Dear Forum Members,
I am a big fan of this site and appreciate all the feedback in advance. I am still new to leases in general but learning a lot from here.
I currently have a Chevy Equinox LT1 (AWD). The lease expires in January of 2018 however, my wife is already over by about 1,000 - 1,250 miles. I live in the NY/NJ area
At what point should I consider leasing a car in advance vs pulling ahead (which I feel you get stuck). I have never pulled ahead and have zero experience with this. I would rather pay the money for the lease than pay for the extra miles however there is the paying for extra car insurance thing offset. Is it too early to consider leasing another car? At what point should I consider it?
I have a hyundai sonata lease so I would qualify for loyalty and the foreign competitor car rebates. I can only consider an AWD for my wife with our driveway and for kids. She can’t work from home like me and we want to have one AWD SUV.
With all the constant deals posted. I am eagerly scouring the forums for a good deal on a lease AWD SUV similar to an Equinox/CRV/RAV4 etc. Bigger cars like Traverse/Durango seem to jump that much in price but would consider it in a heartbeat for the right rates.
Should I only look after the summer, Also the new equinox and traverse model redesigns are coming out. Better prices now or later on for close outs? I feel it is just too early to lease another car but at what point should i consider it. Thanks in advance.
It depends based on your circumstances. Do some analysis. Make a spreadsheet where you write down what you will spend for both situations.
Situation 1 is where you get a new car now to take advantage of some of the exceptional deals based on the $3k Asian conquest or others. Try to estimate what you will pay to turn in your spouse’s car now. Unless you get some support from Chevy to let you end the lease early without paying in full, you’ll have the cost of her current lease payments + the new lease – it needs to be a great deal!
Situation 2 is where you keep driving the vehicle and go over by however many miles you estimate. You’ll pay a chunk to go over the miles by a significant amount. If she’s driving $12k+ miles per year, this could be $3k or more for additional miles.
This all comes down to how good of a deal you can get on a new car lease vs the estimate mileage cost. Either way you will be responsible for paying out the remainder of her current lease.
My gut tells me that if you can get a great deal on one of these Equinox’s like a sub-$1k one pay leases, it will be better to turn her current car in early to avoid big excess mileage charges. Don’t just take my word for it - run the numbers!
FYI GM Financial has been running a $500 waiver for excess miles if you lease again through them. This could end any month but has been around for at least a year.
The $3k asian conquest is worth $125/mo (24m) and $83/mo (36m). It could continue next month or not. A lot of folks here are doing these deals prior to their lease ending for this and the bonus tags (which are mostly gone unfortunately) makes the crazy deals work.
I have a Traverse which the lease is up in September. I also have a Toyota lease, so can get the $3000.00 lease money for that. Chevrolet has sent me a pull a head lease offer which will pay 4 remaining payments of my 5 remaining.
The Toyota money is nice, but I would be stuck with the Traverse unless I roll those payments into the new lease. The pull a head money is not stack able with the Toyota money, so I lose some incentive money there.
If I went with the Toyota money and tried to sell the Traverse I have a pay off (residual) of just around $26000.00 which includes almost $1675.00 of payments still due… I have had 3 appraisals from dealers, 2 Chevrolet and a CarMax store. The highest was for $22000.00! This $40000.00 Traverse lost almost 50% of its value from MSRP in 31 months.
An Equinox is really going to come in at a very low appraisal since there are so many incentives on them right now. I can get $6700.00 using the Toyota, $5200.00 using the lease pull a head plus an additional $1350.00 towards the 4 payments. If I could find ( and I have tried) a bonus tagged Equinox that would add an additional $1500.00 on either total incentives I have listed.
Unless you can do a pull a head, I don’t think you are going to be in a position to swap out early.