Buy out old car or new

Asked by Zachary Jul 24, 2023 at 12:31 AM about the 2020 Honda Insight LX Sedan FWD

Question type: Shopping & Pricing

4 Answers

Should I pay the remaining $14,000 to buy the insight or put that toward a new car?

155,915

Well, the first thing I would consider is do you like the vehicle? Overall has it been a good, trouble free vehicle? Has it been serving your current needs and will it continue to serve your needs for the foreseeable future? How much will a new vehicle cost? What will be the monthly payments? How long will you finance the new vehicle? How long will you finance your current vehicle? These are the things I'd consider to make my decision. A friend of mine recently bought his '19 Ford Escape instead of buying a '23 Ford Maverick. He likes the Escape, it's been good to him. It will be paid for in three years. And the vehicle works well for him. To get the Maverick payments affordable for him he would have had to finance it for six years and since it's a pick up he wasn't really sure if it would work for him. I'm sure once you ask yourself these questions you'll make the best decision for you. Good luck and I hope that helps! Jim

203,625

The car market is just beginning to return to normalcy. If you pay the residual, you can sell your Insight for a profit, but then you're going to pay a premium for your next car, and availability of what you might want might be scarce. I'd buy the car for its residual and keep it for a couple years or so and then if the market is favorably, trade.

690

if prepared to make a few little repairs, one can rescue a "damsel in distress" as most people cannot hop right into the problem, then solve it~ this might make the difference here, ultimate reliability want fewer than 40,000 miles, if you can "do a timing belt" no problem, this troubled array of cars can be your best value~

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