Continue to lease my cars or buyout the current one?

Question

I have leased cars for 10 years now and it has always worked for me. I am pretty hard on my cars and as a single woman a reliable car is a must. Right now I am nearly at the end of my lease (2004 Honda Accord). I made a few dollars in overpayments every month enough to translate into a nice little overage (maybe $700) which they would give me back at the end. The tires all need to be replaced which I will not need to worry about if I do not keep the car and there are some cosmetic scratches that need to be buffed out. With the economy as it is and gas prices as they are, I was planning to trade my V6 for a Jetta Diesel. The car is getting great MPG ratings and the Jettas are nice little cars from what I can tell. Still, part of me wonders if continuing to lease is my best option. I could buy out my Accord for about 11,000 which would be a pretty small payment (driving an older car with low MPG), or get into a Jetta at a (higher payment higher MPG). Thoughts, ideas?

Answer 1

The Jetta is one of the least reliable cars on the market. Also, take into consideration (depending on what state you live) diesel can be 50 cents/ gallon more than regular petrol.   My advice: Check out the Civic Sedan (hybrid if you have the money), Toyota Corolla (not the XRS),  Or the Mazda3i (not the 3s). All of those cars offer adequate power, excellent reliability ratings, and good fuel economy.   A lot of people also like the Hyundai Elantra, but if you are like me, the thought of owning a Hyundai makes me cringe.

Answer 2

Buy the accord they are known as they run forever. 11 grand is good price for that car. you can sell it for 2 grand less after 3 years. It would make you drive a car for 2000 for 3 years. I think it is good deal to drive a car for less than 100 dollars a month. You will never beat that with the difference between the gas that they use.

Answer 3

QUOTE

"The tires all need to be replaced which I will not need to worry about if I do not keep the car and there are some cosmetic scratches that need to be buffed out."

Keep in mind that you will Need to worry about the the worn tires and the scratches. Beacuse if you turn in your lease, the leasing company will inspect the vehicle. Which they WILL ding you for the tires and scratches (if they dont buff out)! UNLESS you purchased WEAR AND TEAR insurance!

GOOD LUCK!

Answer 4

I think that if you having a good time with the car,and it has never given you any problems, then you should buy it out. because having a car for ten years is really good, but its even better when    it never gave you any problems.

I hope this helps ( :