Among Friends

[geegerbee]

I am a retired senior citizen with not a .lot of money. According to others in my family, my expected life should end in less than 5 yrs.  My 18 yr old car has some needed repairs to keep---oil leak, transmission leak, tire pressure  sensors. The repair man said just keep adding fluids as needed. My son agrees. I am thinking of leasing (never leased  before)  for 4-5 yrs. Thought I should do this soon since the tariffs might make it more expensive soon. I don't have any impartial person to ask, so I am asking here for advice. Thanks. 

I wound up buying a 2025 Subaru. Got a pretty good deal. This model had lights that flash on the side mirror if a car is approaching from the side--Blind spot indicator. That's what sold me.  I did my homework and testdriving. Would you believe a Honda dealer offered me $1250 for a trade. Never been in an accent, no dents but it is old. No deal there.Thanks again for all the good advice.

[Venezia]

I'd buy a new car!  Those kinds of leaks mean the car you're driving is at the end of its useful life and who wants to have to constantly check and top up those things?  (And do you have to pay a mechanic to do it?)

What if your tires lose air while you're driving?  Or the oil light goes on?  (Not to mention the transmission failing.  NOT something you want to happen while you're driving.)

Did members of your family really tell you to expect your life to end in less than 5 years???  No one can predict that and it all depends on how you feel and the state of your health.  You'd know that better than anyone.

So what if you buy a new (or gently used secondhand) car?  You'll get to drive without worrying about possible breakdowns and, if the worst happens, someone else will be able to use the vehicle, I'm sure.

[jlkz]

@geegerbee 

You need to do some data gathering first:

     1.  How much has your present car cost you in fluid replacements and any other service charges for the entire year.  If possible, go back a second year.

     2.  What are the monthly charges for leasing the car that you want...if you're considering more than one type car, do these for each car.

     3.   Find out what the initial fees and charges would be for each type car.

     4.    Find out the costs / mileage  / deadlines for turning in the cars.

Then discuss with your son before making any decisions.  Put the info in columns across the paper and down the left column create a block for each option.  It does take time but your final decision will be better for it since you will have included all types of fees, charges and payments to measure against your monthly income.

Good Luck.

[We rescue cats]

Hi Geegerbee! We lease my car every 3 years, I've done that since I opened my business, I'm no spring chicken at 72 and continue to do so. If you are interested in an electric vehicle you may run into a super value, there was a 'hot' car in the showroom when we there earlier this week, no money down and a 2 year lease at $190 a month-probably plus taxes...shop around.

[PinkyPetunia]

@geegerbee    How many miles do you drive in a year?  Car leases are higher now as interest rates have gone up but it may work for you.  I'd look into a used car.  

I also don't like the idea of a car that needs fluids constantly.  

[ahoymate]

Doing the math: new cars average $48K in 2025

In 2025, the average cost of a new car is $48,401, though this varies by model and manufacturer. 

Cheapest car 2025:

The 2025 Nissan Versa is the cheapest new car in the United States, with a starting price of $18,330. It's a subcompact sedan with a five-speed manual transmission. 

 Interest rates:         6.9% in  2025

In March 2025, the average interest rate for a new car loan was 6.94% for those with a credit score of 750 or higher. The rate was 6.69% for those with a credit score between 600 and 699, and 15.69% for those with a credit score between 451 and 599. 

Insurance: New cars cost more to insure.

[stevieb]

@geegerbee  Consider buying a used car from among the list of those models and years deemed most reliable. Constantly having to check fluids and so on is draining and however long one might live, becomes a quality of life issue. Older Honda Civics, Toyota Corollas and Camrys are generally considered good bets and will not cost a lot. If you choose to do so, it goes without saying to investigate reputable dealers and have the car checked out by an independent mechanic. From what I gather, leasing is not without certain costs, limitations and is not necessarily cheap.

[Venezia]

The cost and interest rate will depend upon the make/model and any promotions they have going.

I always buy my new Subarus when they have near zero interest (depending on the length of the loan).  My last car loan the interest rate was 0.9% over three years.  (Would've been 1.9%, if I wanted a longer term.)

As others have said, it's worth shopping around.  I'm sure there are plenty of cars available for less than $48K.  That sounds like MSRP and no one I know pays that.  Worth checking Kelley Blue Book, too, for a realistic price.

ETA:  I see Subaru is offering 2.9% right now.  I haven't looked at the terms; just saw it on a tv ad tonight.  But they have offers of interest rates as low as 0.9%, depending on the model & year.

[Mz iMac]

@geegerbee  Start your research w/Edmunds website.

The poster jlkz  provided EXCELLENT advice.

[LavernLuvsShoes]

IF you don't do a lot of driving now...

Perhaps consider selling your "clunker" and using the proceeds to help pay for ride services such as Uber or Lyft, when you need transportation?