as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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comparing keeping old car vs. a new car lease
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look at the basic cost of the lease.  option 1: keep the car for three years. pay for repairs during that time then sell it for $7,000. option 2: sell the current car for $10,000. lease a new car for three years. assume no need for repairs during those three years. at the end of the three years return the car in return for $0. cost of option 1 is $3000 plus repairs.  cost of option 2 is 36 months x monthly lease cost. the first $83 of the monthly lease cost is to cover the $3000 fixed cost of option 1. the rest of the monthly lease cost is to cover the cost of repairs. also remember that some leases have a initial down payment due at signing, and penalties for condition, and excess mileage. the lease company may also require a higher level of insurance for the lease to cover their investment if you have an accident.  plus if you fall in love with a different car two year from now, or your needs change you are locked in until the end of the lease period.
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