Well as most know my parents who fell in love w/ my LS after I got were going to purchase it in a package deal w/ a refinance. Well everything was set and as far as my parents and I knew the LS was theirs after thursday night. Whelp the place threw a curve ball and the payment was going to be insane so my parents cancelled the deal and here I am AGAIN stuck w/ the LS. I love the car, but I have more interest in getting things put together for the future and the LS is just a small kink holding me back from getting there in the speed I want, that and my mind changes often and I want something else.
Well before I knew the deal was sour I had test drove a Honda FIT and liked it(do not care what anyone else thinks, lets not get into that). They did some numbers there and I could of got a lease for 48 months at under $300 a month or just over 300 to go 60+ months and buy it. Well I thought 4 years in a bit long for a lease but it did seem like an ok deal, not great(this was w/ $500 down). Well fast forward to earlier today and I get a call from the dealer asking if I had sold the LS and I tell him no, just my luck it did not go through. Well he says he thinks that they can still work out a trade and lease and I should come by saturday morning and have 'em look at my LS and go from there since the paper was all ready taken care of sort of. I said ok, won't hurt to come by.
So I thought about it the rest of the day and just a few minutes ago I did some rough number crunching to see where I would be at the end of the lease on the FIT or the end of the loan on the LS. I have no idea if I worked it right but here is what I did. I thank you guys who are willing to read through this(first posted in myspace blog):
So w/ the failing of sellling the Lincoln I figured it was pretty much over w/ trying to get rid of it. I got a call today from a Honda dealer I had visited and test drove the new FIT as another car I might get if the LS had sold. Well I told the guy it did not sell and he still thinks it is possible to trade in and still lease the FIT for 48 months(4 years, normal time it takes to pay off a car keep in mind). Well I am not sure about leasing for that long but figured maybe it'd be worth it in the end saving money wise. Here is what I crunched.
Ok, a 10 day payoff of the LS if the dealer was to work the deal would be $20,070(this is a real number, check w/ GMAC). Now say the dealer gives me $16,000(be amazed) for my LS that means I am upside down(negative equity) $4,070. A fit costs about $15,900 if I get lucky. So you take 15,900 and add 4070 and you get $19,970. That is about what I owe on the LS. So you take 19,970 and divide it by 48 months and you get $416.04 which would MAYBE be my monthly payment on the FIT(this is not including the APR, which would of course make it higher). I pay $469.29 a month on the LS right now and have about 49 months to go and its payed off. So take 469.29 x 49= 22,995.21 or so in the end right? Ok, so than take 416.04 x 48= 19,969.92 in the end for the fit. ok, take 22,995.21-19,969,92 and = $3025.29 I would save if I went w/ the FIT. Ok, so the FIT seems like the deal, well than I decided to see what if I added gas. The FITS yearly gas in $ was estimated to be $900 something. I figured I would probably do around $1050(obvisiously not really sure what it would really be). So you take $1050 x 48mths = $50,400 in gas for 4 years!!! Ok, take 19,969.92(total cost of car) 50,400(total gas cost)= $70,369.92 for having the fit for 4 yrs. Ok now for the ls(lets start new paragraph)
Ok, so we figure the LS well cost $22,995.21. I figure I spend around $1300 a year in gas for it so take that and times it by 49 and get $63,700 in total gas cost. Remember the 49 is cause I have that long to go for it. So you take the LS' cost 22,995.21 63,700 and you get $86,695.21 in total for the LS and its gas. So this means you than subtract the FIT and LS. So 86,695.21- 70369.92=16,325.29 difference. And that difference is what I would save if I went ahead and got the FIT. Seems easy right? Well you have to remember the FIT is a LEASE and I would need to get something else after and it would probably be something fairly new right? Yea, so minus that savings and I could come out pretty much equal right?
So now I do not know what to do. I do not even know if all that was done right either so that is another thing to consider. I did not add in insurance but I am sure between the two the FIT would be slightly better or equal to how much the LS is so I am not figuring that cause it would probably be pennies but I have no idea.
So any advice?
Well before I knew the deal was sour I had test drove a Honda FIT and liked it(do not care what anyone else thinks, lets not get into that). They did some numbers there and I could of got a lease for 48 months at under $300 a month or just over 300 to go 60+ months and buy it. Well I thought 4 years in a bit long for a lease but it did seem like an ok deal, not great(this was w/ $500 down). Well fast forward to earlier today and I get a call from the dealer asking if I had sold the LS and I tell him no, just my luck it did not go through. Well he says he thinks that they can still work out a trade and lease and I should come by saturday morning and have 'em look at my LS and go from there since the paper was all ready taken care of sort of. I said ok, won't hurt to come by.
So I thought about it the rest of the day and just a few minutes ago I did some rough number crunching to see where I would be at the end of the lease on the FIT or the end of the loan on the LS. I have no idea if I worked it right but here is what I did. I thank you guys who are willing to read through this(first posted in myspace blog):
So w/ the failing of sellling the Lincoln I figured it was pretty much over w/ trying to get rid of it. I got a call today from a Honda dealer I had visited and test drove the new FIT as another car I might get if the LS had sold. Well I told the guy it did not sell and he still thinks it is possible to trade in and still lease the FIT for 48 months(4 years, normal time it takes to pay off a car keep in mind). Well I am not sure about leasing for that long but figured maybe it'd be worth it in the end saving money wise. Here is what I crunched.
Ok, a 10 day payoff of the LS if the dealer was to work the deal would be $20,070(this is a real number, check w/ GMAC). Now say the dealer gives me $16,000(be amazed) for my LS that means I am upside down(negative equity) $4,070. A fit costs about $15,900 if I get lucky. So you take 15,900 and add 4070 and you get $19,970. That is about what I owe on the LS. So you take 19,970 and divide it by 48 months and you get $416.04 which would MAYBE be my monthly payment on the FIT(this is not including the APR, which would of course make it higher). I pay $469.29 a month on the LS right now and have about 49 months to go and its payed off. So take 469.29 x 49= 22,995.21 or so in the end right? Ok, so than take 416.04 x 48= 19,969.92 in the end for the fit. ok, take 22,995.21-19,969,92 and = $3025.29 I would save if I went w/ the FIT. Ok, so the FIT seems like the deal, well than I decided to see what if I added gas. The FITS yearly gas in $ was estimated to be $900 something. I figured I would probably do around $1050(obvisiously not really sure what it would really be). So you take $1050 x 48mths = $50,400 in gas for 4 years!!! Ok, take 19,969.92(total cost of car) 50,400(total gas cost)= $70,369.92 for having the fit for 4 yrs. Ok now for the ls(lets start new paragraph)
Ok, so we figure the LS well cost $22,995.21. I figure I spend around $1300 a year in gas for it so take that and times it by 49 and get $63,700 in total gas cost. Remember the 49 is cause I have that long to go for it. So you take the LS' cost 22,995.21 63,700 and you get $86,695.21 in total for the LS and its gas. So this means you than subtract the FIT and LS. So 86,695.21- 70369.92=16,325.29 difference. And that difference is what I would save if I went ahead and got the FIT. Seems easy right? Well you have to remember the FIT is a LEASE and I would need to get something else after and it would probably be something fairly new right? Yea, so minus that savings and I could come out pretty much equal right?
So now I do not know what to do. I do not even know if all that was done right either so that is another thing to consider. I did not add in insurance but I am sure between the two the FIT would be slightly better or equal to how much the LS is so I am not figuring that cause it would probably be pennies but I have no idea.
So any advice?
