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Old 12-27-2013, 06:58   #1 (permalink)
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High Mileage Conundrum

Hey all,

I'd like to open up a bit of a discussion for help deciding what vehicle to buy next. I drive about 32,500 miles a year. This creates interesting issues when it comes to buying vehicles in that my finance length is severely limited unless I want to be paying on a vehicle that has over 150K on it.

New Example: Buy new Focus ST, finance over 5 years, means I'm paying off the vehicle as it ticks over to 162,500 miles. Not ideal.

My affordability/budget is around $25k (that is the realistic sale price I can finance over 4 years with 20% down).

Used Example: I'll use my current. I bought a BMW 3 series with 112K on it. I literally could NOT finance for longer than 3 years unless I felt like paying on the vehicle as it sailed over 200K.

Thoughts?

-Brian
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Old 12-27-2013, 08:31   #2 (permalink)
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Re: High Mileage Conundrum

Honestly, with those kind of miles and the fact you don't plan on keeping the car, I'd recommend leasing over buying, particularly if these miles are for business.
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Old 12-27-2013, 10:35   #3 (permalink)
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Re: High Mileage Conundrum

Do you think I would be able to get a lease that allows that many miles? I thought that would be prohibitively expensive.

And sadly that is not for business, that is for my daily commute plus wherever else I want to go after work.

Last edited by Colondo; 12-27-2013 at 10:36. Reason: Finished Response
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Old 12-27-2013, 19:59   #4 (permalink)
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Re: High Mileage Conundrum

For those kind of miles I would not buy a focus st. Love the car but would hate to drive it that much. My wife drives about 30k a year. I keep her in throwaway cars. Current one is an 04 focus. Bought it with a bad Trans. I know most people stay away from that. Let's say you have 3-4 k to spend, get a older average mile car that was well taken care of. Drive it till the wheels fall off by then you've saved enough money to buy another one. We don't worry about wear and tear of the commute and still a very reliable ride and still looks decent. In 2005 I bought her an 02 sable for $4500 had 80k on it. She drove it till our youngest daughter started to drive. We gave it to her with 220,000 miles. Still runs good and she has taken it to Florida and North Carolina from NW Indiana. That's my take on our commuter cars.


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Old 12-28-2013, 08:46   #5 (permalink)
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Re: High Mileage Conundrum

It's going to take a little research for your area, the automakers have leasing programs, but there's private leasing companies as well. I work for an international HVAC company and all of our vehicles are leased which expires on time or miles. A downfalls are that you always have a car payment, physical condition may be weighed in to the turn in, and you have to maintain a good maintenance record. Upside: if you're getting rid of a car as soon as it's paid off, you'll be in a car sooner, a decent leasing company can aid you on keeping up with any recall issues, and your payments are generally lower since you mostly just paying for the depreciation, not the total cost of the car.

Leasing has become very competitive, a little research may put you in a decent car for a reasonable price as long as you don't decide to keep it. Generally, if you opt to buy after the end of the lease, your total cost ends up being higher than if you had financed it out of the gate.
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