Wanting to buy used car before my existing lease ends

Off-Ramp
1

Hi Hackrs:

I am currently in lease with Kia Optima. The lease ends on July 16th of 2018. That is about six months from today.

I am considering to buy a used Ford Explorer as a bigger, 7 seater vehicle. I have looked at several used ones and found one that I like in my area. Price is good and low it has mileage + color that I like.

I am confused whether I should pull the trigger on explorer. I have no plans to trun in the Optima sooner than July because I want to avoid extra penalty. Since I got a good deal on the lease and I am way below on the mileage usage, does it makes sense to keep it until July ? I got a quote from Carmax to sell Kia and it was way below the existing payoff amount set by Kia Finance.

Questions is…does it make sense to buy explorer now and not really use it until July? I will be paying for insurance cost that can be avoided. Also monthly payments that I will be spending now but won’t be using the car until later. I am not sure if I will find same deal on used explorer if I was to wait until July.

What would you guys have done if you were in similar situation? Any pros and cons of buying it now vs. waiting until later ? I am open to your feedback.

Thanks !

2

This is a strange question. Am I missing something?

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If I buy it right now, there is no use of it since kia optima is still there until July. Benefit of buying it now is I don’t miss out on the deal.

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Prices will only go down further six months from now (if you end up looking at the same trim/mileage Explored). Unless it’s some time of once in a life time deal, or you can’t stand to use your Optima for 6 more months, I would recommend against it. You’re already paying for the Kia the next six months, if you get the Explorer you’ll be paying to not drive it.

1 Like
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I totally agree. Question 1: why would you buy an explorer? Question 2: why wouldn’t you wait for the explorer to depreciate for 6 months more and then pick it or a similar car up for cheaper in July. Question 3: why are you buying a used car? Was your leasing experience so bad? There are some nice three row SUVs out there that you could lease that would give you trouble free driving for 24 to 36 months.