Ford Vehicle Purchase - ANY HONEST ADVICE I'D APPRECIATE IT?
Last year I purchased a 2013 Ford Taurus SEL. I paid $22,000 down in cash, and then I financed $7500. As of this past Monday all I owed on it was approximately $5900. My monthly payments are $146/mo.
However, since I have a German Shepherd, I though getting a 2014 Ford Explorer might be a good idea. I leased a 2014 Ford Explorer (MSRP $37,000) before rebates. The dealership applied $16,000 for my Taurus and then gave me a check for $3000.
My monthly payments now are $256/mo for 36 months (but I intend to use some of that $3000 and apply that to my monthly car payments).
Here is my problem. I like the Explorer, but I really miss my Taurus. My dog was able to fit in the back just fine, and he's not in there for long car rides either.
I asked the dealership if I could make an exchange for a 2014 Ford Taurus Limited edition, and unfortunately, there's nothing that he can do because I'm on a lease. They said i have to finish at least 12 months of the lease.
Since I signed the lease agreement, that's my responsibility.
The real question is this. Can I just pay $256 x 12 to take care of the 12 month minimum plus interest? I really want to get back into a Taurus.
Or do you think I should keep the Explorer? I really don't know what to do! FORD has fantastic vehicle designs these days, I love all their cars!
I'm 23 years old and I admit this is not being cost effective. Any advice I'd appreciate it.
Honest advice. If you had 22k down, you should have purchased a 22k car. Outright. Then you could do whatever you want with it. Besides leasing is really a long term rental agreement. Why not just go to Hertz and rent by the year?
It's true what they say. The more money you have, the more money you spend.
You have made some very, very poor financial decisions.
Your obligation for your current lease is for 36 months. You might be able to buy it down for say 31 months or something but everytime you walk in a dealership you are losing thousands.
So stay the heck out of them.
Whatever you do, STOP buying and/or trading cars. You are blowing a huge amount of money and you don't even know it.
Car salesmen are not your friends. You are their mark.
Third time is a charm? Yes, you can certainly pay off the lease, but that does seen a waste of $$$. It's only a year left to go - Tough it out.
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