End of lease advice - over mileage

Ask the Hackrs Buy/Finance
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1

Lease ends in 2 months for our 2022 kia Niro EV EX Premium
it has 57,000 miles on a 36 month/15k annual lease in Pennsylvania

The RV is $22,050
The KBB value is $18,500 for $3500 in negative equity
I’ll owe $2500 in mileage penalty + $400 turn in fee

We love the car. It’s in perfect condition. And we plan to get an EV for our son.

Should we
1.) buy it out or
2.) turn it in and owe $3,000 in fees?

If we don’t buy the Niro, then we have our eye on a 2020 Chevy Bolt for $14,500 with 44k miles?

Your expert advice is needed!

2

Not sure if this will work but :
Ask for an extension of your lease and make sure it extends the miles.
Maybe you can save a bit.

Make sure the Bolt gets the 4k rebate, not all cars qualify.

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3

Have you gotten a trade in value from a dealer? I see dealers jacking up the resale value on lower priced EVs knowing some will qualify for the $4K used EV rebate.

I don’t know if I would be comfortable owning an older EV with limited range. Does this fit with your Sonos’s needs. Younger people tend to drive longer distances.

4

Pay the overage fee and lease a cheap Equinox EV 2LT.

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5

What :index_pointing_up::index_pointing_up::index_pointing_up::index_pointing_up::index_pointing_up:they said. Why would you buy a used EV when you can lease a brand new one for like 3k one pay. Also get actual quotes for your niro from carvana, driveway….

6

OK. I’ll ask. The problem is my son drives 200 miles per day.

We don’t qualify the the $4k as we bought a Bolt 2 years ago. It got totaled a few months ago.

7

We just leased a Ioniq 5, and need the second car for our son. Nothing fancy. And we have cash $ to pay but the Niro or a Bolt.

8

60,000 miles a year that’s a lot of miles.

9

Does he get reimbursed for mileage. That’s insane. If it were me I’d be looking at used long range model 3s and then just drive it till the wheels fall off.

10

Or buy the actual Niro unit and drive it till the wheels fall off.
Doing this You are technically saving $2500+$400.
So you are paying $19k plus tax for a 3 year old car.
Good luck.

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11

It is a great SUV. Nothing wrong with it. It is more than we wanted to spend on our son. We can afford the cash purchase.
Is there a way for me to negotiate?
What points would I negotiate
Should negotiate with the Kia Dealership or with KIA Leasing?

12

Trade-in value for which vehicle? The Niro? Carvana offered $16k and driveway offer $14.5k

13

On lease buyouts? There is no negotiation.

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14

Return the car, pay the overage, buy a used Model 3 LR.

15

What year?
I know nothing about Tesla upkeep. Who repairs them? We live in a rural area.

16

If your son qualifies for the used EV rebate, then something directly from the Tesla website would be nice. The inventory keeps rotating so keep an eye out for good deals.
Tesla does not require that much maintenance. And look for their service centers near by.

17

The Tesla is 11" longer than the Niro. So I hope you don’t keep it in a tight garage.

18

And my wife is against Teslas.
Is there a second best choice to all of you saying to buy a used Tesla and drive it into the ground?
Or, how do I convince me and my wife that Tesla make sense for my son.
We are not into brands, as such

19

The bolt is the absolute cheapest.

If you really want to restrict his drving, give him a Fiat 500e :slight_smile:

20

I wish…