I’m currently in a lease with a 2022 Chevy traverse, my lease is not due to expire until end of April and I’m already 300 miles over my limit. My cars buyout is also 26k + for a dealership buyout (28k for me), and Kelly blue book value puts it at 23k-25k.
What should I do? Should I ride it out and hope I don’t have to pay miles at end? Or should I try to get into a new lease asap? I have a Kia telluride S deal for 2500$ (taxes fees, first month payment included) down 489$ per month- and they’re willing to take my car and remainder of payments. Just not sure what my best plan is here as I’ve never gone over miles.
Well I just drove 300 miles in the last week so I’d say I do about 1000 miles per month. I don’t really have a plan, this is our family car. Since having my kids we’ve had one other lease but it was during Covid and we didn’t drive as much. So I’m definitely going to go over.
The other lease is for 12k miles, I definitely will never do another 10k mile lease again as it’s not realistic anymore for us. And it’s 25cents per mile
If a dealer is “willing to take your car and eat the remaining payments” one of 2 things, or both. They know they can sell your traverse for way more than the payoff is, and/or your Telliride deal is padded beyond belief.
Get some actual real hard number quotes. Kbb is useless. I am looking to sell my Odyssey and my offers are from 29-35k varying from Carmax, Carvana, showmethevin etc. You more than likely have a lot of meat on the bones. At minimum you break even, at best you walk way with some equity. Even if it’s $500.
You can always buy the Traversecatvend of lease and not have to worry about miles, but it will probably not be worth it by April. The good thing is you don’t have to do anything today. You can always trade in the lease at the end just like you are thinking about doing today.
