TheGardener
Golden Member
- Jul 19, 2014
- 1,945
- 33
- 56
The best option is going from 2 cars to 1 car. Not only would you reap the proceeds from the sale, but you save on insurance, gas, maintenance, repairs, excise tax and inspection. But that might not meet your needs for a variety of reasons.
I don't like the lease idea. It is pretty well covered above. I'd only add that if you screw up the negotiation on the value of the car and how many miles you will drive during the lease period, you will be making a big mistake even bigger.
Have you checked into a home equity loan? While the interest rate will be higher than a car loan, it will probably be less than what you are paying for the new ac/heater unit. Another option is to take out a fixed rate second mortgage for 10 years. You could even look at refinancing your first mortgage and take out more money. Just run the numbers. This type of loan is sound because the life of the ac/heater should be 20 to 30 years. Compare that to the life of a car.
[edit] Caught up on the 0% on the ac/heater unit. When the year is up, you'll have to do something. That's why a loan tied to your home is a better option than playing around with car loans or a lease.
I don't like the lease idea. It is pretty well covered above. I'd only add that if you screw up the negotiation on the value of the car and how many miles you will drive during the lease period, you will be making a big mistake even bigger.
Have you checked into a home equity loan? While the interest rate will be higher than a car loan, it will probably be less than what you are paying for the new ac/heater unit. Another option is to take out a fixed rate second mortgage for 10 years. You could even look at refinancing your first mortgage and take out more money. Just run the numbers. This type of loan is sound because the life of the ac/heater should be 20 to 30 years. Compare that to the life of a car.
[edit] Caught up on the 0% on the ac/heater unit. When the year is up, you'll have to do something. That's why a loan tied to your home is a better option than playing around with car loans or a lease.
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