Quote:
Originally Posted by Alfisti
OK you've finally done it for me, they are th enumbers I was struggling with. So OK, I see where they are coming from, i had sorta written off the owed monies on the existing term in place of pushing out for a further 2 years. But I see it now.
Definitely cheapest option for me is to pay $30K for a vehicle we can then drive another 5 years easily.
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$30K is the residual value in Nov 2023. If you buy out today, you would likely be paying around $45K, given that you have not reached the end of the lease.
I think you should either:
(i) continue with the lease until Nov 2023 and buy it out then. If something goes wrong with the car in the next 1.5 months, you'll have a way out. Before buying it out though, assess how much expenses do you need to incur i.e. extended warranty, new brakes, new tires? What is all that adding up to?
(ii) Negotiate a higher equity roll-up with the dealer now. If they can sweeten the deal for you, why not jump into a brand new car now?