Cliffs notes version-- I am trying to reduce outgoing monthly expenses. I've got a 2008 impala I drive and I leased a 2017 chevy traverse for my wife about two months ago. My car will be paid off this month and exchanged for a mistachian car for my daily 40 mile commute and I'll get cash back from the exchange. I was advised to try to get out of the wife's traverse, and I have that option, but I need to know if it's worth the cost. It won't be cheap.
I can trade the traverse in for about $20,000. Lease buyout is $26,235 so I'd have to pay $6,235 to get out from under this $360 lease payment. If I do this, I would be getting a 2013 or 2014 Nissan NV or chevy express passenger van for about $15,000. With that, paying the $6235 negative equity and just financing the balance, I would be able to lower my payment from the leased $360 to a purchase payment of $250 for 72 months at 3%.
It's cheaper per month and I could theoretically pay the $250 plus my old impala payment at it and pay it off in 2 years if I also put bonuses and stuff toward it.
My concern is paying this $6235 to get out of the lease two months into it. That makes this traverse a BERY expensive short term lease. Is it worth doing that for the greater savings, or is that just stupid?