Take the Gloves Off: Real Life Car Debate – Lease vs Buy

WonderMan finally gets his say.

Yep. We made Midday Money Show history by allowing my wonderful hubby (thus his moniker) his time to express his side of the Lease vs Buy debate. I had a little scheduling snaffu – it happens – and WonderMan was generous enough to step in as a Midday Money Show guest with about 5 minutes notice.

I’m tickled at just how ready we were to strap on the gloves without much preparation. That means this is an honest to goodness, real life issue that we’re having. While we didn’t go Real Housewives and flip tables or anything, it has been interesting for me to really listen to both of our points.

 Debt Free Living - Car Lease Debate

I need to correct a few details. After the show, WonderMan reminded me that we in fact bought our current automobile in  2009. That would make the cost comparison as such:

  • Lease: $17,000 for 39 months
  • Used Car: $17,600 for 6 years (and counting since we still have it)

Another point that I didn’t clearly express, we only considered the monthly payment when deciding to sign up for the lease. $389/month. We assessed that we could pay it and we did. No problems. However, after adding the the entire amount that we paid for the lease over 39 months (see above), it was clear that we could have paid for a decent vehicle hands down and not have to turn anything in and start over.

So my issue with the Jeep was not attachment to the car, it was we’ve paid enough for a car and now we have to give it back. That was not a good use of our funds.

Since the recording, it’s become clear that I need to do my part. I need to put in the work to research options (i.e. find out exactly how much the potential repair might be) so we can talk in specifics and make more informed decisions.

Have you ever recorded a portion of an ongoing debate for future playback and evaluation?

Try it. This was informative – for me anyway.

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