I leased a 2020 BMW X5 that is coming due in March 2023. I had originally leased the vehicle right before Covid when I was taking the train to NYC every day so that lease only had 10K miles per year (30k total). Unfortunately, due to the pandemic (and then preference) I’ve been driving to and from NYC 4 days a week and my vehicle already has 37,000 miles on it (will be north of 40k by the time the lease is over).
Right now, I’m debating what to do at the end of the lease to hold me over until the Rivian is available to be delivered. I don’t think it makes sense to pay the excess mileage fee and then lease/buy another vehicle for such a short period of time. The residual value of the X5 at the end of the lease is $38,815 and I could simply buy it to hold me over but I don’t want to be in a position that I have negative equity when I go to sell it. Has anyone been in a similar situation? Any advice would be appreciated!
How long are you talking?
Unfortunately don’t have exact dates from Rivian but it will likely be around end of Summer 2024.
If it ends up a bit aooner than that, youre probably within the realm of just extending the bmw lease
Care by Volvo is a decent option. You can exit after 5 payments.
Why not prepay for additional miles? Not sure what BMW charges these days, but it should save you some $$$ instead of paying for excess miles at the end of the lease. I would then turn the car in.
Who knows what the used car market would like like in 1 or 2 years.
Nissan offers 18 month leases. You could look at an Altima or a Frontier. They are cheap to lease and it could be an option for you while waiting for your Rivian to be delivered in 2024. Feel free to check out broker deals in the Marketplace. Although it would be a downgrade from your X5, your monthly would be close to $300/month with fees due at signing.
Isn’t that 15 months from his lease end?
If so that’s a 18 months Nissan lease if X5 is returned earlier
I guess it is on second look. I was thinking lease end in March, delivery in the end of the summer 4 months later.
Yea lease extension that long is obviously not an option. Would purchasing the car for that residual value price make any sense whatsoever? No accident history but a lot of miles.
How many miles would you add between now and the summer of 24?
Figure approximately another 20k…So assume it had 60k miles on it at that point.
For me personally that would be a hard pass