Statistically, the biggest burden to our financial state is our mortgage and auto loans. If these two things weren’t a factor in our lives, we’ll be able to have much more than what we currently get, but because these two items are almost a necessity it is our biggest expense. In order to get into a better state financially, I’ve started a journey to get my mortgages in place and now I’m approaching it in a two-front deal by also tackling my vehicle lease.
My expensive lease will soon be over and I will surely miss this vehicle that I’ve had the pleasure of using. Although we did not use the leased car that much, a whopping 8k miles over 3 year, we still have those memories and pleasure that will be with us as we used it all around. I have given it some analysis to what is my best course of action and it seems to be to purchase the vehicle after the lease ends and then immediately sell it.
Since I have not driven the car so much, I have built equity on the car. So by purchasing the car after the lease I can get this equity back. Then by immediately selling it, I’m hoping to get some more cash with it.
When all is said and done, I’ll be driving a much older vehicle with a much lower price tag on it.
Stay tuned for how to pick vehicles and continue to have current/up-to-date vehicles at a low price.
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