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Old 01-28-2007, 11:29 AM   #1
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Time with Focus is running short

My 3 year lease is coming to an end. I have been looking at several options. The buy out after my lease on the car right now is $10,458 and i have 8 payments left @ $250 (so finaly payment is $8,458). That includes all taxes, write the check and car is mine. From what i research, the car is worth a little more than i owe. Dealers near me are selling similar cars with more miles for mid $13k.

Here are the specs on my Car

2004 SVT 2 door focus
32,525 miles
Silver
Red/Black interior
Audiophile Sound
Cold Weather Packager (butt toasters)
HID Headlamps
Factory Warranty until Oct 07 or 36k miles

I am considering selling it now because if i keep it until Oct. i will go over my miles and end up paying for it. SO....Here is my plan. Finance the remaining 10458 + extended warranty from ford (addition $1500 for coverage until 2010 or 100k). So 11958 financed for 72 months at 6% is about $200 month. This does several things. It put the car in my name so i can sell it. It lowers my payments while i am trying to sell it by $50. It includes the 100k mile warranty IF i decide to keep it or it adds to the value of my car.

To really make this work the loan i get has to have no penalties for paying it off early, and i must sell the car within 12 months of the car will depreciate faster than the loans amount will decline.

THoughts?


BTW
i am looking a the Pontiac G6 with the 3.9L 6 speed and a Mini Cooper S (leaning towards the Cooper)

Thanks All

-Will


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Old 01-28-2007, 12:02 PM   #2
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I don't think I would buy the extended warranty, since your car has the 5/100k powertrain warranty.
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Old 01-28-2007, 12:19 PM   #3
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I thought only the new cars had that.
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Old 01-28-2007, 12:27 PM   #4
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sounds like a good plan, im surprised you dont like it enoguh to keep it, for 11k its a good dela on an 04 svt but if yuor gonna sell go with the mini
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Old 01-28-2007, 07:53 PM   #5
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i would get the mini.

on a side note: ive never understood why people lease cars and then decide to buy them after the lease is over. it just seems like a huge waste of money. wouldnt it have been cheaper to just buy the car to begin with?
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