Buy car at the end of lease?

Question

We leased a Honda Pilot in 2004 it now has 28,000 miles. We have the option to buy it for $19,000. The other choice is buy a new or used car. If we do in fact buy our Honda it will only be for a year or two (because my wife "can't" drive a 4 or 5 year old car). My main goal is to have as little debt as possible. What should I do, buy the Honda and then have to finance a new/used car in a year or just buy a new/used now?

Answer 1

I say lease another car. Leasing is designed for people who just CAN'T drive a 4-5 year old car (as long as you STAY WITHIN THE MILES). If you buy it now then sell it, its out of warranty, you pay sales tax (if you're in a state that taxes), and you're stuck trying to sell it later which is a PAIN!

Or you can lease a new one and keep your payments low

Or you can slap some sense into your wife ;)

Answer 2

depends upon the auto you acquired. If you acquired a auto that has very top residual significance, like BMW, MINI, Honda or Toyota, then I might advocate turning the auto in seeing that your buyout fee will most probably be greater than the present fee for the identical used auto. Keep in brain that if making a decision to shop for it out, you're going to customarily ought to refine the remainder stability of your payoff. So both means, you are going to ought to practice from a mortgage. The simplest approach to prevent that's if in case you have ample cash to payoff the auto in coins. Again, no longer a well proposal should you leased a top residual significance auto whilst identical ones will customarily opt for a lot much less within the open marketplace.

Answer 3

i agree with the previous answer...also...19k looks to be about retail value for the rig right now which means you will have little or no equity when you want to get rid of it in a few months. turn it in and lease something else

Answer 4

Sounds like your wife & debt are a matched pair. Sorry but, She sound like a spoiled brat.