I meant keep it until the lease is up. Not forever.
Lots of good feedback from the community here. Least painful and least disruptive is to pre-buy the miles you are going to use, in 4-7 months revisit to see BMW has a pullahead. If the payment is maxing out your budget, try to get something less expensive even after a leasehack that way any surprises wonāt hurt you as much. If you can put some money towards MSDs on the next one.
Have you considered upgrading your beater? Look at a cheap Lexus RX or ES. Theyāre great cars and have few problems. Comfortable for long road trips and they still have many of the creature comforts a BMW will have
Not really. It cost $5k, 2 years ago, and gets driven like 2k miles a year. It has 4wd, plenty of room (older Tahoe) and can tow.
Continue to drive the car, and buy the car at the end of lease.
Buying a BMW and having it out of warranty is never a wise ideaā¦
Ugh no way. $24,000. More miles than an average car of its age, and out of warranty.
Is that a demo?
The X6 is new, but I found that even on demos, they are not willing to go deeper
Was just asking cause CCA doesnt apply to demos i think. Right?
Correct for a demo, I would want the dealer to throw in the extra discount since CCA is out for demo greater than 1k I believe ā¦
Just my opinion, but if you are able to absorb the difference (which isnāt small change at $4500) I would personally go for the third option, sell it to Vroom and start afresh with something else. Chalk it up to an expensive learning curve.
This is indeed a common issue for lessees, thereās at least 2 or 3 over mileage topics posted a week. Iām in a similar boat, weāre currently over mileage (11k miles 6 months into a 15k a year lease) but weāre aware of it and it should even out as itās currently our only car and weāll be adding a second car soon thatāll take out the bulk of 10k a year commuting miles.
Any reason in particular?
I suspect heās looking at it that 4500 is cheaper than your remaining payments and potential miles. Iām only a mind reader part-time, so I could be wrong.
Ok I figured, but that doesnāt include the utility of being able to use it another year.
IMO, I wouldnāt do that. 4500 to dump + 6500 to drive something comparable for the next 11 months is more expensive than your 6500 remaining payments + 2500 in overages. That said, it depends on what your plans areā¦buy or lease next car, and how much car you want. Your payments are going to go up up up without down payment on a comparable car on a buy. If you want to keep your payments the same or lower, youāre looking at much less car or a hefty down payment again.
Only OP knows his financial/socio-economic situation.
For example, if you downgraded from the swanky X1 to a rust bucket, would the Stepford wives snicker behind your back?
if you are planning on managing your miles and your wife wants to keep visiting parents far far away, will you take Greyhound?
etc etc
We threw out the only valid suggestions a=and you decide:
a) Get into a new BMW with good incentives
b) keep as is and eat over mileage charge
c) sell to vroom and get a runaboutā¦
d)???
Yeah @mp11477 is mostly right. (I guess being only part-time mind reader means you canāt get it 100% on each time )
You should absolutely run the numbers and decide whatās best for you and your finances but I tend towards the (often more expensive) simple life. Negative equity and pre purchasing miles blah blah. No thanks.
It also depends on what your future plans are. If youāll be piling on more miles then financing probably makes more sense. Iām also incredibly flaky so iād be salivating at the possibility of getting into something else.
I think I may even be able to get away with $1500 in miles.
Somebody help me with terminology:
Iāve seen the ā1 percent ruleā and now, an assumed variation, with the ā.77 percent ruleā bandied about. Can I get a definition for my sanity?
My appreciation in advance.