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Hi! Looking for some guidance about a new car.
I currently lease a 2018 Nissan Sentra I absolutely love for $189/per month. I need to return it back to the dealer or do a buy out by July 25. The dealer will not give me an extension. My current lease has a few dings on it, and I've been told that leasing a new Sentra or doing a buy-out will waive the damage fees that I would probably need to pay if I went with another car company, such as Kia or Honda.
I've looked into new leases and was given a price quote for a 24 month lease term and 10k miles with $2500 down (my current lease was a 36 month with 12k miles) and the prices are absolutely absurd since the inventory is low right now. The lowest I can find anywhere for any car make/model is $285 which is way over budget for me. I was told that buying/financing a new car would be about the same.
The buy-out price for my current car is about $9,900. Kelly Blue Book says the value for the car on the market as of now is about $15k. I have the option to go to the dealer, put some money down on it (i'd probably do $2500) and finance the rest. I have very good credit, 750 .
My other option is to buy used. If I went this route, I'd try to find a vehicle matching my current payment of $189. This seems like the most simple route, but I'm hesitant since cars are a depreciating asset and used cars usually start breaking down after a few years.
I fear that I'm royally f'ckd no matter which option I choose. A few people I trust are telling me to just bite the bullet w. the new lease because A) my current car will probably need new tires/brakes in a year or so anyway which will run me at least $1000 eventually. B) opting for the used car means paying the damage fees for my current lease, and used also comes with its own slew of repairs/issues, a lot of times unexpected. My first car was used and it was an absolute pain, but I can afford to buy one that's a bit better quality this time.
I'm afraid of making a giant financial mistake. Please help me!! Thanks <3
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