My situation is complicated. Back in 2019 I was broke with bad credit (I was fixing it). My mom agreed to help. For context she doesn’t have a drivers license.

Ultimately, extreme measures were taken, I needed a car for work. We ended up leasing a 2020 Honda insight for 48 months. I know it’s extreme but it worked for me and my budget.

The main cons of this my insurance was/is HIGH. Due to the car not being under my name. I’m 28 now it shouldn’t be that high my record is clean.

Fast forward to now 2024. I have a great career. Great credit 700 considering. Have two great credit cards (no debt around $1300)

I’m trying to optimize the best option for me financially.

Lease is up August 2024. I know the market is upside down and my car a work more then the residual value. The residual value is $11,900 before tax ofcourse. This car is being sold for $20k+.

My dilemma is should I buy the car straight up cash. I have $14k in my savings. But I don’t wanna drain all my liquid. However, this will allow me to get the title and transfer the car under my name, therefore not having any car payments AND lower insurance.

Should I get a personal loan for 8-9k and pay 5k( to make the total) and have 5k in my savings?

The reason I’m straying away from an auto loan is that I won’t get the title of the car until I pay off that loan. The ultimate goal is to get the car under my name and have a low insurance payment only.

Help !!

Note: the car is amazing I live it it’s in perfect condition and now I don’t drive it as much. (Flight attendant here always gone)