Here’s a prime example of leasing a new car vs owning a CPO model. This applies to most cars, but I’m choosing an extreme example to make some points. Maserati Ghibli 2018 (new) vs 2015 (lease return)
1. They both sound awesome, and have similar underlying parts. Most people won’t be able to tell the difference between the new 2018 and the old 2015. You will get the temporary dealer plates either way. Maintenance would be similar between the two, with a major service in there.
2. 2018 lease: $5999 + 36($699) = $31,163. You pay this amount and don’t have a car after the lease period. You’re out $31,163 overall, and you’re looking for another car to throw money at. If there is “excessive” wear and tear, mileage, scratches, and dents, you owe the difference. The insurance requirements are 15% higher here than the similar looking older one. You could buy it after the lease for $30k if you please, but you’ll be out $30k more if you do that.
3. 2015 owned: You pay $28,950. You own it outright. You need not worry about scratches, dents, or anything else. After 3 years, the car still looks similar to that 2018 model, except you could resell it for $15k. Insurance is lower. This means you’re out $14,000 if you sell it, but at least there is value. You could just keep holding it, given you would have spent $31k in lease payments and have no car. Don’t forget the money saved from not spending on the huge new car depreciation, and from not going into other cars you would have leased or bought following the lease. To sweeten it, you reinvest the $3k difference between leasing and owning. It grows to $5k during the 36 month period. Net cost: 14k-3k = $11,000. There’s also making some YouTube videos of DIY just for fun and making $1-2k out of it. Wowza.
Once again, this is an extreme example. $31k for a new lease vs $11k for owning a slightly used one. I’m facing a similar scenario with my CPO Hyundai Genesis. It’s always much better to own a much more reliable car (Prius), but I do love Maseratis. 🙄
Have you ever been so overwhelmed that you just mentally and emotionally breakdown?! Yup well that was me this weekend!! I was so overwhelmed with juggling teaching, clients, my car (being annoying), my relationship, family, my dog and just life. The thing to remember is to breathe and not panic. I have a tendency to panic and lose it. As I get older I learn that it’s ok to be overwhelmed but you have to calm down to think rationally about your situation. Take deep breaths and a moment to really relax. I never know how much to share with you all, but it was brought to my attention that I seem so strong and that I never have emotional days. I wanted to share that I definitely do and it’s ok. I got a great sigh of relief when I got a new car and don’t have to worry about my car anymore!! Thank you @hbchryslerjeep you made this process so much easier and gave me some relief!! Luckily I also have an amazing mom and man that stood by me in my emotional time. 😭 I couldn’t ask for a better family or relationship!! ♥️
Suede Timb's on my feets makes my cypher complete.
Whether crusing in a Sikh's cab, or Montero Jeep
I can't call it, the beats make me falling asleep.
I keep falling, but never falling six feet deep.
I'm out for presidents to represent me...
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