My car lease update

[1stTimeCaller]

Maybe I'm not as screwed as I thought.

As of right now I could buy it for $17,809.85.
At the end of the lease I can buy it for $8,484.80.

I think I'll just buy it at the end. What do you guys think?

[etouffee]

well, what will it be worth at the end of the lease, and how much will you have already paid into it prior to the 8484?

[Mjcpr]

I think I'll just take it in the end. What do you guys think?

I think that's probably what will end up happening, yeah.

[1stTimeCaller]

well, what will it be worth at the end of the lease, and how much will you have already paid into it prior to the 8484?

it'll be worth 8484 at the end, dent choo read that? ;)

I'm not worried about what the car is worth to someone else. I like it and will just drive it until the wheels fall off. I like the little booger.

[yermom]

look at how much you'd pay over that time... i think with the lease you aren't getting any equity or anything, it's value is just going down

at the end you pay what you agreed to, not what it's worth

at $17,809 i'm thinking the payments on a new loan would be like $430 for 4 years? as opposed to what you are paying now, plus like $200 or something for 4 years when you finance the baloon payment

[Boarder]

YEah, what's your monthly payment right now. And how long do you have to pay that payment before you can buy it for $8500?

[1stTimeCaller]

or I could have gone with:

http://www.espn.go.com/media/mlb/2005/0317/photo/g_markmcgwire_i.jpg

I'm not here to talk about the past...

I'll have a total of $21,455.72 in it if I stay in the lease and then get a two year note on the 8484 @10%. (55 month total from now)

I'll have 20,869.92 in it if I borrow the money right now on a 4 year note at 8%. But the bank will only loan me 12,500 on it.(48 month total from now)

I could borrow the money from my brother but I would feel bad about that.

[yermom]

i wouldn't worry that much about $600 over that long

but i would think that you could do better on financing than that, unless you have bad credit or something

[Mjcpr]

I think that's probably what will end up happening, yeah.

Hahahahahahha

YMSSRA


Good one, Pat.

[1stTimeCaller]

i wouldn't worry that much about $600 over that long

but i would think that you could do better on financing than that, unless you have bad credit or something

I just like to plan for the worst and use a high interest rate when running the numbers. Too bad I didn't have that policy when I leased the thing.

I could get it at 6% from my brother as the bank pays him 5% for his CDs. The guy I talked to at the bank where I've had a few loans in the past told me 9 to 10% as long as my credit was still good. I thought that was ludicris.

[Boarder]

You should try to spend as much money as possible on it. Kind of as a punishment to yourself to make sure it doesn't happen again. Try to do some damage to it that requires a body shop stay. That'll show you.

[Vaevictis]

Be glad you learned that lesson on a car and not a house.

[1stTimeCaller]

or for $600 a guy has offered to dump it into the river for me whenever I want.