Should I sell my car? What is the best option?

I have a 2009 Honda Accord 2 door. I will be finished paying monthly payment by this year November. It has about 130,000 miles right now. Should I drive it around until 200,000 miles?

If not should I sell it for $7000 when it had a vAlue, down pay $3000 and use $4000 for the next 1.2 years to make payment on lease a car first? And afterward buy off the leased car after three years of payment? My dream car is Lexus IS current model.

What would you suggest? Use a car until it gets old or lease a car and buy if off?

If your car is running well, there's no reason to go back into debt for a newer car.

Instead, put the payments you've been making into savings for your dream car.

It's absurd to buy a Lexus - which is just a fancy Toyota.

A lease is crazy. The Honda ought to be good for another 15-20 years.

You can't sell the vehicle til the loan is paid in full

Keep the free Honda. The Honda will ALWAYS have value as long as you keep it running. Maintaining that Honda will cost you a lot less than replacing it.

Why set a limit on how many miles you're going to drive the Honda. Keep it in good condition and you can drive that car for 4 more years. Leasing a car is a terrible idea for someone lime you.

If you lease a car with the intention of paying it off in the end is the MOST EXPENSIVE way to buy a car. If you want to keep the car get a traditional loan, not a lease. With a lease you might get low lease payments for the first 2 years but you have to make up that difference when it comes time to getting the second loan to finish paying it off. So it will probably take you 6 years, maybe longer to pay off that lease car. Even if your payments were just $250 a month that's $18,000.

Driving a free Honda won't cost you $18,000 in maintenance over the same time period.

Drive a car until the cost a repair exceeds half it's value. Debt is dumb.

Couple things here.

True that full Blue Book is around $7K. But would you ever buy at full blue book? Didn't think so. Neither would anyone else. While you can certainly list it for that, expect to get somewhat less.

Next, if you re asking if it makes financial sense to get rid of a car that is almost paid off and runs just fine in favor of a new one that costs $40K? Of course not. Besides, if you're driving a 7 year old Honda that isn't even paid off yet, a brand new Lexus is probably beyond what you can reasonably afford if you re being honest with yourself. Leasing is never a good deal either, and keep in mind the advertised payments you see are for ultra low miles (obviously not you given you have 130K on your 2009) and only then if you have top tier credit. Your payments will be more. Guarantee it.

That said… Getting rid of a perfectly fine car to get a shiny new one is an emotional decision, not a financial one. Plenty of people do just that, and there's nothing wrong in doing it… Just go in with your eyes open and don't delude yourself into thinking it's a smart financial decision (it's not).

Speaking financially, run what you have into the ground, and when it finally dies, replace it with a similar four year old used one.