I'm leasing my current car and I was going to trade it in for my maverick. I got it summer of 2020 so the value has actually been rising for me... I may make $ after only a year and a half and I had a low payment too! Leasing worked in my favor, but I think I'm going to buy the Maverick. Mainly because my lease was for 36k/3 years and I'm already at 27k...
You’re right. The $695 acquisition fee for leasing isn’t a price disadvantage. Why lease if you plan to buy?
The current car market likely won’t be the future car market. You are wise to buy the Maverick with the miles your racking up. It is very unlikely you’ll get another chance to make money on a new vehicle purchase. You will are more likely to have to pay overage penalties, wear and tear repairs, etc or buy the vehicle even if you under on it.I'm leasing my current car and I was going to trade it in for my maverick. I got it summer of 2020 so the value has actually been rising for me... I may make $ after only a year and a half and I had a low payment too! Leasing worked in my favor, but I think I'm going to buy the Maverick. Mainly because my lease was for 36k/3 years and I'm already at 27k...
I’m pretty sure they can add it to the lease agreement by reducing the monthly rate a few dollars.
The biggest thing for me is keeping the monthly payments low. I also have to consider that this truck is something I may want to keep for more than 3 years as it’s practical. But the flip side is it is a new model and there is always the chance for potential issues.
If you drive less than 15K miles/year, a lease will almost always have a lower monthly payment than a purchase. But there is more to consider, so make sure to do your homework.
I guess you missed the part about keeping monthly expenses as low as possible? The only big monthly payment we have financed is our mortgage (almost 50% equity there). We both retired in 2014, she went on SS shortly after, has a well diversified IRA and I have lived off 1st 401k (rule of 55), a small pension cash out, then IRAs after turned 60. We both have more in accounts now then we did when I retired. I ALWAYS kept 30-50% in S&P 500 index funds + assorted Gov't bonds like GNMA, Intermediate + Short term + about 20% cash in MM sweep account. Also did a QLAC that kicks in pay outs in 2030 after 10 year deferral period. I also have a 2nd house I'm putting on the market next month (owned- no mortgage) that has doubled in value since purchase in 2010. I'm applying for SS next month. We can live comfortably just on our SS. We have no kids to drain us. All vehicles paid for including RV and planned for 30 year retirement horizon- but retirement calculators show we'll likely have 2-3 times current values even with 2 market crashes thrown in- and the economy is a couple years past due (historical averages) for the 1st one now! RMDs coming in a few years and that will just be fun money + charitable gifts. Just gotta enjoy life to the hilt while we are still healthy and can enjoy fruits of our labor and savingsNot to stick my nose in but it might be worth looking into financing on a low rate.
Pulling out an extra $2250 every 3 months would be much better in the long run than pulling out all $27k right away.
Unless you are worried about taxes or a crash, you should be good. If you are in retirement your vehicles are likely all bonds or annuities, which typically grow at ~3-5% historically.
Paying $25k in a single month is functionally no different than paying $694/mo for 36 months other than the former doesn't take advantage of the time value of money (and thus technically costs you more).
incorrect. The funding source is windfall profits from selling my house. Not withdrawing anything this time or over time. This fits the true definition of FREE money. $694/mo is 1/3rd my expected SS payment and doing that I WOULD have to take $ from IRA to live on instead of letting it grow. Not even a close call here.
incorrect again. I'm gaining an item I really want using $ I never had to work for and don't have to make payments on or w/d from retirement accounts. Tell you what, I'll do me and you do you!
