Check out DCU, they have the lowest purchase refinance rates.
That’s the new reality for the foreseeable future.
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You don’t need to justify this. Have you looked what a 4k-5k Civic/corrola looks like on CarMax/Carvana/dealership website. With a clean Carfax you are talking 10 years old and 100k miles. Anyone telling you to buy an old Corolla hasn’t looked at what they cost in several years - even before current inventory crisis. Absent credit issues you are way better leasing a low trim new model than buying a 10 year old used one. Edit - I was very very wrong. A 10 year old corrola with 100k miles on odemeter is a $10k vehicle. Just an insane price.
So now is a bad time to lease but I’ll give you my standard spiel. There are still cheap leases available if you are willing to drive less desirable models. If you want the absolute cheapest option a base corrola is likely under 250 after tax. You could also get a mid-trim Camry for about the same price as you would be paying buying out and financing the Jetta.
In this case a cheap Toyota sedan is a means to an end. It saves you money and assuming you can keep the Carfax clean you can likely sell it midway through the lease for something close to buyout when compact SUVs start leasing better.
Thanks @EC99 ,
I was pre-approved for a refinanced used car loan with my credit union at what I believe is a pretty good rate. This would bring me at about a $290/mo payment if I’m doing the math correctly as well as owning the vehicle rather than leasing. Is this a good play? That payment is much more feasible and I do LOVE my Jetta…just $417 a month for it was way too high.
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If you like the car that is a fine option, especially with VWs longer warranty which means the car will be under warranty for most of the loan term. Having a VW with a active note out of warranty isn’t ideal but you won’t owe that much on car by the time the warranty ends.
It’s probably not what I would do but that really comes down to how much you like driving your car.
@EC99 I also reached out to my local Toyota dealer and they are the only dealer I’ve talked to so far who is willing to do a virtual appraisal of my vehicle. I’ll also look that route and see if I can get into some sort of Corolla hatchback for cheaper. Thanks again!
That’s not a fair way to assess the used car market, though.
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Just remember, just because the payment is smaller, doesn’t make it cheaper in the end.
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No but that is how most Americans do it. Used car prices are even more opaque and confusing than new car prices. No two cars are the same so apples to apples comparison is impossible.
But irregardless, find me a 5k corrola today and I’ll show you a car it’s not worth buying.
For reference, my baseline for Toyotas is @Jrouleau426 marketplace listing. He does a pretty high volume here with good reviews so you can be confident that anything he has listed can be leased for the stated price (with the caveat that prices can change at any time).
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