What do you think about this???

Danielle wants to get a new corolla S or LE. She has been trying to break her lease on her 2002 civic. Her dad and the sales agent had talked her into leasing for 48 months and now she wants a 4 door. Well breaking the lease and doing a smart buy on a new corolla is giving her an insane payment.

Yesterday we thought about trading in my Prizm, and I would take over the lease on her 2002 civic for the rest of the 15 month lease. She only has 21k miles on the car. It is a blue EX coupe. Much nicer than my car. I have 47k on my prizm, and I pay $135 a month. I have 3 years left on my loan. It is a 2001 and it is only worth around $5500. It is fully loaded, because it is the LSI model. Anyway, I owe around $4700 on the car still. If we trade my car, and pay off the loan we could use whatever money is left for the Down Payment on the Corolla, plus what ever money my wife was planning to put down to give her a better payment.

So do you think it is worth it for me to take the civic?? The reason she wants a 4 door is because she drives her nephews around a lot and it is hard to get them in and out of the car seats with a 2 door. If she doesnt get the corolla, she will get the Alti 2.5S.

Thanks...
Scott

Since it's a 2002 civic and it's already halfway through 2005, I'd just wait the last year. The Prizm is the old Corolla so you having 47K on it is about 1/3 of its lifespan. And, having to pay so little on it is great! Plus, if you take the Civic now, you'll just have to get a new car next year anyway... Not worth it IMO.

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Posted by eogara

Since it's a 2002 civic and it's already halfway through 2005, I'd just wait the last year. The Prizm is the old Corolla so you having 47K on it is about 1/3 of its lifespan. And, having to pay so little on it is great! Plus, if you take the Civic now, you'll just have to get a new car next year anyway... Not worth it IMO.

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I agree. DH has a 95 Prizm and it is still going strong. I would keep the cars you have until the lease is up. I think doing anything else would be unnecessarily costly for you guys. JMO.

did you ever call the bank about this Scott... you can break the lease..you just pay a fee.

also, ask them how much is it to buy the car right now... so you konw how much its worth

Most banks would rather get it back now so they can sell it back when its worth more. So both ways, (fees and sellback vaule) they win.

It would be $13k to buy the car now and the value of the car is only $10k...not worth it

Scott