Going back to the office soon and can’t decide if I should spend $10k on used Honda / Toyotas vs getting a lease.
This would be 2nd vehicle, just to drive to office and back. Part of me prefers to keep that money in the bank since the car will be temporary.
What would do you do? and is there any deals worth looking into?
Ariya. 18 months 10k mies a year. $350/m at most. Are ayou OK with pure electric car?
Would way rather drive a civic which will easily cost 350/mo or less than that POS and dealing with the quirks of a first gen EV car
Find one with similar equipment at that price and OP will buy You a lunch. LOL
The dollars earned on that money are pretty small in the grand scheme of things. So best to ignore that.
“Temporary” meaning you will be WFH again in the foreseeable future? Unless that’s the case we shouldn’t consider this a temporary situation.
What you need to decide is whether $10,000 as defined by, say, $6,000 purchase price and $4,000 maintenance over 8-10 years (net some resale value) in exchange for those years of service is the same as $10,000 spent on a 2yr lease, rinse and repeat.
Those are two very different annual spends and lifetime costs. They have almost nothing in common except that artificial “$10,000” construct.
Well you’d be financing it so you don’t have to hand over 10k dollars today. The TCO being 10k is what matters
Hi Max,
By temporary, I mean planning on getting a better car within couple of years something like BMW x6 or might find a WFH position again (if those exist).
What would you do in this situation? Pay $10k up front for Civic or sign off a lease?
You brought up a good point. I was thinking of avoiding finance due to almost 7% interest rate hence the whole “pay $10k used cash”.
Do you think it is still worth finance with these interest rates? Maybe refinance at a cheaper APR?
Personally I’d save for the nice car and aim for a net spend of sub $4,000 (sub 6k purchase price + sub 2k maintenance - $4,000+ resale) over 2-3 years.
@anon65069371 - should this dude get a natural gas Civic? You love alternative fuels right? What could go wrong?
$5k!
You could do a Care By Volvo and be cheaper per month than any toyota or honda.
By the way the program is great for people who want shorter terms and great for commuters as you get 1250 mi/mo and tire and wheel coverage included.
I could have swore Care by Volvo had flat pricing… but now it looks like it’s still up to the driver to negotiate the monthly?
What does it cost to fill this bad boy up
Depends how many Taco Bell burritos you ate the day before.
I work at Taco Bell don’t disrespek it like that
How old is that used Honda have to be for $10K? Or do you want to drive a new car for a couple of years? Very different scenarios. If you want a beater to just get you back and forth to work, buy a cheap used car. It won’t depreciate much in two years and then you can sell it to get something nicer.
You are looking to minimize the total cost to own for your timeline as someone also mentioned above. There are a lot of parameters at play but if you want to gamble, you would want to buy a used that is at the end of its depreciation curve and hope nothing catastrophic happens till you sell it. If everything goes well, you will be ahead compared to a lease. Second best option is to lease a cheap EV that also comes with free electricity.
Finance a Honda , they offer 2.9% finance on all their cars
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