I have 5 months left on my current lease - 2022 Sorento SXP, and want to gather some feedback about my best option(s) moving forward. I am currently over mileage by 11k. With over-mileage fees of $0.20/mile with Kia, I already know I will owe on the over-mileage. I’ve been looking at potential vehicles that I would like to get into next - Genesis GV70/GV80. I spoke to a dealer recently and they ran some numbers and said I have about $4200 in negative equity. They said I will need to pay off the $4200 in addition to the over mileage fees, if I were to trade it in to them. Based off of that, I obviously don’t want to pay the $4200 of negative equity. I’m in no desperate need to get rid of it today (would like to, but not necessary), so I am thinking the following may be my best option and wanted to hear your feedback-
Call Kia today/this week and ask about the option of purchasing over-mileage today, potentially at a discounted rate. Keep the Sorento until lease-end or as close to lease-end as possible. Take it to a Kia dealer, and say thank you, and turn it in. In addition to any over-mileage fees, what other fees am I looking at when turning it back into Kia?
From here, pursue a lease with vehicle of my choice.
Any other suggestions/advice here? Thank you.