Lease ends in June, going abroad for 1 year in 2020, not sure what to do.
Here is my current problem. I am not sure which way to go.
- I have a lease agreement with Honda for a 2016 Civic Sedan LX for 36 months (ending end of June 2019) with 0% interest rate. I pay $355 monthly (higher because I still owed them money from previous car when I took the lease). So, for 36 months, It would be $12 780.
- Right now, I have 39.5K. I usually do about 15-16K per year. I estimate that in June, I won't have more than 46k.
- In March 2017, a couple days after my father passed away, I crashed in a car because I was getting out of a parking lot and didn't see a truck there. The repair cost was about $2000.
- In July 2020, I am going abroad for 1 year, so I won't be leasing a new car or financing a new one. I have about 20K saved up that I can use. I need a car for 12 months after my lease is done.
- I did go to the dealer and he did an inspection and he said it would cost me, if nothing changes, about $200 in repais if I returned the car in the current condition.
- My buyout option from Honda is $11 806 + taxes (I'm in Québec) + $440 (Honda administrative fee: $386+taxes). Is there anything else that I need to pay if I buy it from Honda?
- If I keep the car, my full coverage warranty expires in June 2019 since it was a 3 year warranty.
- Return the car and buy a used car in cash for like $2-3000 just so I can have a car for the next year.
- Return the car and buy a better used car and resell it before I leave.
- Buy the Civic and resell it before I leave. Would I lose I lot of money waiting one year before selling? Next year, I would have to do the brakes, buy new summer/winter tires (I could buy used)
- Buy the Civic and keep it as long as possible and just find a place to keep it safe when I'm abroad.
Are there any other options? What would be the most logical choice and not lose money and cost (repairs, maintenance, etc.)
Thank you for your help.