So just trying to figure out best case scenario here as I knew I was going to go over on miles 3Y/15K, just didn’t know it was going to be 15K over (with still a month left). Miles sky rocketed in the last year as kid became a driver and used my car, and just getting to/from school for the kids… sorry off topic.
2020 Kia Niro EV EX. 20K in residual, but buy out shows 22.4K.
I need to find the documents, but I am assuming based of searches that its either .20 or .25 cents a mile
.20 - 3k
.25 - 3.75K.
I did go to the dealership about 2 months ago cause the “wanted to help” me with the lease, and they basically only said best case is to buy out the car, and they could finance it at 28K. They didn’t give me any of the paperwork, but it was like
22K - Car
2K - License/Taxes
Gap Insurance
They were trying to be quick moving with the paperwork and offered that I could use that to compare against my banks (USAA/NavyFed). I walked out as they also tried the “your a veteran, my boss the finance manager is a veteran”, it was just slimy in my opinion.
Next issue is the KBB, and I looked at Carvana. 15K is the KBBB/Carvana price, so its already worth less than the overall cost.
If get a loan from the bank I believe I will have to pay the DMV fees (licenses/taxes/title) separate from the loan (at least that is what I had to do last time).
-Side side note I was hoping to maintain the current monthly on this as I was trying to get my kid into something also, as it will help with day to day schedules w/ another car.
Do you know what you want to replace the Niro EV? If I’m understanding the numbers you’ve presented, I think the “best” financial option is to simply return the car at the end of lease and pay the mileage penalty + disposition fee (since the car’s real-world resale seem to be even lower than pre-tax buyout - penalty - dispo?).
Guess I am looking for a replacement EV w/ 0 done. I know there could be 2-3k for DAS. Bad timing (first year owning taxes and all). Which doesnt help. Would like to keep it 350-400 monthly also as that is what I was paying currently.
If you can afford it definitely do this. The buyout opinion is going to have you owing $7k/8k more than the car is worth. Of course, if you don’t have ~4k to bring to table that isn’t an option since you can’t finance lease end mileage coverage payments.
Also start being mindful about miles. Have the driver with the shortest commute on any given day take this car. Can you avoid driving it at all. Not a huge deal but a 30 mile trip is going to cost you ~10 bucks.
In some ways it’s even worse because that money can buy a different used EV that may qualify for several rebates ($4,000 federal plus anything from state, county, utilities, etc).
You should see if Kia will waive the overage charge if you get another Kia. Might even find a dealer willing to roll the excess miles charge into the new Kia lease. This is not the best use of your money, but you did say you wanted $0 down, so I assumed cash was a concern.
Genuine question: have you heard of a bank ever waiving the overage when the leasee has doubled the mileage limit? It doesn’t hurt to ask, but I don’t think the OP should be surprised if they say no.
