Locut0s
Lifer
So the lease on my father's 2007 Camry Hybrid (75,000km) is about to expire at the end of this year. There's $2000 left on the car at this point. The car has been in 2 accidents (thanks to me 😳 😳 ) which makes it very hard to unload but it's otherwise in perfect condition. There's no way he's going to lease a car again, bad idea the first time. Oh and he's 63 and is looking to retire at around 68 or so, though given his habit of spending and not saving he may have to draw that out a few years more.
There are 2 cars he's looking at getting at this point.
The first is a used 2009 Camry Hybrid with 47,000 km on it. It has heated leather seats and a moon roof which his current car lacks. $23,000 (+ 12% tax). 5.5% interest over 5 years. $475/mth.
The other car is a new 2010 Prius, base model. $26,000 (+ 12% tax). This car would probably get something like 1/3 better gas millage than the Camry. 4.8% over 5 years $563/mth.
The Prius is new of course and costs more but gets better millage and will not need to be repaired as soon or as often. However it's a very basic base model and doesn't have some of the things like a good radio, and generally nicer "feeling" build quality that his current car has. The Camry on the other hand is used but is cheaper and is more my fathers style of car as he's gotten very used to the sedan feel and likes the extra bling on that model.
The 3rd option is to buy his current car out which would cost $18,000 all in (including taxes). But the warranty runs out at the end of this year and will likely start to age faster than the above 2.
Note about getting a hybrid. He wants a hybrid more for environmental reasons than the gas mileage, the the mileage matters too. Yeah I know ATOT will laugh at that but that's the way it is.
Note 2: I posted this in OT and the consensus seems to be not to get a hybrid. Either get a small compact or a regular Sedan. Several suggested the Ford Fusion and also the Hybrid version of the Fusion which I have now suggested to my father as well.
There are 2 cars he's looking at getting at this point.
The first is a used 2009 Camry Hybrid with 47,000 km on it. It has heated leather seats and a moon roof which his current car lacks. $23,000 (+ 12% tax). 5.5% interest over 5 years. $475/mth.
The other car is a new 2010 Prius, base model. $26,000 (+ 12% tax). This car would probably get something like 1/3 better gas millage than the Camry. 4.8% over 5 years $563/mth.
The Prius is new of course and costs more but gets better millage and will not need to be repaired as soon or as often. However it's a very basic base model and doesn't have some of the things like a good radio, and generally nicer "feeling" build quality that his current car has. The Camry on the other hand is used but is cheaper and is more my fathers style of car as he's gotten very used to the sedan feel and likes the extra bling on that model.
The 3rd option is to buy his current car out which would cost $18,000 all in (including taxes). But the warranty runs out at the end of this year and will likely start to age faster than the above 2.
Note about getting a hybrid. He wants a hybrid more for environmental reasons than the gas mileage, the the mileage matters too. Yeah I know ATOT will laugh at that but that's the way it is.
Note 2: I posted this in OT and the consensus seems to be not to get a hybrid. Either get a small compact or a regular Sedan. Several suggested the Ford Fusion and also the Hybrid version of the Fusion which I have now suggested to my father as well.
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