Author Topic: turn in lease on brand new car?  (Read 1487 times)

rebeltoconform

  • 5 O'Clock Shadow
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turn in lease on brand new car?
« on: May 10, 2013, 12:27:28 PM »
Hi everyone,

I recently started leasing a new Ford Fusion and am paying $300/mo. The current plan is continue paying $300/mo until February of 2016.

And then I discovered MMM.

Aside from this gross hemorrhaging of cash, my only debt is a mortgage (%74K at 5% interest - $800/mo payments) though I don't have any savings to speak of. I've always recognized the superiority of a frugal lifestyle, but a frustrating, life-consuming job had me swimming in the scum-ridden pond of consumerism. I've smart enough to break even every month, but leasing this new car now feels like the straw that broke my back.

In the two weeks since discovering MMM, I've been biking to work, spending money only on necessities, cancelled my TV service, and began looking into refinancing my mortgage.

That still leaves me unsure what to do with this lease. I see two options:

A) Keep the lease. Enjoy not having to "worry" about car repairs, and save up to buy a reliable used car when the lease is up.

B) Turn the lease in early. This will require some quick saving to meet whatever fees I'll incur for doing so, and then also saving to buy something used. I could likely get away with not having a car for a month or so - bumming rides with my girlfriend and roommate, plus my work commute is easily bikeable.

Mustachians, what do you think I should do? Anyone with experiences turning in leases early?