Hello, I currently have a 2022 Mazda CX5 2.5S Select with about 30,700 miles. It was a 30/12 lease and has 4 payments left, and I’m over miles on it at this point. Dealers have said it’s got 1500-2000 in negative equity. I have been looking at the Kia Sportage EX AWD for a 36/15 lease and contacted a few dealers in CT for lease quotes, see some samples below. We like this vehicle for the much larger cargo space compared to the CX5. I am no expert and have used a broker in the past, but these prices just seem like a crazy amount of money to me. We are in a position where we could purchase with cash, but my SO does not want to own as she’s always leased every car (always 0 down but probably many bad lease deals). I’m struggling to think about paying over 20K in lease payments over 3 years with nothing to show for it. I would be willing to drive the car to 60K-80K before selling it and getting something else if I can convince to buy. Just looking for advice on this pricing I’m getting since the previous broker deals I’ve gotten on a CX3 and CX5 have been reasonable. Thanks in advance!
So you’ll be over by about 5k miles at the end, right? What is the penalty on your contract? Even at 20 cents, that’s only $1k overage, which is less than your current negative, so I see no reason to do something now.
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Good point. Contract is .15/mile. I’ve always turned in early for another vehicle. What about the lease vs buy in general on the Sportage? The lease deals don’t seem great.
It’s moot if your best course of action is to re-evaluate in 3-4 months.
And hard pass on a $600+ Sportage.
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