October 12 04

So, it’s the end of an era. My beloved Jeep is on its last legs. I thought the old girl would have at least a few goods years left in her, but it seems that way too often there are things that need fixing, and each time this happens, we are dropping a good thousand dollars.

On Monday, we discovered that my jeep is leaking oil. And it’s not just dripping, it’s pouring out. I can see the number signs in my head….i know it will be another grand to fix.

I’m realizing that it may be time to say goodbye. But, i dread the day – for two reasons. The first, naturally, is because this car is my baby. i’ve had it since i was 16, and I love it. It’s the only car I’ve ever had, the only one I’ve ever driven. It’s become a part of me. I will be very sad to see it go.

The second reason is that I know in my heart that I will be getting a minivan. I am not a minivan person. Do you hear that world??? I am an SUV driver…and no matter what, I always will be. But, we just can’t afford it. The Honda Pilot that i really want…is just way way more money than let’s say, the Dodge Grand Caravan. So, I know I’m going to end up with a van. cripes.

anyone out there have any opinions on leasing vs. buying? we aren’t sure what to do with this next purchase. Two of our friends are leasers and are beginning to steer us in that direction, but we aren’t 100% sold. anyone? anyone?

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  1. First, let me describe what a huge dork I am. I find myself staring longingly at mini-vans while commuting to and from work. I think how great it would be to have one. Then, as if that wasn’t dorky enough, I become disappointed when I realize my wife will be the one driving it if (when) we get one. I’ll get (be stuck with) her volkswagen. (sigh)

    As for leasing vs. buying, that comes down to finance. Do you intend to keep the car longer than the lease period? If yes, I would lean toward buying now, because the buyout at the end of a lease is always more than the real value of the car.

    Do you drive a lot? Then I would think about buying mainly to avoid paying for the excess miles you’ll undoubtedly incur driving your spiffy new van all over town. And on long trips, because let’s face it they’re made for that. Yes, you can buy extra miles from the dealer on the lease, but you’ll probably go over those as well.

    Do you enjoy car payments? If not, and if you also intend to keep the car longer than the lease period, I’d buy.

    Personally, I would only ever lease a car if I had my own business through which I could expense it. My brother has gotten hosed by leasing, primarily because of miles and the buyout value. You either end up walking away from 2, 3, or 4 years of car payments or you pile on by buying the car at the end of the lease for way more than you could ever sell it if you owned it at that exact point in time.

    I look at leases as a way to drive a car you can’t afford to buy. I know people that love leases for that very reason. They figure they’ll always have a car payment because they don’t like driving a car more than 3 or 4 years old so why not lease and drive a car that is better than they could actually buy, for a reasonable monthly payment? If that is how you see a lease, I say go for it. But if not, I say buy the car. And remember, if you can’t pay it off in 3 years, you can’t really afford it. (anything beyond 3 years is just interest payments to the bank or finance company).

    That was a bit more than my 2 cents, and reasonable can, and have, disagreed with my opinions. Sorry for the verbosity.

    [Reply]

    Comment by Sean on October 12, 2004
  2. why not lease? I remember the day I let go of my blazer, same story as yours. But since then I realize how much better it is to have a better newer car! We just recently leased a 4runner and it made our payments lower and you can trade it in when it’s up if you want or buy it out. I say as long as you don’t commute far to put a lot of miles on it, you may be able to swing that Honda Pilot with a lease. Check into it, doesn’t hurt to walk away if you can’t do it. I have to at least give you one more way before giving up and getting the minivan.
    From a fellow SUV person,
    Sara

    [Reply]

    Comment by Anonymous on October 12, 2004
  3. Sara,
    the problem with your logic as I sit it is:
    If you lease then at the end of your 3 or 4 years you have 0 money and 0 car. You need to start a new lease from scratch. At least with buying you are left with some value of a car at the end. As well, with today’s 0% for year’s finaning options – buying sure is tempting…

    [Reply]

    Comment by Giblet on October 12, 2004
  4. Thanks Sara for your help. I know you’ve got my back and feel my pain!

    but, it looks like i’m going to be getting a minivan…and it’s going to be bought…

    [Reply]

    Comment by Ali on October 12, 2004
  5. If it makes you feel better, I know people that resisted the minivan with every ounce of their being then ended up loving them. Hopefully you will too, there’s nothing worse than driving a car you can’t stand.

    [Reply]

    Comment by Sean on October 12, 2004
  6. Giblet~

    Believe me, I’m not just pro-lease. I actually prefer to own a car for the reasons you stated. However, some people it doesn’t bother them to trade in their car every couple years for a new one. I was also giving Ali a reason to fight for the SUV, but it’s okay, I’ve found myself eyeing those Honda minivans lately and have wonder at what point do they start looking attractive?! SUVS are just so much cooler, plus, aren’t we too young for minivans still?!
    Sara

    [Reply]

    Comment by Anonymous on October 12, 2004
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