Hi fellow mustachians,
Would love some opinions and advice regarding the following.
I have a 2010 Honda Accord, paid off, gets around 25 mpg, plan to drive it into the ground.
DH has a 2012 Kia Sorento, 14K remaining at 3.5% interest, montly payments are around $330, only gets around 20 mpg. We each commute about 50 miles per day for work (yes- I know this is very antimustachian, but it can't be helped for now). DH spends around $230 per month on gas.
Should we sell the Kia Sorento and lease a Nissan Leaf for 36 months? I'm estimating we can get at least 15K for the Kia, which cost us around 23K out the door and which has about 25K miles on it. The Nissan Leaf is fully electric and is currently leasing for $200 per month (per a friend who is leasing, comes out closer to $215 after taxes, etc.) with I believe $2,000 or $2,500 due at signing. Since we live in CA, we would also get a tax credit of $2,500, which wipes out the down payment. I'm thinking if we sell the Kia, that's cash in our wallet, and we would essentialy be getting a "free car" since the money spent on leasing equals what we would be spending on gas. We would most likely go over the typical 12,000/year miles allotted in the lease, but at $0.15 per mile, I feel like it would still come out cheaper to lease the Leaf then keep our Kia.
Anything wrong with my math or thought process?
Thanks in advance!!