Keep or lease?
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.