My parents leased me a 2005 Saturn ion back in 2005. The lease is up at the end of Feb and I need to decide what to do. In the lease I had up to 45k miles and I’m already at 45,500 miles with still a month to go. I was/am planning on buying the car but want to look at some different options out there.
I looked at the lease tonight and I would still owk 12k on the car if I bought it out. So I’d have to take out a loan for 12k.
Talking to my dad tonight, he said I’d have to take out a used car loan which would have a higher interest rates than if I turned in the Ion and got a loan for a new car. (Is he right about this?)
I like my Ion and would like to keep it but I dont know if there are better options out there. I dont really see a point in buying a new car unless the interest rate on a loan is signicantly lower than a used car loan. I have no problem with buying a used car but at the same time, I’d still have to make payments so why not stay with the ion?
Not having a car is not an option. I travel for work and have to have reliable transportation because I am transporting clients and children.
