Cash for Clunker?

Clunker: 2000 crown victoria P71(police interceptor) 140k run it on 89 or 93 oct.(wife’s first car use it to go to school, every one slow down and stay away from it witch make it safe I think? Also cheap to fix.)

New: 2009 sentra 25/33MPG runs on 87oct(3yrs36k bumper to bumper) 60mo lease $5200 to drive away $4500 for clunker $700 drive off with $99X60month.

Use: Drive 50-60 miles a day 5 days a week or around 300 miles a week.

Over all: safety / fuel econ / $ / repair / highway safety.

Do the switch Y / N ???

If feel I need to boot Excel and plug these numbers in, but the OP can do that himself if its just a numbers game.

Isn’t that a lot of miles to drive a leased vehicle? What’s the yearly mileage allowance on the lease?

School parking lots are notorious for door dings, bumper scratches, etc. Will you be charged for that when the lease expires?

Looking only at the numbers this seems like a good deal, but there’s a lot more to it than the up front numbers. What will you have to pay later?

I agree with Mcparadise about the lease concerns.

Based on the OP’s wording, it looks like he is concerned with making a financially sound choice. I’d be concerned with leasing’s subtle but very real costs of driving extra miles, and getting charged for wear-and-tear items.

Without doing the numbers, I’d be inclined to favor getting the new car if the OP was going to purchase it. If it’s going to be a lease, I’m far from being convinced it’s worth it.

keep the vic. 22 MPG isnt bad, and a lease is a bad idea.

No, because of the lease. After 60 months you’ve got nothing.

Do the deal with a loan, not a lease. You are using your $4,500 to reduce the lease payment but you won’t get it back at the end of the lease. Put $5,000 down on the car and see if you can handle the loan payment. You will be saving on gas, and few repairs during the 36 month warranty period so perhaps you can make the budget work.

You should be able to buy a 2.0S Sentra with the convenience package for $16,000; there’s a $2000 rebate. Check for a loan at your bank or credit union. Buying is better than leasing unless it is a business expense. If you insist on the lease, carefully read the lease and see what the maximum mileage is. Make sure you know what the penalty per mile is for going over. It could cost you thousands at the back end.

And at the end of the lease you’ll have spent $5,940 for a car with a limited amount of miles available to you (unless you REALLY want to PAY!), that you’re stuck with even of you have a problem woth it, that you’re required to get repaired even if you bump a parking pole and don’t care about the minor dent in the plastic, that you either keep in primo shape or pay an added fee at the end,…and after all that they take your car from you and you have NOTHING, no equity, no car, zip, nada, zero.

Leasing for an individual is, IMHO, always a bad idea. Buy if you like, but don’t lease.

There’s no reason why the Crown Vic would require 89 octane or higher fuel. It only requires 87 octane. Unless there is something wrong with the CV I would keep it. Financially the Crown Vic will be far cheaper to keep around. I’m assuming it’s paid for. Even if it nickel and dimes you for the occasional repair. In order for the Sentra to win (financially speaking), the CV would have to rack up around $11,000 in repairs over the next 5 years. Even if you go with the Sentra, at end of the lease you have nothing to show for it. If you want the Sentra consider buying it rather than leasing.

DO NOT LEASE! Leasing is always a bad deal for personal cars. Always! If you can afford to purchase, then this might be a good time to switch.

With that said, it is almost always cheaper to keep the old car instead of buying new. The only time it makes sense is if the fuel cost savings is enough to make the car payment. Then it starts to get more reasonable. I doubt you will save that much.

Does the Ford have the intake manifold replaced? Be sure to add in increased insurance costs!

Yes, the owner’s manual says 87, but I found that I had to use at least 89 on my 2000 Grand Marquis or it would ping. (It was that way from mile 1 to mile 100K +)