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Discussion Starter · #1 ·
I have a 2012 Cruze eco that I bought in 2014 with only 9 miles on the odometer. I just paid it off last month but I've had it in the shop several times. It has just under 45,000 miles but I've had issues with the gasket having to be resealed, throttle body replacement, compressor. At the moment it is in the shop again for the gasket, oil pan replacement, water pump replacement, and compressor. Thankfully, it's still under warranty so I only need to pay the deductible but the warranty expires in March of 2020. I'm going in circles in my head on what is the best course of action. Should I:
  1. Keep the Cruze and save up every month towards a vehicle emergency fund
  2. Keep the Cruze and purchase an extended warranty through a company like Carchex or similar
  3. Trade in the car or sell it privately and then apply the down payment on a new car and be done with it
I was looking forward to not having a car payment but I'm also nervous about driving a car without a warranty, looking at the previous charges I would've had to pay had I not had the warranty. I'd obviously like to get myself into a newer car but I don't want to make a mistake based on the emotion of the shiny new object. I'm looking for suggestions and input because at this point, I've hit analysis paralysis. Thanks!
 

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Lease for sure.

It sounds like having a warranty is very important to you and the most cost effective way of getting that is with a lease.

Especially with the rollout of EVs, if it’s not something special your resale value is just going to tank if you buy a new car today. Very good chance you will spend thousands more not doing a lease.
 

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Discussion Starter · #3 ·
Lease for sure.

It sounds like having a warranty is very important to you and the most cost effective way of getting that is with a lease.

Especially with the rollout of EVs, if it’s not something special your resale value is just going to tank if you buy a new car today. Very good chance you will spend thousands more not doing a lease.
Thank you for your input. This is probably outside the realm of my initial question but would you consider a lease over a used car with an extended warrantt instead of purchasing new and eating the loss on the resale value?
 

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Black book is a more accurate value used by dealers. I personally would just hold onto the car until it has issues if I were you. You could also get an extended warranty through Ally, who use to run the extended warranties for General motors.

Where I live any car that runs and drives will just about sell for $3000. That's only a bit less than what I'd anticipate your trade in would be.
 

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I would keep the car esp if it is paid off until it has issues. I have never looked into an extended warranty but I bet there is so much "fine print" to the warranty of what is truly covered. I bet anything it is only major engine/transmission failure. If you are so nervous that you do trade it in I would not "fleece"/lease a car. That is the biggest rip off in the world unless you only drive @ 10K miles a year and dont want to own anything. That was designed for people that want/need to have a new car every/every other year that cost @ 50 -75K and the idea sof ownership is out of the question. Another consideration about car payment/problems which one is more expnsive and likely. Are the new car payments going to be more than any repairs that need to be done.
 

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In my state. The going rate from the big well known dealers appears to be $6,000 regardless of low miles (1) or high miles (12).
The used corner dealers are shooting for $8g - $12g. And they're all high miles.

Trade in value is $3g - $4.5g. With an additional $1145 for miles.

When you price in trade in off chevrolet.com. It takes you to intelliprice and lists the biggest scam dealer. None of the other dealers ever get mentioned. At the top it says Black Book.

KBB seems to be more inline with the local market in my state.

I checked my trade in value on chevrolet before I considered the cruze.

This is the first I heard of black book or intelliprice.

Do your research in to all 3 books. Check your local classifieds or whatever resources you have. Market value is the only way to gauge price accuracy. I don't think the books are used anymore.

As for your question.

Do a cost analysis of payments vs leasing. Including the repairs and money spent for warranty.
Only you can decide your dillemma. It don't look like you drive much so leasing could be a good option.

A lot of people lease because they don't want to deal with repairs. To some people. Repairs can be a real inconvenience.
EXAMPLE. I have family that will help me out. But they won't be around much longer. God forbid the kids should help dad out. And where I live. The bus is very time consuming and the taxi is very expensive.

When my car gets paid for. I'll keep it as a spare and lease the remainder of my days.
 

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Welcome Aboard!(y)

Sounds like you will have fixed most of the issues and if by chance you haven't, there are plenty of How-To's on this forum to help guide you. I would consider saving up some money and keeping it assuming your miles are not to high and even then if you like the car. It is quite possible that there were only two main issues or so with the vehicle, but many dealers tend to over diagnose and not really try to understand the vehicle. Again, many of the common issues and some not so common can be found here and planned for.

If you really cannot do any of the work yourself and you have no trusted independent mechanic, well then I would consider program cars. Just make sure you understand the warranty time period may be extended, but normally not the mileage. This way you let the original owner take the hit and you get the rest. I purchased my 2014 in 2014 at about half the original cost. IIRC I had about 29k miles on it. I have had many issues, but have spent less than $3000 on repairs with many of the issues caused by myself because of modifications.
 

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would you consider a lease over a used car with an extended warrantt instead of purchasing new and eating the loss on the resale value?
Pay real close attention to the mileage. It can easily make or break you. I've heard of people parking their leased car and buying a car because they couldn't get out of the lease and it was too expensive to rack up mileage on the leased car.

Even if you are good on the mileage, all it takes is a change in jobs to turn that upside down.
 
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