$5K + $2K is not 11K, I don't understand how you get to that number.
Also unless you get exceptionally unlucky (it can happen but is very rare), you're not spending 2K on maintenance. Even if you do, that's $7K, which is still less than the example lease payments of $7200.
Don't forget the lease payments are just rent, the money is gone forever.
The used car you can sell later and recover most of the cost.
Also, it will not "massively depreciate". How often have you done this? The idea is to buy a car that has already bottomed on its depreciation curve and then sell it a few years later with barely any loss.
If you want affordable transportation that's the way to go. Buy an early 00's Corolla or Civic for $3K-$5K, spend nothing on it, sell it a few years later for nearly the same money.
Last time I had a used non-banger car I had it for 4 years, it cost 16k upfront, I sold it for 3k when it started having engine problems, having spent thousands on it trying to keep it working (electrics were a big problem, but it was when oil started appearing in the radiator that I gave up). did about 50k miles in it.
But that's basically an example of what I'm suggesting to avoid (if cheap transportation is the goal, that is). You bought a car with tons of depreciation still to go and sold it cheap. The person who bought it from you for 3K isn't going to experience much if any depreciation from there. I'm suggesting, be that person.
My current commuter car I bought it for 4K eight years ago and the only expense is a yearly oil change and tires every few years. Since I don't commute anymore, thinking of selling it and have been getting offers for 5K.
My previous commuter I bought for 6K and sold 15 years later for 3K.
Also unless you get exceptionally unlucky (it can happen but is very rare), you're not spending 2K on maintenance. Even if you do, that's $7K, which is still less than the example lease payments of $7200.
Don't forget the lease payments are just rent, the money is gone forever.
The used car you can sell later and recover most of the cost.
Also, it will not "massively depreciate". How often have you done this? The idea is to buy a car that has already bottomed on its depreciation curve and then sell it a few years later with barely any loss.
If you want affordable transportation that's the way to go. Buy an early 00's Corolla or Civic for $3K-$5K, spend nothing on it, sell it a few years later for nearly the same money.