Should I get a new car?

[dbeth]

A little background:

I currently own a 2009 Ford Edge with just over 66,000 miles. It's an AWD, and I still have just under $10,000 to pay on it (got it in Feb. 2010). It won't be paid off until May of 2016. Currently I pay $445/month.

I may have the opportunity to get a new 2014 Edge that is definitely an upgrade from what I have in every respect. If I put about $4000 down, and I can get about $4000 net trade, I could lease this new one for about $240/month.

Question is, do I consider pulling the trigger? I could lease a brand new car (which I've done in the past) for $200 less each month, and use that to put away into an IRA. I guess I'm looking at it as pay $445 for the next 24 months, or $240 for the next 36.

I realize that I would have my current car paid off in 24 months, but then it'll be around 90,000 miles, need another set of tires, and who knows what else could happen.

Thoughts? I won't be offended either way you suggest.

[bigfnjoe96]

Re: Should I get a new car?

At the rate of miles you drive, unless your getting a high milage lease leasing isn't worth it.

We just got a new car. Our last car was a 2006 with 133,000 miles.

We decided to Finance because we average between 15-20,000 miles a year which is right about where you are.

I say hold off and pay your 09 off

Sent from my KitKat Rooted Nexus

[NDAlum]

Re: Should I get a new car?

New car: $4,000 down + $240*36 = $12,460
Current car: $445*24 = $10,680

You need to factor in car insurance as well, which will likely go up. I just don't see how $4,000 down and a $200 less payment is something that looks attractive unless I am misreading your post.

If money is a key motivator I don't think this move would make sense.

[dbeth]

Re: Should I get a new car?

Just a little more info: I bought it used in February 2010 with 18000 miles on it.

Your thoughts are kind of what I have been thinking, but was wondering if I was possibly missing something.

Sent from my Note 3 via the Interwebs.

[Jr.]

Re: Should I get a new car?

I love new stuff.. buy that ****

Then, once your lease is up, you can get another new one and lease that.. and so on and so forth and always have a newish car

[RockinDaMike]

Re: Should I get a new car?

Me personally I would sell your car get about 5 to 6 gz instead of trading it in, take the other 4000 and go buy a used reliable car for 11 gz and have no car payment.




Sent from my GT-N7100 using Tapatalk