Lease is ending soon looking for options

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Currently in a 2018 F150 crewcab Leasing for 280 a month. Gonna buyout my lease because i don’t care for having a truck anymore. (have 13 payments left) Looking for a small suv for college. I’ve seen the passport and the blazer looking for either or. I’m only 20 looking to keep my payments in low 3’s credit is decent for a 20 year old. Probably gonna buy this car at the end of the lease as well. Can’t afford my f150 after the lease is up. Thanks !

You can’t afford your F150 and don’t need a truck anymore, yet you want to buy it out? :thinking:

The Passsport and Blazer won’t be in the low 300’s w/o a huge down payment.

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To piggy back on what Jon said… the Passport and Blazer aren’t considered compact or small SUVs, either.

You should be looking at CR-Vs and Equinox to be in the ‘Compact’ segment. Though the equinox can come with a third row, so I don’t know how compact it really is.

Ok William, I’m gonna sound harsh but I’m tryna help…

What in God’s name are you doing leasing? Unless you’re making a decent living from a side job, I wouldn’t suggest leasing at all.

You’re 20 yrs old looking for a college car? Buy a <$5000 Camry and call it a day. Sounds to me like the pickup was a poor financial decision, and I agree with @Jon that buying out the rest of the lease is another poor decision. Furthermore, buying a car at the end of a lease is the absolute worst decision one could make in the leasing world (even worse than putting money down!).

Again, I’m coming from a place of trying to give you some advice. Finish school, get a solid job, then rethink leasing a new car.

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Appreciate the help. Why is leasing bad ? I’m confused Mainly did it to build credit with a short 2 year lease to buy my next car at a better rate.

Well for starters, there are other ways to build credit without locking yourself into a multi year commitment. Like getting a credit card and spending responsibly while paying the full balance each month, or even co-signing on a lease with a parent or someone.

Leasing isn’t “bad” per se. It just needs to make financial sense for you. People on this forum will argue until the end of Time about buying vs leasing but there is no one answer. But one thing for certain is that if you’re on a tight budget, it almost always makes sense to buy a reliable, but older car (Camry/accord) till you can afford a longer term lease commitment.

Now again, I do not know the situation surrounding your sources of income, but just based on reading what you’ve said, I’m seeing some unwise decisions. Namely, buying out your current lease, and the suggestion of purchasing a future leased car.

The former is a poor decision bc you’re simply dropping a ton of money for the convenience of getting out early. I don’t think you’re at the stage of life yet where you can afford such a convenience (many would even argue that leasing as a whole is a convenience issue and you’re paying a premium). The latter is a poor decision bc the lease end purchase price of the car is inked in the contract, ie non negotiable. Oftentimes that price is higher than the actual maket price of that car.

So unless you’re making real money, I’d suggest making your car a secondary item in your life right now. Focus on school, save your money, and when you graduate and get a nice job, then rethink leasing. My first car out of college was an Altima special edition for under $200/month all rolled in.

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Have you thought of transferring the lease? It will save you the remaining buyout costs and your monthly is very good, so should go quick. Like others have said, if still in college with no regular source of income, reliable beater is preferable.

http://www.swapalease.com/help/lease-company.aspx?leaseco=49

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I’m in college and lease :neutral_face:

I also leased back in college, but my father was kind enough to co-sign and help with payments to help my credit.

I was making generalizations, and obviously doesn’t apply to all but based on his previous statements about early termination and then lease purchase, I just got the feeling that there were some less-than responsible financial decisions being made.

I needed a co-signer as well, my 1st purchase was a supra mkiv with cash back in high school. Great credit but no history.

The vast majority of kids in college cannot afford what you lease and also pay for college and expenses :rofl:

My college car was a 1989 Mercedes Benz 300E back in 1999-2001. It was worth around $7-$10K at that time…

Really miss those old W124’s. It drove like a dream.

I stayed in state, was fortunate enough to have parents who let me rent a townhouse w/ a roommate (my brother) we pay about $500 a month each. Full scholarship, Also fortunate enough to work construction part time with my dad and as a research assistant, so what other kids spend on eating out, partying, tuition and dorms I just happen to spend on a 75k car and rent, different folks different strokes. Also leasing makes everything more affordable a 72 month loan on the car pretty much doubles my car payment and makes it unaffordable for me without assistance from my parents. Kids in college can lease new c classes and 3 series if they decided to spend a little less on food and going out, priorities I guess.

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classy, I drove an 04 e500 for my first few years in college(my dad’s), it was worth like 12-15k but drove like a dream, v8 and handled curves like nothing, we still have it to this day and it has 58k miles!(worth like 7-8k now) mb makes some amazing cars to drive though daimler really ruined the brand for those few years it bought out mb.

I meant no offense and you don’t need to explain yourself, I just meant that your situation isn’t typical by any means. I know when I was in college I made $40k/year but I would have defaulted on a lease like yours, even considering I ate ramen 50% of the time :rofl:

Oh no I got it, point was that everybody is in a different situation, for me it makes sense for gc2a it made sense for whatever car he had , for op it doesnt make sense. I have buddies in college who are getting buy on ramen but have the nicest clothes like designer stuff, then I have friends who eat and drink like kings but dress like bums, then there are the rich kids whose parents pay for everything so they have a nice car, apartment, eat what they want, drink what they want and go shopping where they feel like, I would have been on that ramen diet if I went out of state lol, it taste good for the first week then you have to get creative haha.

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Dude no kidding. Biggest mistake and best thing I’ve ever done was moving out of state for college. I can’t even look at Ramen without feeling sick :rofl:

No 3rd row in Equinox or Terrain. Need Traverse/Acadia to get a 3rd row.

Damn Tiguan with the third row keeps me thinking other small crossovers have one too, haha.

I really miss the old Mercedes, period. They lost the thread starting in 1996…

This.