Am looking for advice on buyout, newlease or drop to 1 vehicle.
I have a 2020 cherokee lease that is coming to term on Jun 1 2023. The buyout price is $14K and the trade-in value of the car is estimated at $22k or so. It’s got 45k miles on it and is in good condition. My wife and I have 3 options and are seeking guidance on how to weigh them.
Option 1: Trade-in towards new car
We’d like to buy a new car outright, but want to invest in a brand that’s known for long-lasting vehicles. Were thinking Toyota or Volvo? Credit is good but we’d have to borrow the majority of the loan and prices and interst rates are high. Note that EV is not an option for us at this point for various reasons.
Option 2: Trade-in towards a new lease
Same deal - prices are high so is it better to lease at this point and postpone the new car buying for down the road? Any idea what is a good price/vehicle in the crossover category (ie. similar to a jeep cherokee?)
Option 3: Buyout lease and sell
Figured since the car is worth more than we owe on it, we can sell it and sit on the cash for a while. However, my wife and I are down to a single 2014 ford fusion so don’t want to do this for more than 1 year. Any prospects of the market improving in that time frame?
Does anyone have any general advice - I understand it all comes down to specific numbers, but just if you were in my position what you’d be looking at for a price point to make either of these options favorable?
If this doesn’t fit the rules of the forum, I apologize - if so close it out