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Forum
-> Household Management
-> Finances
amother
OP
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Sun, Jun 30 2024, 12:22 pm
Looking for a minivan. Leases are about $600 a month including tax. Which is a lot Buying would have me about $700 a month, or I can get a longer term for lower monthly payment but the interest rate is higher.
Is it better to lease for a while and then buy it out when interest rates go down?
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amother
DarkViolet
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Sun, Jun 30 2024, 12:30 pm
We bought a very old one for cheap to last us a few years until things are hopefully better
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amother
OP
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Sun, Jun 30 2024, 12:31 pm
amother DarkViolet wrote: | We bought a very old one for cheap to last us a few years until things are hopefully better |
Ok but that wasn’t my question. We have a very old car right now but need a second card that’s good and reliable
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Amarante
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Sun, Jun 30 2024, 1:23 pm
You are always going to be better off if you can buy.
For an extra $100 a month, you will have the ability to own your car presumably.
If you have selected a reliable car, you will then have at least five years - if not more - when you have no car payments. If you are smart you will bank those car payments and use them so that you have less of a loan. Eventually you could even pay cash.
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realtalk
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Sun, Jun 30 2024, 1:31 pm
You aren't saving any money long term by leasing. The high interest rates are all rolled into the price
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amother
OP
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Sun, Jun 30 2024, 2:41 pm
realtalk wrote: | You aren't saving any money long term by leasing. The high interest rates are all rolled into the price |
But I’m not locked into that interest rate, and if I buy later and the prices went down maybe I can get a better deal.
I’m also afraid of being underwater with my loan in a few years because minivans are so much right now, but we need a new one
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amother
OP
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Sun, Jun 30 2024, 2:42 pm
Amarante wrote: | You are always going to be better off if you can buy.
For an extra $100 a month, you will have the ability to own your car presumably.
If you have selected a reliable car, you will then have at least five years - if not more - when you have no car payments. If you are smart you will bank those car payments and use them so that you have less of a loan. Eventually you could even pay cash. ![Very Happy](images/smiles/bigsmile_20.png) |
It’s not necessarily $100 a month, I can even pay less than the lease. It’s the interest rate that’s killing me.
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amother
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Sun, Jun 30 2024, 3:16 pm
I can lease a sienna for $419 a month and 3k down which is definitely more reachable than $700/month
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amother
Maize
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Sun, Jun 30 2024, 3:59 pm
where can u get a sienna lease for so cheap? in lakewood I was quoted over 700. I think your getting 419 bec their getting your 3 thousand dollars down. In the long run its not cheap.
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amother
OP
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Sun, Jun 30 2024, 4:02 pm
amother Maize wrote: | where can u get a sienna lease for so cheap? in lakewood I was quoted over 700. I think your getting 419 bec their getting your 3 thousand dollars down. In the long run its not cheap. |
I’m in the Midwest somewhere. Odysseys are lots more here.
But in the short run it’s a monthly payment that I can be more close to affording.
3200 down is still only $100 more a month. So it would be equivalent to $519 a month before taxes, which is still cheaper and we’d be saving on gas
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amother
OP
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Sun, Jun 30 2024, 4:08 pm
If we buy an odyssey and the price depreciates a lot (say they come out with electric car) then we are underwater.
If we lease an odyssey and then it depreciates we can buy it out for lower cost
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amother
Moonstone
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Sun, Jun 30 2024, 4:11 pm
Would an electric car be feasible for you?
There are some good deals on those.
And no gas bills if you have a solar roof
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amother
OP
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Sun, Jun 30 2024, 4:12 pm
amother Moonstone wrote: | Would an electric car be feasible for you?
There are some good deals on those. |
We need a minivan
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amother
DarkYellow
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Sun, Jun 30 2024, 4:14 pm
With a lease, don’t you have to fix any exterior damage before returning? So if you ding it, that’s an extra cost.
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amother
OP
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Sun, Jun 30 2024, 4:15 pm
amother DarkYellow wrote: | With a lease, don’t you have to fix any exterior damage before returning? So if you ding it, that’s an extra cost. |
Unless we’d buy out the lease.
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amother
Tomato
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Sun, Jun 30 2024, 4:20 pm
amother OP wrote: | I can lease a sienna for $419 a month and 3k down which is definitely more reachable than $700/month |
There's no way that includes taxes and fees.
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realtalk
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Sun, Jun 30 2024, 4:27 pm
If you buy a 2-3yo car, you won't end up so underwater just from driving it off the lot
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amother
Navyblue
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Sun, Jun 30 2024, 4:30 pm
amother OP wrote: | If we buy an odyssey and the price depreciates a lot (say they come out with electric car) then we are underwater.
If we lease an odyssey and then it depreciates we can buy it out for lower cost |
The buy out price is stated in the lease.
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amother
OP
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Sun, Jun 30 2024, 4:31 pm
Yes but it would be around $450/475 with taxes and fees
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amother
OP
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Sun, Jun 30 2024, 4:31 pm
realtalk wrote: | If you buy a 2-3yo car, you won't end up so underwater just from driving it off the lot |
But I imagine prices will go down at some point and then we are stuck having paid $30k when then it’s going to cost $20k for the same car
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