Unlocking Financial Flexibility for Education & Retirement
With combined incomes of $450,000 and $2.1 million in retirement accounts, the Johnsons felt the pressure of funding three college educations while maintaining their retirement contributions. Their existing car was nearing the end of its life, and they were considering buying a new SUV, potentially impacting their savings goals. They needed to understand the true cost of ownership versus leasing to make an informed decision.
Using the Lease Calculator, we analyzed the total cost of leasing a new SUV compared to purchasing it with a loan. The calculator revealed that leasing, with lower monthly payments and no long-term resale value depreciation concerns, would free up approximately $500 per month, or $6,000 annually, which could be redirected towards their children's 529 plans. This projection factored in mileage limits, potential wear-and-tear charges, and the buy-out option at the end of the lease.
We input the vehicle's MSRP, down payment options, lease terms, interest rates, estimated mileage, and residual value into the Lease Calculator to generate a detailed comparison. The PITI calculator was also used to compare monthly mortgage payments.
$30,000 additional savings towards their children's 529 college funds over a 5-year leasing period.
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