leeanne

Right now I have a 2006 Ford Escape. It is my first new vehicle, but it is leased due to it is a write-off with regards to taxes for our businesses.

I love it, it's black and it's new. Had it for a few years and have 2 years left on the lease of it.

At the time, we had to get a vehicle for me as an employee decided he wanted to take over the lease on a pickup truck that we had so that he could use it for work. I was driving this particular truck, but hated it so was happy that I could move on.

But, over time I realize it's quite stupid to really lease a vehicle for me. I drive to and from school, to the grocery store, etc. but nothing far.

I have 5 seats, two bucket seats in the front and a bench seat that sits 3. But, both my younger kids have to be in booster seats then with a baby seat back there too, there is enough room for all but a bit tight.

Then, what if I was stuck with some of the stepkids on the weekend. I couldn't bring them out.

We saw a Ford Windstar Limited Edition mini van on the weekend for sale for $3000. The interior was in immaculate condition, the seats were leather, there were four bucket seats and one bench seat in the back - so it seats 7. It was fully loaded. The good thing is, it fit my kids comfortably and way more than enough room. And at least if some of the stepkids were here and we went out for an outting, we may not have to take two vehicles as OH's truck fits only 6. But it's a 1998.

What to do? I called the lease company and they said you can't get out of a lease unless 1) you pay the remainder monthly fees for the next two years of the lease ($10,000) as the lease is up in 2010 or 2) you trade it in for another vehicle.

My OH brought up a good point. He said that he could use a new cube van for his gutter machines (yes, we do gutters too) and by trading mine in, we could do this.

So, what would you do? Edit: Buy the 10 year old mini van and trade up or keep the new vehicle?

Suz

Well if you are going to have to pay 10 grand, I would just trade up..... At least you are getting something for your trade up rather than just throughing away the 10 grand.

polo_princess

I'm not quite sure how it works over there ... by lease do you mean hire purchase or do you pay a set amount each month and that covers servicing and maintenance?

If its on hire purchase and you want to get out early your best bet will be to trade it in for something else ... maybe something similar to what youve seen just a bit newer. Not necessarily brand new but you could trade yours in for something of similar age and price then you arent setting yourself up for more cost

Mamafy

I would trade in and get the $3000 car, it makes sense.