- 7 years ago
- Wedding: November 2010
Well, bees… Darling Husband and I have found ourselves in a little bit of a pickle.
Darling Husband bought a used car (2006 Hyundai) about 2 years ago from a reputable car dealership. Two days after driving the car off of the lot, the cars oil light kept coming on, and the car was running rough. He brought it back to the dealership right away. They provided him with a temporary car while they fixed whatever was wrong with his car. This happened off and on for the first few weeks of him owning the car. He kept bringing it back, and they kept checking it and supposedly “fixing it”. Miraculously, the oil light stayed off, and the car ran fine. Fast forward to this past August… and the oil light came on as we were on a road trip to Maine (from Boston) for camping. We took it to a family friend mechanic, who said at best case scenario, it was an oil pressure problem… and at worst case, the engine was going. The mechanic put some heavy duty oil in it, and off we went. Well, now the car is on its last breath. The engine is now making knocking noises… which is basically the death rattle for cars. Unfortunately, Darling Husband still owes $5,000 on the car… and its pretty obvious we are not getting any trade-in for this car, as we would be lucky for it to even make it to a dealership at this point.
So now we are looking at having to get a new car with no trade-in, and a $5,000 loss on top of that. Here comes the lease vs. buy debate. Its obviously cheaper (in the short term) to lease a car than it is to buy it… which in my opinion, is crucial at this point because on top of a new car cost, we still have a $5,000 loan on our hands. Good ole Suze Orman says never to lease a car… but I am not certain we can afford the payments to buy a new one. Is it REALLY that bad to lease a car? We just got married in November and after funding about 90% of the wedding ourselves, we are still reeling from the aftershock of that… not to mention trying to save to buy a house.
And buying a used car isnt really an option for us right now (unless its only a year old) given all of the issues we have had with this one. My mom always said, “buying a used car is just buying someone elses problem.”
So anyway- has anyone else here leased a car? Do you feel like youre just wasting money?