Suggestions regarding getting a new car

[ponyfitness]

So I got into a good sales position recently and I've been thinking about trading up into a new ride.

Currently driving a 2003 Saturn VUE with 75000km (48000 miles) on it, still owe $4000 for the loan (I bought it). 10 more payments and it's paid off. However, with the new position the mileage is going to go up and it has already started to have small problems. Could probably sell it for $8000 at least privately - meaning I have $4000 for my pocket. I would need to spend about $1000 to get it ready to sell (cleaning, repair a smashed side mirror and some small scratches).

With my new position I can write off lease payments and everything else car related so I'm thinking about getting into a lease or doing a lease takeover so it's shorter term. Payment would stay the same but then I don't have any equity. Pros are that I get a new ride and don't have to worry about maintenance.

Would you keep the old one and pay it off or get into something new in my position? I'm not a big fan of leasing but in this line of work it makes more sense.

 

[jnevin]

lease

 

[silverstar1025]

lease.. if I ever get into a position that I am not driving 30K miles a yr I will lease!

 

[BNG]

Lease is good as long as you pay attention to mileage limits or buy extra miles. BMW here has an "everything" warranty on leases. They do oil changes even. If you can write off the lease & cover the mileage you expect + a bit, I'd consider something like that.

 

[SaladFork]

Leasing cars is a bad option IMO. Remember at the end of a lease they ask you to pay the residual which in some cases can be huge depending on your payment setup. At which point most think they can just trade in the car and get another one. But the residual rolls onto your next loan and you accrue more dept. And tax write off shouldn’t have anything to do with lease or buy options.

 

[rnch]

.... BMW here has an "everything" warranty on leases. They do oil changes even. If you can write off the lease & cover the mileage you expect + a bit, I'd consider something like that.

a couple of our fellow eliters love this bmw lease....but have you noticed how low the mileage limit is on this "everything" lease? who drives that small amount anymore??