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As I enter 2009 one of my primary goals is to gain better control of my finances, one way I am going to accomplish this is when the lease on my 2006 Chrysler Pacifica comes up I intend to turn it in and go several months without a 2nd car payment for a while. This way I can save the six hundred dollars per month I spend on my Pacifica Lease and use it to pay off some other bills and play catchup for a brand new refrigerator I had to buy the week of Christmas.
When I am ready for a 2nd car again I don’t know if I will lease a new car or purchase an older model outright something less than seven thousand dollars I would be looking for, on the one hand a new car means full warranty, usually no car trouble, peace of mind and better gas mileage. On the other hand, it means I would have a monthly car payment, instead of a fully paid off car. I have always had new cars and leased vehicles for the last ten years, I have never known what it was like to have a fully paid off car with no monthly payment, so I am curious if saving the money would it be lost in car maintenance?
While I ponder that over the first few months of the year I think that if I don’t get a 2nd car, at least I won’t be needing another car insurance quote for a while.