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[OP]
Deal Addict
Jan 2, 2013
1143 posts
204 upvotes
Mississauga

Keep or lease?

Bear with me guys. This is going to get long.

I drive a 2012 Camry LE (navigation and other fancy stuff.) Love the car, but a little bigger for what I need and burns a little more than what I'd like (40% city driving)

When I financed the car two years ago, the total amount was 30k (all inclusive). I only owe 10k on it today. So I've paid 20k in 2 years. And the trade in value is 17k, so I'm getting an extra 7k on what I owe.

Out of sheer boredom, I started looking at trading it in - get something smaller and cheaper. ONLY IF IT SAVES MONEY. I'm not doing this just for getting a new car.

Now. I can lease a 15 Corolla (tech) for 190$ a month (3 year lease) and 180$ a month for a KIA Forte.

The annual cost of owning the Camry (30000 ÷ 9 years I intend to keep the car) is 3333$ a year.
The annual cost of leasing a new car is 2300$ a year. (190 x 12).

Which is better in the long run? Distances are not a factor and I will get a new car after every 3 years if I choose to lease.

I'm concerned with the concentration of money I've already paid in the last 2 years. Not that I can get it back, but am I screwing myself over financially if I take the lease? Or should I stick with the Camry until it's not worth very much and wait till its scrap.

Thanks for your help!
I used the industry Canada calculator but most of it went over my head.
18 replies
Deal Addict
Jun 26, 2009
3409 posts
2170 upvotes
GTA
Just keep the Camry. It's a really good car, and I don't think trading/selling it makes any sense. For your next car, get something smaller if you want, but sometimes fuel ratings on smaller cars are pure BS too...
Deal Addict
User avatar
Dec 12, 2006
4306 posts
523 upvotes
Messed Up Area
If you like the camry, keep it. If not remember you may owe money on lease turn it for wear and tear.

As well if leasing you have nothing to show for it, but get reliability and ability to drive newer vehicles all the time. For some leasing works, others not.

I love the forte's.
Temp. Banned
Feb 8, 2005
2335 posts
246 upvotes
apoorv wrote: Bear with me guys. This is going to get long.

I drive a 2012 Camry LE (navigation and other fancy stuff.) Love the car, but a little bigger for what I need and burns a little more than what I'd like (40% city driving)

When I financed the car two years ago, the total amount was 30k (all inclusive). I only owe 10k on it today. So I've paid 20k in 2 years. And the trade in value is 17k, so I'm getting an extra 7k on what I owe.

Out of sheer boredom, I started looking at trading it in - get something smaller and cheaper. ONLY IF IT SAVES MONEY. I'm not doing this just for getting a new car.

Now. I can lease a 15 Corolla (tech) for 190$ a month (3 year lease) and 180$ a month for a KIA Forte.

The annual cost of owning the Camry (30000 ÷ 9 years I intend to keep the car) is 3333$ a year.
The annual cost of leasing a new car is 2300$ a year. (190 x 12).

Which is better in the long run? Distances are not a factor and I will get a new car after every 3 years if I choose to lease.

I'm concerned with the concentration of money I've already paid in the last 2 years. Not that I can get it back, but am I screwing myself over financially if I take the lease? Or should I stick with the Camry until it's not worth very much and wait till its scrap.

Thanks for your help!
I used the industry Canada calculator but most of it went over my head.
is this monthly price with the freight, PDI, etc. built into the monthly payment or do you have to pay it up front?
Sr. Member
User avatar
Feb 12, 2013
833 posts
95 upvotes
Tommy74 wrote: Just keep the Camry. It's a really good car, and I don't think trading/selling it makes any sense. For your next car, get something smaller if you want, but sometimes fuel ratings on smaller cars are pure BS too...
A bit off topic, but thought I'd share this info: If you're looking for something smaller with amazing mileage, look into the new VW Jetta or Golf models. Check out the gas mileage on them on Fuelly.com where people track real MPG. They are in a class of their own above Mazda 3's even, to my surprise.
[OP]
Deal Addict
Jan 2, 2013
1143 posts
204 upvotes
Mississauga
nineiron wrote: is this monthly price with the freight, PDI, etc. built into the monthly payment or do you have to pay it up front?
All built in.
Sr. Member
Oct 31, 2002
627 posts
29 upvotes
Toronto
apoorv wrote: Now. I can lease a 15 Corolla (tech) for 190$ a month (3 year lease) and 180$ a month for a KIA Forte.

The annual cost of owning the Camry (30000 ÷ 9 years I intend to keep the car) is 3333$ a year.
The annual cost of leasing a new car is 2300$ a year. (190 x 12).
Are those lease numbers with a $7k down payment? Because if so, your annual cost would go up by $7k divided by the number of years in your lease.
Temp. Banned
Feb 8, 2005
2335 posts
246 upvotes
nineiron wrote: is this monthly price with the freight, PDI, etc. built into the monthly payment or do you have to pay it up front?
apoorv wrote: All built in.
how are you getting $190/month? isn't this only possible with the lowest base model?
[OP]
Deal Addict
Jan 2, 2013
1143 posts
204 upvotes
Mississauga
gimmegimme wrote: Are those lease numbers with a $7k down payment? Because if so, your annual cost would go up by $7k divided by the number of years in your lease.
Oh you're right! Can't believe I missed that. Without the trade/ downpayment, it would be almost 380$ a month, which obviously makes the cost of the new one even more. Thanks for pointing that out!
I guess I'm keeping the Camry haha.
[OP]
Deal Addict
Jan 2, 2013
1143 posts
204 upvotes
Mississauga
nineiron wrote: how are you getting $190/month? isn't this only possible with the lowest base model?
It was the Corolla S tech package, minus 7k for the trade. 36 month lease, 16k KM per year = 193$ a month.
Temp. Banned
Feb 8, 2005
2335 posts
246 upvotes
apoorv wrote: Oh you're right! Can't believe I missed that. Without the trade/ downpayment, it would be almost 380$ a month, which obviously makes the cost of the new one even more. Thanks for pointing that out!
I guess I'm keeping the Camry haha.
apoorv wrote: It was the Corolla S tech package, minus 7k for the trade. 36 month lease, 16k KM per year = 193$ a month.


:facepalm: :facepalm: :facepalm: :facepalm:
Sr. Member
Dec 8, 2008
975 posts
111 upvotes
Montreal, QC
jesuisdanny wrote: A bit off topic, but thought I'd share this info: If you're looking for something smaller with amazing mileage, look into the new VW Jetta or Golf models. Check out the gas mileage on them on Fuelly.com where people track real MPG. They are in a class of their own above Mazda 3's even, to my surprise.
I looked at Fuelly cuz I was curious about your statement and it's likely due to the TDI or diesels in there that up their numbers, take those away and I think the Mazda 3's pull ahead.

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