Year+ into 4yr financing, need a 2nd car by end of year, what's the better strategy?

Ask the Hackrs
1

Would love the wisdom of the forums on my family’s situation:

  • Financed the purchase of a Kia Sportage PHEV 2023 (x-prestige trim) in May 2023 while living in NYC. We love the car, driving is enjoyable and the electric range is great for what we need.
  • Cost was $44.5K, with $35K in financing for 48 months ($820/month at 5.5%) and $10K down.
  • Currently under 8K miles, but expecting to be driving more by end of year
  • Perfect condition, no accidents/damages/issues
  • Family has grown and moved to Raleigh-Durham area, NC
  • Need a 7 seater in addition to “my” car by the end of the year, somewhat flexible if there are better deals expected a few months either side of December
  • Optimizing for lower monthlies and upfront expenses as we have a mortgage/HE loan
  • Don’t need luxury, or many bells and whistles, but don’t necessarily want to go too basic (or old) either
  • Optional: Would love for second car to also be a PHEV if possible. Would consider full EV

Options as we see them:

  1. Sell the Sportage and lease two new cars - a 7 seater and a smaller secondary car (maybe another Sportage…)
  2. Keep the Sportage and lease a new 7 seater
  3. Keep the Sportage and buy a used 7 seater
  4. Something else we haven’t thought of?

What’s the best option in your opinion?
If 1: Can we get something for under the $820 we’re currently paying?
If 2: Stay under $1.1K total if keeping the Sportage?
Any recommendations on models we should be looking at for the 7 seater? Is PHEV/EV possible within this budget?

Any other points to consider would be greatly appreciated. Thank you in advance, all!

2

Go lease an EV9

3 Likes
3

Good choice. Another options is CX-90 PHEV

4

Need a 7 seater, not a 4 seater with a divided cargo area.

1 Like
5

lol. Well never said it was a good 7 seater. :laughing:

1 Like
6

Only drive 8k after a year? A lease sounds like a good option for the 2nd car

7

Get a low miles 2011-2019 toyota sienna. You should be able to get it for $20k.

8

All you needed to say are magic words “Mazda CX90” and Ma… the genie appears :grin:

The_Genie_Aladdin
The_Genie_Aladdin307×325 72.3 KB

1 Like
9

Thanks! The EV9 was on our list, probably just the light/light long range version though to keep us in budget. And the light (~200mile range) scares me just a bit.

Is it common to have loyalty bonuses on leases given our existing car is a Kia?

10

Haha, I liked the Mazda, but the third row feels very very tight, and we are not big people… Any ideas for a good 7 seater instead? :sweat_smile:

11

That was mostly because we were living in NYC. We have been putting 12k/yr average miles since moving down to NC.

12

Sounds like a heavily discounted Chrysler Pacifica may be in your future.

1 Like
13

Would be tough at 20k, unless payable over time/in payments. Need to keep upfront costs down with all the house expenses… But the Sienna is a good shout!

14

A friend here just did the exact same thing… Might be our future indeed…

15

Get a used car loan.

16

Lease an EV9, stack up incentives/promos, then, assuming you still need a 7 seater at end of lease buy a heavily depreciated used one m.

17

Not a PHEV but you can get a Base Wagoneer for mid $600s only first month due at sign.

18

$500 loyalty

19

Thank you all! Appreciate the insights and guidance :slight_smile:

20

Coming back here at the behest of my wife who wanted me to pointedly ask:
So nobody thinks that selling our car, using the equity to finances two new leases and have lower monthlies is a good idea?

Thank you for keeping my marriage going smoothly. :smiley: