I am thinking out loud here, so apologize in advance for the ramble...
So here is the situation. In addition to my TJ, I currently own a 2015 Dodge Challenger Scat Pack (sublime). It only has 6,700 miles as it is a toy. Still have a bank loan on this vehicle, but is only a year from being paid off. My current daily driver is a 2016 BMW X3 that I leased. That lease is coming to an end in early January 2019.
I am trying to decide what to replace the BMW with. And at the same time am toying with the idea of selling the Dodge to either provide a good portion of equity toward the next daily driver purchase, or to put in savings and stop paying insurance on a vehicle that is what amounts to a garage queen...
The next daily driver has to be an SUV/Crossover. I have 2 large dogs that ride with me occasionally and the family (3 of us). I find SUV's to be most useful for those trips to home depot, best buy and all of that. And they still ride ok. in 2017 we had to evacuate the area for Hurricane Irma, and the SUV was invaluable to put us all in and our valuables, food, etc... So NO car... at the same time, I want to daily to have some fun factor to it. Especially if I have to give up my Dodge to get it... I would like to stay under $500/month if financed/leased.
Vehicles that I am considering include:
LJ - Fun vehicle, would love to own one. However, I drive 100 miles each way to in-laws and to friends at least twice a month, all interstate. I'm not sure I would feel comfortable in a vehicle of this age, and they are not great interstate vehicles.
JKU - It is a Jeep, well sort of. More reliable than an LJ, probably ride a bit better on the interstate. Would be fun to own. But prices for any JKU that I would own (Sahara or Rubicon) approach or eclipse $30k for something 3-5 years old. I would want something with less than 50k miles. Would have to purchase outright. So would have to sell the Dodge (equity around $20k estimated), so car payment would be low and short.
JLU - Its a Jeep, sort of (maybe a little moreso than a JKU to me). Would buy/lease new so it would have a warranty for at least 3 years. Would ride better on the interstate than an LJ or JKU. I could lease, and with relatively little down (keep the Dodge), I could drive a nice Rubicon for under $500/month... If I used the Dodge equity and purchased, payments would still be around $500/month or a bit under.
Another BMW SUV - Expensive. X3 would likely be around $625+/month to lease, X5 would be $750+/month. No way I would buy one. Leases too attractive and BMW's depreciate too fast to buy. Would not own a BMW out of warranty anyway. Nice, but I've leased two in a row. Over it I guess... But if I did lease I could/might keep the Dodge.
GMC Terrain/Chevy Equinox - Affordable. Can get a pretty loaded one for $300-$350 lease (and keep the Dodge). Or if I used the Dodge equity, loan payment would likely be under $400 for 3 years... While useful, these are relatively bland vehicles that depreciate fast.
Subaru Outback or Crossover - I like Subarus. But for the most part they are not very big (smaller than my BMW) and they are expensive if you load them with options, which I would do. They have poor lease programs, so would be a purchase. Dodge would have to go bye bye... Would I get bored?
Toyota Tacoma or other pickup - Pickup trucks just are not practical for my uses. I've had several. They are not good family haulers unless they are full size, then they are very expensive and will not fit in my garage.
Hyundai/Kia/Toyota SUV - Pathfinders aren't bad, otherwise I find these three very bland and lacking soul. Everyone has one. I hate Kia front ends. But have not really looked at these seriously. Maybe I am missing something?
So there you have it. If I had to rank my feelings thus far, I am most interested in a JLU, followed by a JKU followed by a Subaru. Pickups and LJ's probably wont work for me. Chevy/GMC/Kia/Hyundai/Toyota SUV/Crossovers - am I missing out on something with these that should make me consider them harder - other than the price?
Any opinions welcome, except the virtues of leasing vs. buying discussion. I do realize with the JLU, that buying would be preferable in the sense the mod bug might bite. But as far as leases, I never intend to buy a lease out at the end...
So here is the situation. In addition to my TJ, I currently own a 2015 Dodge Challenger Scat Pack (sublime). It only has 6,700 miles as it is a toy. Still have a bank loan on this vehicle, but is only a year from being paid off. My current daily driver is a 2016 BMW X3 that I leased. That lease is coming to an end in early January 2019.
I am trying to decide what to replace the BMW with. And at the same time am toying with the idea of selling the Dodge to either provide a good portion of equity toward the next daily driver purchase, or to put in savings and stop paying insurance on a vehicle that is what amounts to a garage queen...
The next daily driver has to be an SUV/Crossover. I have 2 large dogs that ride with me occasionally and the family (3 of us). I find SUV's to be most useful for those trips to home depot, best buy and all of that. And they still ride ok. in 2017 we had to evacuate the area for Hurricane Irma, and the SUV was invaluable to put us all in and our valuables, food, etc... So NO car... at the same time, I want to daily to have some fun factor to it. Especially if I have to give up my Dodge to get it... I would like to stay under $500/month if financed/leased.
Vehicles that I am considering include:
LJ - Fun vehicle, would love to own one. However, I drive 100 miles each way to in-laws and to friends at least twice a month, all interstate. I'm not sure I would feel comfortable in a vehicle of this age, and they are not great interstate vehicles.
JKU - It is a Jeep, well sort of. More reliable than an LJ, probably ride a bit better on the interstate. Would be fun to own. But prices for any JKU that I would own (Sahara or Rubicon) approach or eclipse $30k for something 3-5 years old. I would want something with less than 50k miles. Would have to purchase outright. So would have to sell the Dodge (equity around $20k estimated), so car payment would be low and short.
JLU - Its a Jeep, sort of (maybe a little moreso than a JKU to me). Would buy/lease new so it would have a warranty for at least 3 years. Would ride better on the interstate than an LJ or JKU. I could lease, and with relatively little down (keep the Dodge), I could drive a nice Rubicon for under $500/month... If I used the Dodge equity and purchased, payments would still be around $500/month or a bit under.
Another BMW SUV - Expensive. X3 would likely be around $625+/month to lease, X5 would be $750+/month. No way I would buy one. Leases too attractive and BMW's depreciate too fast to buy. Would not own a BMW out of warranty anyway. Nice, but I've leased two in a row. Over it I guess... But if I did lease I could/might keep the Dodge.
GMC Terrain/Chevy Equinox - Affordable. Can get a pretty loaded one for $300-$350 lease (and keep the Dodge). Or if I used the Dodge equity, loan payment would likely be under $400 for 3 years... While useful, these are relatively bland vehicles that depreciate fast.
Subaru Outback or Crossover - I like Subarus. But for the most part they are not very big (smaller than my BMW) and they are expensive if you load them with options, which I would do. They have poor lease programs, so would be a purchase. Dodge would have to go bye bye... Would I get bored?
Toyota Tacoma or other pickup - Pickup trucks just are not practical for my uses. I've had several. They are not good family haulers unless they are full size, then they are very expensive and will not fit in my garage.
Hyundai/Kia/Toyota SUV - Pathfinders aren't bad, otherwise I find these three very bland and lacking soul. Everyone has one. I hate Kia front ends. But have not really looked at these seriously. Maybe I am missing something?
So there you have it. If I had to rank my feelings thus far, I am most interested in a JLU, followed by a JKU followed by a Subaru. Pickups and LJ's probably wont work for me. Chevy/GMC/Kia/Hyundai/Toyota SUV/Crossovers - am I missing out on something with these that should make me consider them harder - other than the price?
Any opinions welcome, except the virtues of leasing vs. buying discussion. I do realize with the JLU, that buying would be preferable in the sense the mod bug might bite. But as far as leases, I never intend to buy a lease out at the end...
