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Car end of lease question
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driven
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Aug 29, 2010, 01:29 PM
 
I need to make a decision forthwith, and I'm being sort of indecisive.

My 2008 AcuraTL lease is coming due. When I first got it I was going to use it to fill a short term need, but now I find I like the TL and want to continue with it.

The two choices that I'm vacillating on are:

1) Buy the car. (Which means paying for the car for another 5 years on top of the 3 that I already paid on.)
2) Buy a new TL (Which means at the end of 5 years I have a car that's 5 years old and not 8).

My purchase price is quite good, nearly $5k below book value. The car has 22,000 miles on it.

Normally I'd pick #1 without hesitation. However 5 months ago I slammed into a curb trying to avoid a wreck. I caused $6,000 in subframe damage. This was repaired. However the car "feels" different to me since then. It concerns me. (Maybe it's mental, I don't know.)

Buying a new car will cost me $150 more per month over buying the existing car. (Plus higher state property taxes for the first few years.) We usually keep our cars 10-12 years before getting rid of them. (I only leased sort of as an experiment and due to the low miles that I drive.)

What would you all do in these circumstances? (Just looking for some outside parties to shed a disconnected opinion on this.)
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bstone
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Aug 29, 2010, 02:50 PM
 
I have heard leasing is a bad option.
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driven  (op)
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Aug 29, 2010, 03:15 PM
 
It fit a need at the time. That said: neither of my choices going forward involves leasing.
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finboy
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Aug 29, 2010, 03:54 PM
 
Originally Posted by driven View Post
It fit a need at the time. That said: neither of my choices going forward involves leasing.
You have more information about the car than anyone else, but the only way you can use that info is to purchase it.

Plus, if this one is such a great deal, why do you need a new one? Stick with what you've got (and buy the extended warranty).
     
driven  (op)
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Aug 29, 2010, 04:05 PM
 
I don't think I said it was a great deal. I think I expressed concern about the car being 8 years old at the end of the payment cycle and the fact that it has previously had significant subframe damage.

Would that concern you enough to pay extra for something newer ? That's the question I am now asking myself.
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CreepDogg
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Aug 29, 2010, 05:57 PM
 
Get rid of yours and buy a different used one. It's either the devil you know or the devil you don't. Since you do have some concerns about the devil you know, it seems like it'd make sense to roll the dice on a different used one.

Also - if you can afford $150 more monthly, why not get a shorter-term loan on a used one (either yours or another)? Then you have a 6 or 7 year old car at the end of the payment cycle, and you have a paid-off car for that much longer. Then save those payments and pay cash for the next one.
     
imitchellg5
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Aug 29, 2010, 06:15 PM
 
Personally I'd keep your current car. CreepDogg has a good idea to shorten your loan if you keep the current as well. In the end, I don't think 3 years is going to make a difference over the life of a TL. You should be good to go for easily 10 years with doing recommended maintenance.

bstone, leasing depends on how much you drive. If you have a small commute or don't drive everyday, it's a great option. If you're in the car all day, you're gonna have to pony up extra cash to pay for more miles, which makes it a tough sell economically. Also, if you look around, sometimes you can find pretty incredible deals for leasing. Around here, I see 5 year leases on cars like a C300 for $199 a month plus $2500 down with a pretty low buyout at the end of the lease. If you can snag a lease like that, it's a pretty good deal as long as you're within the mileage ever year.
     
Eriamjh
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Aug 29, 2010, 06:20 PM
 
Turn it in an lease another car. Return to the decision is 24-36 months.

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driven  (op)
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Aug 29, 2010, 06:57 PM
 
imitchellg5, that's exactly why I leased, it helped me get rid of a high-value car that I didn't want (trade in) and got me into a low payment nice car. Obviously I don't drive a lot. (22k in 36 months).

Eriamjh, I can very easily do that. Just not sure I want to be doing this in 36 months. I want to get out of the payment business. (My other car is an MDX, fully paid off and those payments are going in the bank toward its replacement in 6 years or so.) But, it IS an option.

CreepDog, that's actually the best idea I've heard yet and I'm not sure why I didn't think of it. (I was hesitant to start this thread, but you've made me happy that I did.) That said: I need to buy my car, not another. Acura only offers me trade-up on a new one of theirs, or buy my own (or turn it in entirely.) If I get either my current car, or a new one, then they are forgiving the rest of my lease payments. ($1000 basically.) To get another car I need to run out my lease first, which is less advantageous. Further, if I buy in September then I can skip the property tax on the car for the first year. (Another $400-$600).
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driven  (op)
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Aug 29, 2010, 06:58 PM
 
I wonder if I should take my car to a mechanic to verify that the subframe repair doesn't have adverse affects on the car though. I wonder if anyone can really tell?

Anyway: Thanks all.
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imitchellg5
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Aug 29, 2010, 07:44 PM
 
Originally Posted by driven View Post
I wonder if I should take my car to a mechanic to verify that the subframe repair doesn't have adverse affects on the car though. I wonder if anyone can really tell?

Anyway: Thanks all.
Yes you can. They'll use a laser to make sure that the damage to the frame is within manufacturer's specs. Generally it's okay for a car to be a few mm off. If it's outside of certain parameters though, that could show up on a carfax report and possibly make the car into a salvage title. However, I would think that it's okay unless there seems to be any odd tracking issues at speed or shimmying? On a higher-powered FWD car like a TL, it'd be fairly obvious if something in the front end is wrong.
     
finboy
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Aug 29, 2010, 07:52 PM
 
Originally Posted by driven View Post
I wonder if I should take my car to a mechanic to verify that the subframe repair doesn't have adverse affects on the car though. I wonder if anyone can really tell?

Anyway: Thanks all.
Take it to somebody (a dealer) and have them check the alignment and struts for sideplay. If they're OK, and you're not getting funny handling problems, bounciness or tire wear, then it's probably OK.

If you're going to worry about it thought, just ditch it and go with another one. It's not worth the lost sleep.
     
Phileas
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Aug 29, 2010, 10:13 PM
 
Buying a new car is a waste of money, you lose 20% value the second you drive off the dealership.

I found that cars that come off lease are the best deals. Our B Class Benz had 38 k (kilometers) on the clock, was two years old, had two years warrantee remaining and cost us half of what it cost new - for a car that looked and felt brand new. We paid cash for it, no payments, no worries.
     
driven  (op)
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Aug 30, 2010, 02:00 AM
 
Originally Posted by imitchellg5 View Post
Yes you can. They'll use a laser to make sure that the damage to the frame is within manufacturer's specs. Generally it's okay for a car to be a few mm off. If it's outside of certain parameters though, that could show up on a carfax report and possibly make the car into a salvage title. However, I would think that it's okay unless there seems to be any odd tracking issues at speed or shimmying? On a higher-powered FWD car like a TL, it'd be fairly obvious if something in the front end is wrong.
It's been pulling to the right at highway speeds even when the alignment is spot-on.
(Excellent advice here guys, I am appreciative to all of you.)

All that said: I was convinced that I was going to buy this car for a shorter term payment. Then tonight, I come out to my car in the lot and find the rear quarter panel was hit. Not major but about $800 in damage. I'm starting to think this car is jinxed. Now I'm questioning keeping it again. (sigh)
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