hearts and roses
Mind Reader
Just a random question (of course, you know there is more to it):
1) Buy a 2004 Honda Accord (EX-all the bells and whistles) with 80,000 miles for $11,500 and pay an extra $1300 for an additional 3 year/36,000 mile warrantee on a 5 year loan at a rate of 6.7% with a monthly payment of $240.
2) Lease a brand new 2009 Toyota Corolla - with a full warrantee - with 12,000 miles per year, $1000 down and monthly payments of $248/month for 3 years.
easy child needs a car. She can only afford a monthly payment of $250 or less per month. In 3 years she will be 24 years old and if things go in the direction we think they are, she and her boyfriend will either be married or getting married or she will be traveling in Europe alone.
At the end of the Toyota 3 year lease, she can either finance the same car to buy or get into something other lease. She will not go over the allowed mileage.
If she buys the Honda, after paying the loan for 5 years she will have a car that is nearly 10 years old and after 3 years her warrantee will completely run out. Which would you choose?
1) Buy a 2004 Honda Accord (EX-all the bells and whistles) with 80,000 miles for $11,500 and pay an extra $1300 for an additional 3 year/36,000 mile warrantee on a 5 year loan at a rate of 6.7% with a monthly payment of $240.
2) Lease a brand new 2009 Toyota Corolla - with a full warrantee - with 12,000 miles per year, $1000 down and monthly payments of $248/month for 3 years.
easy child needs a car. She can only afford a monthly payment of $250 or less per month. In 3 years she will be 24 years old and if things go in the direction we think they are, she and her boyfriend will either be married or getting married or she will be traveling in Europe alone.
At the end of the Toyota 3 year lease, she can either finance the same car to buy or get into something other lease. She will not go over the allowed mileage.
If she buys the Honda, after paying the loan for 5 years she will have a car that is nearly 10 years old and after 3 years her warrantee will completely run out. Which would you choose?