Author Topic: Need advice: Car Lease Situation  (Read 1942 times)

Begonia

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Need advice: Car Lease Situation
« on: June 09, 2014, 02:49:15 PM »
Hi Mustachians,

I'm in a pickle based on my pre-MMM ways and I really appreciate your help here:

My 2012 Toyota Yaris lease is up in March 2015, leaving me with 10 more monthly payments of $258. I called Toyota and they said there's no cheaper way to break the lease than just pay that $2580. Is this true, or are there other ways of getting around it?

I've got money set aside to buy a used Honda or Toyota somewhere in the range of $3K-4K (any suggestions?). The car will be used for my job around town (I'm also getting a bike and hope to use that as much as possible) and short road trips. I'll be making a job change (from cubicle to freelance, very excited) at the end of the summer and have budgeted in that lease payment every month, so I can do it, but I'm having a hard time accepting that I'm throwing away money. Maybe that's just life until I get through next March?

Thanks for weighing in!


Argyle

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Re: Need advice: Car Lease Situation
« Reply #1 on: June 09, 2014, 02:57:06 PM »
That's what we call "tuition."

Begonia

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Re: Need advice: Car Lease Situation
« Reply #2 on: June 09, 2014, 03:19:50 PM »
@ Argyle --

Yeah, I figured. Ouch. School of Hard Knocks.

CarDude

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Re: Need advice: Car Lease Situation
« Reply #3 on: June 09, 2014, 03:53:42 PM »
If you break the lease tomorrow, you'll still come out nearly a year ahead in terms of savings on car insurance, since you won't need to carry full coverage anymore.

CarDude

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Re: Need advice: Car Lease Situation
« Reply #4 on: June 09, 2014, 03:55:14 PM »
And in terms of vehicle suggestions, you should be able to get an early 2000s Toyota Avalon for 3-4k, which would be my recommendation.

Begonia

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Re: Need advice: Car Lease Situation
« Reply #5 on: June 09, 2014, 04:04:13 PM »
@CarSafetyGuy -

Thanks for weighing in. I always learn from your posts.

SnackDog

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Re: Need advice: Car Lease Situation
« Reply #6 on: June 09, 2014, 04:07:48 PM »

Begonia

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Re: Need advice: Car Lease Situation
« Reply #7 on: June 09, 2014, 04:26:44 PM »
@snackdog -

cool. am looking into it. thanks!