If I only needed a car for 4000 miles a year I would not own one and just uber everywhere. It would have to be cheaper.
If I really needed $400 a month, I would use Uber. But I
enjoy ownership and the convenience of just getting in and going. It's only a 7500-mile lease. I drive to my brothers who is 200 miles away a few times a year. As well I go to Charleston a few times a year.
Our leases are the only fixed monthly expenses we have and they don't add up to even 10% of our after-tax monthly income, so it is not a burden. I banked $36K selling my 4Runner and put that money to work in our investment account. My lease rate is 1.25% which made it a done deal
Driving a vehicle as nice as the MKC is well worth $399 a month. I paid nothing down to reduce the CAP cost. So it's pretty much $92 a week to rent. Can't rent any luxury loaded vehicle for that.
I was against leasing for years. We bought used and paid cash when we had far less income. Don't have to do that anymore. I paid cash for the 4Runner. That was a mistake even though it ended up costing me $428 a month to own
I don't think that it was financially prudent anymore to pay $42K Cash for a vehicle so we lease.
Since we will be possibly buying out the lease on the CRV, (because the CRV will be worth more than our payoff and the wife hates getting a new vehicle to learn). The buy out will be only $18K for a 2017 CRV EXL W NAV with an estimated 23K Too good a deal to pass up next year.
I will have the wife to drive the MKC more so we get to at least 6K saving the miles on the CRV . .
The residual on the MKC will be $28K. I definitely will not be buying out the MKC. I don't trust the long-term reliability on a used heavily optioned Ford or any domestic.