I have a '14 C250 and I’m about 25K over the miles. I also have 12 months left on the lease. Is it wise to ride out the lease and just pay for the mileage at the end or do I try to get out of the lease now and get something else. I visited a dealership on Saturday. I have about 12k in negative equity on the C250 and was looking at getting a GLC but the payments would be about 1200/mon which is not possible for me. The sales guy told me they have great incentives on the C300 but if I had to go sedan I would want an E class with payments in the 700-750 range. Any thoughts on what my approach could be?
25K in over miles is $5,000 that you will have to pay. 12 months early they wont let you switch into a new car, they might after 9 months. Dealers usually forgive when you lease with same car maker again, but not 25K over miles forgiveness.
I don’t think its wise to keep on driving as every mile now costs you 0.25
Take it to car max, see how much they would give you. Even if you have to pay a difference anything less than 5,000 is a win for you.
After maybe you should rethink leasing. If you drive so many miles, it makes more sense for you to buy.
It was unwise for OP to lease a car in the first place. 25K miles over with 12 month to go? Wow. Assuming his lease is 36/15, he’s driving 27.5 K miles/year.
OP looks like you need to purchase the car at lease end. Either that or take it to CarMax to see what they’ll give you for it and jump ship now before you’re stuck with the car. The fact that you’re looking for another lease and drive almost 30k per year shows how much bad planning is going on in your head…
That’s a lucrative number of miles over… most likely you’re gonna have to pay up- but you can always try selling it to recouperate the loss- see what carmax might offer you. Might be a loss both ways but see which option incurs the lowest cost.
If you’re lucky- most German dealerships this season will take in your remaining payments of your vehicle for a new lease.