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My car is on its last leg. I think it's time to purchase a new one. I have the "drive it until the wheels fall off" mentality. I've been pretty conservative and decided to save more than usual/invest a lot of extra cash as opposed to buying a car.
Starting next month I was thinking about taking the train to work 2-3 days a week from my apartment and then driving the other two (Monday and Friday). It's 25 miles round trip (driving).
Most of my driving will be on the weekends, which will only be short, city driving to run errands or go to the mall, park, etc. with a few longer trips (50 or less miles roundtrip).
Should I just get a low-mileage lease? Or purchase? Either way, since I won't be driving more than 150 miles total a week I want something inexpensive. ($25K or less if I were to buy, it doesn't make sense to spend more if I won't be putting many miles on it.) But eventually within 2.5 to 3 years I'll be driving much more..
Thoughts? Car recommendations? I don't really have any preferences. I would like something aesthetically appealing. I'd prefer used (less than 3 years old)
If you think the amount you drive will go up significantly before the lease is up, be careful. You do not want to get tied into a low mileage lease, then end up exceeding it.
I think I would buy, find something comfortable at the more affordable end of the market with some strong deals going on. When your driving does pick up, it won't have many miles on it and you can keep driving it for a LONG time.
Beyond that, no specific car recommendation. Many could fit the bill here. Just think long term, and be sure it meets your comfort and hauling needs now and what you anticipate down the road.
How accurately do you know when you'll start driving more?
Do you have a family (spouse and kids)?
No kids. I'm early-to-mid 20's and engaged. We would probably start attempting to have a child in a little over 3 years. I said 2.5-3 years because we plan on moving to a townhouse eventually before buying a house so my commute would be a bit longer (no longer close to the train).
For now, I'll be in the city and close to a train for at least 24 months.
I'm an anti-lease guy in general, but my observations are:
1. Pretty much everyone I know exceeds their lease miles, and you probably will, too.
2. Despite your best intentions, don't be surprised if you drive more often and take the train less often than you are now predicting, especially when you have a new and much nicer car than you're used to.
3. You can easily find a comfortable and reliable car in your price range that will last you well beyond the time you buy a house and start having kids, and many of these cars will be fine for transporting the kid in the car seat.
4. Once you start looking at new used cars you might find that the price of a 2-year old, low mileage used car isn't much of a savings over a new one.
Your philosophy of driving the car until the wheels fall off is, in my view, the way to go.
The low mileage lease, if you do a compact car (since no kids yet), might be a good savings for you. BUT you need discipline. If you do a 36-month lease, divide the allowed mileage by 36, and do not allow yourself to go over that number in a month. if you go over it, you're "grounded" (no driving that car except to work and grocery store for the next month). In 2 months you should not have used more than 2/36 of the miles, in 3 months no more than 3/36, in 4 months no more than 4/36, etc. NO EXCEPTIONS. If you want a road trip, cut back on miles and "save up" for it in advance.
If you can't strictly adhere to the monthly "allowance", you'll end up better off just buying a gently used vehicle now. Mileage based depreciation is usually much less than over-mileage fees.
I think you can lease a brand new Nissan Sentra with a lot of nice equipment for about $180 per month with zero down and no payment due for 30 days. That would be 12,000 miles per year for about 36-39 months. Pretty hard to buy something and get a better deal than that since you can buy the car at the end for a reasonable amount.
You can always lease and if you end up liking the vehicle and see that you are putting more miles than anticipated towards the end of the lease you an always buy it out at lease end. That's the one good thing about leasing. It gives you options. You an trade up, turn in, or buy.
Since you stated that you may be looking into children soon I'd suggest something bigger than a compact. Maybe a cuv such as the Honda CR-V or Nissan Rogue. Both have great lease programs.
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