I think lease extensions make better financial sense for us… After paying out a big AP and maybe more for extras why repeat that every 3 years when you can extend to 5, giving more time to save up and being able to change at a moments notice if a deal pops up?
As for being an old car I don’t see that as a problem… you still have the same level of maintenance, insurance and breakdown cover. Apart from being a reg snob or doing lots of miles and wearing the car out I don’t see the need to renew… you’re doing just over 8k a year, I’m over 17k a year (53k now after 3yrs & 2 months) and my drivers seat is starting to show signs of wear now ☹️