› Forums › The Savings Spot › In need of some advice.. I’m currently on BS2
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.. I am leasing a 2020 SUV and the lease is up in May 2023. Should I buy the lease out and keep the SUV or buy the lease out and then sell it for a much cheaper and older car?
I make $43k per year and the dealership stated that I can buy the SUV for $20,800.
My concern is that it is a really nice SUV and very safe for my 2 year old son and I would just have to continue to pay it off in the snowball debt method.
On the other hand, if I buy it and then sell it for a much cheaper car, say 8k and older model around 2019, it would free up 20k in debt and I would be out of BS2 faster.
Your suggestions would be great!Michele
Need vs want you want the nice newer car you need a vehicle to get you from point A ti B. Plenty of reliable good used cars out there for a much cheaper price…. You have to really want to get out of debt for them to work. Good luck on your journey to financial peace.Joshua
Safety concerns for a 2020 and a 2019 are going to be very similar. Freeing up $20k in debt for an older vehicle is probably the best step you can makeAnthony
Assuming you meant $43k a year, are you buying the SUV outright in cash? Otherwise I wouldn’t go into debt just to get another car.Bruce
Even if you could pay cash for the car, it’s really too expensive. I’d focus now on saving $4,000-$5,000 in the next three months. Turn the car in when the lease ends in May. Then buy a perfectly “safe” 15 year old Civic or Corolla for cash and look forward to the day when BS3 is finished and you can save to upgrade in car.Dan
You only make $43 per year? Maybe $43,000? Anyway… To get out of debt faster I would turn the car back in at the end of the lease and get rid of that payment. Save a few $$ and get a cash Hooptie to drive for a short period of time to get thru BS2 and BS3 ASAP. Driving a hooptie will motivate you more to get thru and then save up after BS3 for a new car (to you) and sell the hooptie. You Got This!
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