cause it doesn't include tax and finance charges, and assumes that current used car depreciation rates will be the same.