- April 3, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Considering Options for a New Vehicle Purchase
Funny that I just read the post on car payments being the killer – well, here I am trying to avoid that.
My FIL worked for GM his whole life and we get a hefty discount. As a result, I leased a Buick Enclave a few years back for $378 with no money down. It was unbeatable at the time, and it’s unbeatable now. The car is due in May. The issue is… where to go next.
I have 30k saved for a car. I can purchase said car, but because the lease was so low the car is worth less than the residual. The residual is 32k, and the car is worth 27k. I have low mileage and took great care of it.
I can put the 30k down on a new car, which we’ll get about 10% off and get 0.9 financing. But that’s still super high ($550 month) compared to what I’m used to.
Is there an option I’m missing? We need a 7 seater, and most used ones that are 2-4 years old are going for $35k in my area. Is the most sensible option to buy the current car?
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So a new car with 30k down plus 10% off with .9% interest is still $550 a month? Are you paying it off over a year? How long is that term?
If you can get .9% financing, get whatever seems reasonable and don’t put anything down. Bank the 30k in a HYSA like ally and just make the monthly payments from that
I do think coming up with another 2K to buy your car outright is the best move. I did this with my car. You know the history of the car, you know the “previous owner” took great care of it. Doesn’t sound like you can get comparable for less money anyway. Keep it for at least another 7-10 years.
Lot of options here… Can you negotiate with the dealership at all to buy the car outright for 27? You have the money and you know the car was treated well.
I recently went from a $300/month payment (to a $0/month payment for a blissful year or two) to a $490/month payment and it was a really rough pill to swallow honestly. After a few months of rebudgeting, switching to a lower car insurer, and needing half the gas (hybrid) it’s ended up being ok. No huge suggestions, just empathy
Get a mini van
You NEED a 7 seater or you WANT a 7 seater?
Why not put $10k down and put the balance on autopay out of a HYSA.
We usually do the 0% financing when that comes around and then pay it off over 6 months. We do that just for what it does to our credit score.
And we always buy new for the warranty. We buy whatever the loss leader is near us. Dealerships usually have the lowest priced model of something that you can usually compare across dealerships near you and one will be a few thousand less. The previous time we did this, we bought a new Jeep wrangler 4 door and drove it for 4 years and actually sold it to another dealership for more than we initially paid for it. Then, we leased an electric car for 2 years that had a state income tax credit for it that paid for the car lease. That was in Georgia and Georgia unfortunately no longer has that program available. But I would still check in your state to see what’s available to you. Sometimes leasing electric vehicles can be surprisingly cheap when the dealership gets the tax credit for the vehicle. And we found when we declined buying the electric car at the end of the lease, that the dealership tried to negotiate the sale of the car to us for lower and lower prices. It also helped us to have the lease end in beginning of January when new vehicles are coming out. We also feel like buying new on New Year’s Eve gets us a better deal. But I wouldn’t be comfortable buying an electric vehicle unless I could resell it and it was super cheap, for those I’m only comfortable leasing.
Go test drive a 2020 Mazda cx-9. Can be had for less than $25K in touring trim. Anything more expensive than that is not necessary
If you don’t like the car, you can see if you can do a lease buyout.
Buy a used one with cash, they have horrible resale value.
If you need 3 seater, odyssey, pilot, palisade. Will be under 50k for new. For 20k you can easily get 5 year or 4 year loan. Payment will be much lower than 400.
Find something gently used for $30k. That’s what we did – no payment is amazing
Mazda also has 0.9% and their CX-90 is pretty nice.
If you want to try another lease, you can get the CX-90 PHEV and get $7500 lease credit. I’ve seen people get these in the $500-600 range with no money down. It’s more than your $380, but maybe the PHEV will offset some of that with gas savings.
Buy a used Honda odyssey or Toyota sienna. 10-15K will get a nice enough one. Change insurance to liability only. Put left over cash into emergency fund. You will have a space $378 per month to cover any repairs needed… which are unlikely.
If you like your current car, find the equivalent car that you can buy for $27k and get that one. If you can’t actually buy a copy of your car for $27k, then your current car is probably worth more than $27k. If equivalent cars are actually going for $35k, then buying your current car for $32k, is probably a good deal.