Fled's Flummoxed...

[fledonfoot]

So, with the new job and 25,000 mile per year commute, it's time to figure out what to do with the truck.

Truck lease has 20 months remaining. If i keep the truck, I hit the end of the lease and end up over 20,000 miles over my allowance. At 25¢/mi, I'm looking at $5,000+ in mileage penalties. Add to that, $200 in extra oil changes and air filters, $800 in a set of tires it will absolutely need, and figure a set of brakes so I've got a clean vehicle to turn in. Disposition fee is $400. Add the possibility of having to have the front bumper painted thanks to highway rash.

So there's easily $6500+ there to eat by the end of the lease, and that doesn't even factor in the doubling of my fuel costs. I'm assuming $3/gal for the fuel for the sake of caution, but I'd also spend about $3500 in fuel by keeping the truck over a 30mpg hwy car to the end.

If I trade it in, right now it appears I'm.... $6900 upside down. Trade value from at least 3 separate places is $30k on the nose.

Current payment is $411.08

Options:
1) Keep lease. Pay for lots of gas. Turn in lease for $5k penalty. Roll that inequity into a new loan in 20 months.

2) Refinance the truck. Payoff is $36,900 and a 72 month loan clears $530 with interest. Drive Silverado into oblivion, and adopt a gas station.

3) Trade the car now. I've shopped a couple of fun commuters in the mid-high $20's. Both options involve rolling $6900 into loans on new cars at 72 month notes with 1.9% financing. If I throw $2-3k down I can end up in a GTI w/DSG or Mini Clubman S All4 for $490-500/mo. Both options include gap insurance, taxes, and 100k mile powertrain warranties.

4) Wait, and just delay the inevitable.


===

Yes, I fucked up by leasing. If you were in my spot, what makes the most sense for you?

[Apex]

How much fuel are you going to use with the new commute? I'd be tempted to refinance the truck and buy it out. It'll last you forever and is a sweet truck. Keep the lease payment for a bit and grab a loan when you could toss a few stacks at it to lower the payment under $500?

[troyguitar]

Gas is free bro.

Buy a Cayman.

[fledonfoot]

How much fuel are you going to use with the new commute? I'd be tempted to refinance the truck and buy it out. It'll last you forever and is a sweet truck. Keep the lease payment for a bit and grab a loan when you could toss a few stacks at it to lower the payment under $500?

On the new commute, I'll be spending at least $150 extra on gas. I'll be going from ~250 miles a week to 475.

[Apex]

How much fuel are you going to use with the new commute? I'd be tempted to refinance the truck and buy it out. It'll last you forever and is a sweet truck. Keep the lease payment for a bit and grab a loan when you could toss a few stacks at it to lower the payment under $500?

On the new commute, I'll be spending at least $150 extra on gas. I'll be going from ~250 miles a week to 475.

[fledonfoot]

Keep the lease payment for a bit and grab a loan when you could toss a few stacks at it to lower the payment under $500?

Still leaves me in the same situation as trading it... only with a higher gas bill.

[Apex]

Keep the lease payment for a bit and grab a loan when you could toss a few stacks at it to lower the payment under $500?

Still leaves me in the same situation as trading it... only with a higher gas bill.

Too bad Mrs. Fled won't drive it to work.

[Tar]

Absolutely would take advantage of a trade in that just can't be passed up next spring and use the truck for winter and shit weather duties. Get a cayman or trade in 911 that fits your budget.

[D Griff]

Well the $6,900 of negative equity is only $1,300 less than you owe on the thing, so terminating the lease seems silly to me. I'd keep it and maybe buy a cheap car to use for committing some to keep miles in check. Return at the least end, sell the cheap car, but whatever you decide then or just keep the cheap car and

[ChrisoftheNorth]

Well the $6,900 of negative equity is only $1,300 less than you owe on the thing, so terminating the lease seems silly to me. I'd keep it and maybe buy a cheap car to use for committing some to keep miles in check. Return at the least end, sell the cheap car, but whatever you decide then or just keep the cheap car and

This is the best recommendation in this thread.

Other than

Dude bro wants you so bad, make him give you a company car.

[Johnny_P]

Well the $6,900 of negative equity is only $1,300 less than you owe on the thing, so terminating the lease seems silly to me. I'd keep it and maybe buy a cheap car to use for committing some to keep miles in check. Return at the least end, sell the cheap car, but whatever you decide then or just keep the cheap car and

Yeah that could work pretty well. Honestly I'd just keep the truck. Wait and see what kind of trades the dealership gets in, maybe you find a type deal that way and can offload the truck for a discounted good car that will basically put you even with the lease termination fee.

[Davestr]

Keep it. Gut it out and consider moving. Thats no way to spend your life if it can be avoided.
This is why I dont lease ever.

[troyguitar]

This is why I dont lease ever.

Leases terrify me. I can't commit like that.

is on-call 24/7/365 just like

[Johnny_P]

This is why I dont lease ever.

Leases terrify me. I can't commit like that.

That's why I've never done it. I always have a way out if I buy the car. But for me, honestly, it probably just causes me to spend more than I need to.

[Johnny_P]

Well the $6,900 of negative equity is only $1,300 less than you owe on the thing, so terminating the lease seems silly to me. I'd keep it and maybe buy a cheap car to use for committing some to keep miles in check. Return at the least end, sell the cheap car, but whatever you decide then or just keep the cheap car and

The $7k or less Honda Civic idea isn't a bad one.

But that's still putting out $7k of cash now instead of spreading it out.

$7k can get you a..

Acura TL 6 speed
Lexus GS350
Accord
etc

But IDK I'd really rather just ride the truck lease out. You're going to spend money on transportation one way or another, and I don't think breaking the lease makes financial sense really.

[D Griff]

Guys, clearly the cheap car is a Miata. You can get an NC for $6k. Cheap, reliable, fun other car, won't depreciate much.

[Apex]

So, buy a $6k car to drive so you don't drive the truck you're paying 4 hundo a month to have sit in the driveway?

[Johnny_P]

Guys, clearly the cheap car is a Miata. You can get an NC for $6k. Cheap, reliable, fun other car, won't depreciate much.

With the commute he's against I'd rather just have a quiet comfy cruiser if getting rid of the trux. There is no fun to be had on that stretch of the turnpike or 476 anyway. Bumper to bumper crawling at 5 MPH will happen on a regular basis.

Automatic and quiet/comfy would be the way I'd go. I wouldn't want a loud ragtop or a buzzy unnecessarily-high-revving Fit. His truck is awesome for this aside from the MPG part.

[Johnny_P]

Guys, clearly the cheap car is a Miata. You can get an NC for $6k. Cheap, reliable, fun other car, won't depreciate much.

To daily drive through heaven and hell?

[D Griff]

Guys, clearly the cheap car is a Miata. You can get an NC for $6k. Cheap, reliable, fun other car, won't depreciate much.

To daily drive through heaven and hell?

Well, split duty with the TRUK.

Same setup as you or Detroit, TRUK, fun car, problem solved.

[D Griff]

I daily drove an NA. NC is downright luxurious. Miatas are admittedly awful in snow though, but TRUK.

[Johnny_P]

I daily drove an NA. NC is downright luxurious. Miatas are admittedly awful in snow though, but TRUK.

keep both? I'd get rid of trux after some time and get juan car to rule them all.

[max225]

So, with the new job and 25,000 mile per year commute, it's time to figure out what to do with the truck.

Truck lease has 20 months remaining. If i keep the truck, I hit the end of the lease and end up over 20,000 miles over my allowance. At 25¢/mi, I'm looking at $5,000+ in mileage penalties. Add to that, $200 in extra oil changes and air filters, $800 in a set of tires it will absolutely need, and figure a set of brakes so I've got a clean vehicle to turn in. Disposition fee is $400. Add the possibility of having to have the front bumper painted thanks to highway rash.

So there's easily $6500+ there to eat by the end of the lease, and that doesn't even factor in the doubling of my fuel costs. I'm assuming $3/gal for the fuel for the sake of caution, but I'd also spend about $3500 in fuel by keeping the truck over a 30mpg hwy car to the end.

If I trade it in, right now it appears I'm.... $6900 upside down. Trade value from at least 3 separate places is $30k on the nose.

Current payment is $411.08

Options:
1) Keep lease. Pay for lots of gas. Turn in lease for $5k penalty. Roll that inequity into a new loan in 20 months.

2) Refinance the truck. Payoff is $36,900 and a 72 month loan clears $530 with interest. Drive Silverado into oblivion, and adopt a gas station.

3) Trade the car now. I've shopped a couple of fun commuters in the mid-high $20's. Both options involve rolling $6900 into loans on new cars at 72 month notes with 1.9% financing. If I throw $2-3k down I can end up in a GTI w/DSG or Mini Clubman S All4 for $490-500/mo. Both options include gap insurance, taxes, and 100k mile powertrain warranties.

4) Wait, and just delay the inevitable.


===

Yes, I fucked up by leasing. If you were in my spot, what makes the most sense for you?

You didn't fuck up by leasing you're just realizing how expensive vehicle ownership truly is. If you bought the truck outright you'd be taking same or worse bath on depreciation.

That said if you're 6900 upside down. Why on earth are you considering trading ? That 6900 buys you almost 30,000 miles.

The only thing you can truly do in this situation is to buy a really cheap and shitty car and ride that instead.

But that car has to have an all in cost of less than your mileage penalty. Which is kind of unlikely or a really shitty car... like a 2000s taurus or Malibu

[D Griff]

I daily drove an NA. NC is downright luxurious. Miatas are admittedly awful in snow though, but TRUK.

keep both? I'd get rid of trux after some time and get juan car to rule them all.

Generally I'd agree but his negative equity is the same as what riding the lease out will be, so seems pointless.

[razr390]

Why can't wifey drive it for 1-2 days out of the week?