Why Lease? Part 1

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2003 Mazda MX-5 Miata Courtesy: Flickr

You’re driving home from work on a random Wednesday night. Vibin to some country tunes, in your 2003 Mazda MX-5 Miata. It’s got some amazing features for a 2003 car. You purchased it about six years ago just as you were finishing college. You had some money saved up and dad helped out with the rest.

A month after getting the car you starting having second thoughts, thinking you may have spent a little too much on it. As time went on your thoughts were proved wrong. After five years, you know that got way more than your money’s worth. The looks that you got, the memories, those long relaxing drives, etc. You love everything about the car, even those days that you spent at the mechanic fixing up some minor things to keep it in shape.

Even with all the good things, the past couple of months you’re beginning to see some issues with your car. You begin to realize that its days are nearing an end, and soon it’ll be time to get yourself a new car. You do some research on a few used car websites. You call up a few dealers that advertise on TV with some great deals on leasing and financing. You realize that there are many hidden fees. You did your research for about two weeks and completely forget about it, until now.

Where were we again? Ohh! You were driving home from work. When suddenly the check engine light goes on. Ehh that’s nothing major, you think to yourself. I have some free time tonight. I’ll go to the mechanic a bit later. But within the minute, the service light went on, followed by the ABS light and a few more. “Now that’s a big problem,” you say although no one is around. You pull onto the shoulder, pop the hood and get out. You look around under the hood, even though you know that you don’t know the first thing about engines nor anything mechanical about cars. But still you look for a bit, open a lid or two, not really knowing what they are actually covering. After about five minutes you close the hood, get back into the car, and again say to yourself, “Let’s get to the mechanic ASAP”.

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Dashboard Warning Lights: Courtesy kaltire

You try restarting the engine because you turned it off earlier before leaving the car to check the engine. Something that you learned from your dad. The engine won’t start. You’re thinking maybe it’s the battery. Luckily you carry a battery pack in your trunk. You try to boost the battery, nothing. You try a few more times, still nothing. After making a phone call to your dad, you call the local towing company and get your car towed to your mechanic’s lot.

It isn’t a particularly busy time at the mechanic now. He admires the car and asks you about it. You explain to him its history and all the details that happened to you earlier on the way home from work. You sit down in the waiting room hoping that it wouldn’t cost you too much. You remember the little research that you did recently regarding getting a new car and realize that now might be the time. After about twenty minutes, which seemed like forever, the mechanic calls you into the garage. He explains exactly what went wrong, and what has to be done to get it back on the road again. It comes with a pretty hefty price. You decide that it isn’t worth it, no more throwing away good money for this car and might as well get a new car for yourself.

To be continued…

How do you move forward from here? Buy another used car? Finance a brand new car? Lease a brand new car? Comment below what you would do if you would find yourself in this situation.

In the next post, I will go more in depth regarding buying another used car vs. financing a new car vs. leasing a new car.


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5 thoughts on “Why Lease? Part 1

  1. Pingback: Why Lease? Part 2 | Lease The Right Way

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