Originally Posted by adthebadstud
I know I had already done a more thorough calc, using estimations of interest rates remaining pretty much equal. And CA fees of new cars being the same for used cars (based on price). But I just did a quick run through calc for my vehicle. MSRP of mine is $48,685, my sale price was $43838 after the $1000 conquest cash.
Financing New: $43,838 @ 6 years 2% interest= $46,557.4 + Initial sales taxes and fees of $4,092= $50,649 total payments ish over 6 years.
New: $43,838 @ 5 years 1.74% interest (PenFed)= $45,804.6 + $4,092= $49,896 over 5 years
Lease for 36 months= $598.4 * 36 months = $21,542.4... Residual is $25,316.2.
Then purchase over 2 years (5 years total) at 1.74% (PenFed)= $25776 + veh registration and tax of $2,400= $49,718
Purchase over 3 years same interest= $26,001 + $2,400= $49,942
All of this is trying to be as equal as possible. Barely save any money or maybe even a wash over the 5 to 6 years by leasing first (assuming interest rates stay the same, which we won't know). But, this also gives me the peace of mind that should I change my mind, or get a dud, I can always walk away. Or sell it when I get close to the 3 year mark. And it saves me a TON of money out of pocket NOW. I literally did a sign and drive. Kept the $4,000 in my account to grow with the dividend.
If my math is wrong, someone can correct me. It's Monday morning, so remember that. I know I assumed a lot of things as well. Just showing my thought process through it all.