1. Ownership Costs (over a 5 year period)
1.1. Ford Fiesta
1.1.1. Toyota Yaris
1.1.2. $14,370 for the car
1.1.3. $15,295 of additional costs
1.1.4. Total ownership expense = $29,665
1.2. $14,600 for the car
1.3. $16,539 of additional costs
1.4. Total ownership expense = $31,139
2. Insurance cost
2.1. Ford Fiesta
2.1.1. $1,152 annualy
2.2. Toyota Yaris
2.2.1. $1,115 annualy
3. Lease options
3.1. Ford Fiesta
3.1.1. Lease: $142/mo, 24 month lease, $2.280 due at signing
3.2. Toyota Yaris
3.2.1. Lease: $87/mo, 24 month lease, $1,000 due at signing
4. Trade-in and Resale Value (from blue book)
4.1. Ford Fiesta
4.1.1. $9,811 Trade-in Value to dealer
4.1.2. $11,800 Resale Value
4.2. Toyota Yaris
4.2.1. $10,500 Trade-in Value to dealer
4.2.2. $12,600 Resale Value
5. Loans
5.1. Toyota Yaris
5.1.1. Oregon Community Credit Union
5.1.1.1. $212/mo
5.1.1.2. 72 months at 4.49%
5.1.1.3. $1,000 down
5.1.1.4. $0 closing fee
5.1.2. Selco
5.1.2.1. $171/mo
5.1.2.2. 84 months at 1.99% - 16.83%
5.1.2.3. $0 down
5.1.3. Key Bank
5.1.3.1. $246/mo
5.1.3.2. 66 months at 4.39%
5.1.3.3. $0 down
5.1.3.4. .25% interest reduction on qualified green vehicles
5.2. Ford Fiesta
5.2.1. Ford Website
5.2.1.1. $191/mo
5.2.1.2. 72 months at 1.9%
5.2.1.3. 10% down payment
5.2.2. Selco
5.2.2.1. $173/mo
5.2.2.2. 84 months at 1.99-16.83%
5.2.2.3. $0 down payment
5.2.3. Oregon Community Credit Union
5.2.3.1. $216/mo
5.2.3.2. 72 months at 4.49%
5.2.3.3. $1,000 down
5.2.3.4. $0 closing fee
6. Leasing or buying?
6.1. For most, it's better to buy a car. This is for many reasons.
6.1.1. 1. You don't have to worry about exceeding a number of miles
6.1.2. 2. The car doesn't need to stay in pristine condition
6.1.3. 3. Buying is a LONG term investment
6.1.4. 4. If you want this particular vehicle for a longer time, then buying makes more sense
6.1.5. 5. No need to worry about fees, which can be steep
6.1.6. 6. Terminating a lease agreement can be expensive
7. KBB values
7.1. Toyota Yaris
7.1.1. $14,965
7.1.2. More expensive than original ($14,370)
7.2. Ford Fiesta
7.2.1. $13,903
7.2.2. Less expensive than original ($14,600)
8. Two cars
8.1. 2013 Ford Fiesta
8.1.1. 2014 Toyota Yaris
8.1.2. We are interested in these cars because they are not only new and below $15,000, but these cars also have great gas mileage. This will make the ownership of these cars cheaper, so we will save money for other life expenses.