Last year, I leased a new 2023 Hyundai Ioniq 5 SE in the SF Bay Area. Tl;dr, I went with the original intent to trade in and finance, but, likely did everything wrong when I opted for a lease. I’d like some help analyzing my lease agreement and am ready for some serious education on my mistakes
Initially, I was pretty happy with myself not having to pay much more in monthly payments than I was with my vehicle I used to trade in. I thought I did my best in turning stuff down but was not able to sign the lease without purchasing some things:
Lojack (to which they said insurance [Wawanesa] would give me a discount on my premium but they didn’t) - $1595
Key protection - $349
Wear and tear - $995
It wasn’t until I got home and researched after the fact that my buyers remorse and the feeling of getting taken advantage of was starting to really kick in. I’m pretty sure I did not get a good deal.
A year later, I’m starting to wonder what my options are. My rapid accumulation of miles has really got me looking around for help/options. I know that at the end of my lease, whenever that is, I’d like to properly lease again following all the great advice here.
I was hoping the Hackrs here might be gracious enough to go over my Lease Agreement, educate me on what I did wrong, and help me make an informed decision to move forward. Thanks in advance!!
What you did wrong in the past has nothing to do with your future lease. Just look for the best posted deals before you lease again and try to get a similar deal.
Why do you want out? What’s the current mileage on your car and what is allowed at the end?
At this rate you will be 12,500 over the contract. How much is the overage fee per mile?
You can buy a beater car to use couple of days a week. Lease a second car to split the mileage. Or check your car’s current value if you can sell it for the buyout and wash your hands.
Right. I won’t really know what to expect until I get close to the time to turn it in. I think I’m looking to find myself some advised “goals” to stick to when I choose my next car/lease to hop on to…
At the same time, it seems I might be overthinking my situation
I haven’t looked into it, actually. I read about the whole cooling-off period a little too late and I couldn’t make any changes— was too happy with the car to care at the time
FWIW, I was able to get my salesperson to give me free OEM all weather mats and a retractable cargo cover a few weeks after all was said and done. Those two worth at least $500+
I grossly underestimated my use of the vehicle.
