Sell car and lease, or stick with loan?
I took out a loan a couple of years ago to pay for my car - 2018 VW T-Roc. Currently at 67,000 miles, I do somewhere between 12-15k miles a year. I have £10k left on my loan and pay £330 pm.
I am torn whether to sell my car (estimate valuations are around 10-12k), pay off my loan and get a new lease car, or stick with my T-Roc for another couple of years until it’s cleared, then start afresh.
The main reason for me considering this is the fact the repairs on my car are starting to add up, and might be more frequent as the mileage increases. I’m also unsure whether it’s better to sell now before it depreciates even further. It seems like you don’t have to worry about those two things with a lease car.
I don’t really know anything about leasing, but it seems like there are quite a few costs involved (initial payment, maintenance fee etc).
If you have been in a similar situation, what did you decide to do and why?