Thank you ahead for your feedback
I am stuck in a bind right now on decision making
Who/Where: Currently married no kids, in my mid 20s with a decent stable office job of 2 years and slowly building a savings, just bought a starter home in a rural area in WA State a year ago. Combined Income about 85K, mortgage + tax + utilities about 2300/month
What: My 2LT Spark EV lease ends in early 2019 and I don't know what to do?
Wife is the one driving it, the car is for driving to and forth work 45 miles round trip everyday.
Option A: I can either buy the 2LT Spark EV for 10,995 and call it a day . I would take out a 48-60 month loan and resume a similar monthly payment of 170-200/month which I'm comfortable in. i do not have savings I feel comfortable in using to make a down-payment
Option B; I can go buy a Chevy Volt or Bolt and take out a 60-72 Month loan and pay $500-600/month for the car with zero down. i do not have savings I feel comfortable in using to make a down-payment.
Option C: I honestly at the end of the day I don't need the Spark as I have a 2015 Subaru at home that my wife can drive. I mainly work from home or take the train. My wife can drive the Subaru and I can save the money in hopes of adding to monthly savings
What would you guys do in the same situation?
What is holding me back on making a solid decision are the following:
CON: If I do go with buying the Spark EV, I would have bought it at full MSRP value (full residual value)
CON: If I do buy out the Spark EV, I want to be able to drive it for 5-7more years, is it really going to retain a decent range 5 or 7 years in the future...decent for me would be at least 60 miles round trip in mild temperatures, Yes we have the 8 year 100K warranty, which I read and came to conclusion doesn't cover much for an avg. driver unless battery degradation hits more than 40% within the warranty period... Would I be better off just putting that monthly payment into a better car like the Volt or Bolt EV?
CON: With no down-payment, 500/month is quite a lot of money , could I not use that in a better place like stocks or Roth IRA?
CON: Will this Bolt EV or Volt EV last me 7-10 years down the road? I have noted that no VOLT battery has yet to be replaced...
CON: I miss the Spark EV, will need to use gas everywhere I go
Let me know if I'm missing something.
My mind is twirling over what seems like such a simple decision to make