Mileage Penalty

Ask the Hackrs
1

Hello everyone,
This is my first post and I was hoping to get some feedback.

I have a 2014 Equinox lease that is ending in August. Due to health issues I have gone over my milegage on the lease. I have gone over about 20K miles. I had to travel several times a month for 2 years for treatment and hospitals stays from upstate NY to NYC. In the end I would do it all again as I am doing much better!

Is there anything i can do so that I am not hit with a huge penalty? I looked at buying the car out from the lease. It is about $18k to do this.

Anyone have any suggestions?

Thanks

2

the 18k buyback is a joke.
Black Book valuation for Equinox LT with 56k miles (3 yr 12k miles + 20k) = $9500
So you are upside down for 9k

Take your car to carmax - Get it evaluated - You might still end up 5-6k upside down

So best bet is to pay for additional miles .20c/mi = 4000$
Unless you live in a state like TX/GA where you can save money by trading it in for 12k$ and save an additional 1k for taxes