It's a good sign.

$8K of negative equity? Psh. You leased it. Suffer. Get your monthly costs down. Now.

 

That's the thing. Even with a used E at $15k.. that's still $23k financing, and that's still $400+ a month. I don't pay my insurance ( ).

You still think I should turn it in?

 

$400/month. . . versus what are you paying per month now?

 

$512 (was $508 wtf???)

And $400/month was a guestimate:

http://www.bankrate.com/calculators/mortga...calculator.aspx

Came out to $444 a month. So saving... ~$70/month.

 

Along with swallowing ONLY $8K in negative equity against an asset that's also depreciating. . .

I think you might win (a lot) with getting the Element. Also, a lesson learned now is practically infinite cash for you down the line. . .

 

But that's why I was thinking about just keeping the S: Yeah, it was dumb at 18 to hop into another S, and a brand new one at that. But by the time I'm out, I'm still 21 and still in college, and still just beginning my adult life.

Maybe clarifying the above will make more sense.

 

Remember, not only are you saving $70 a month, you're also saving yourself from a negative equity hole that was actually getting bigger as well (because of the depreciation of the car).

 

But it's a lease, so after the three years, I can say "f you" and be done with it--instead of being tied down for 5 years with the Element.

One thing to look at though:

legitimate write-off for the E, and a non taxable expense for the S. I'm still torn. I really hate the idea of rolling over $8k on to a $15k car

 

Cliff notes on the Element & S2000 situation please.

 

Wait wait wait. . . how long do you have left on the lease?

If you can walk away for $0 (which never happens AFAIK), then the formula becomes easy.